In midday trading, Adobe’s stock surged 14% after posting stronger-than-expected quarterly results. The software company reported adjusted earnings of $4.48 per share on $5.31 billion in revenue and raised its full-year guidance. JPMorgan also upgraded Adobe shares to overweight from neutral. Meanwhile, luxury retailer RH saw its shares plummet 18.6% after reporting a much wider loss per share in the first quarter than anticipated by Wall Street. Hasbro, on the other hand, saw its shares jump 4.8% following an upgrade from Bank of America to buy from neutral. The firm believes Hasbro’s digital gaming strategy could lead to an earnings rebound in 2024 and 2025.
ZScaler, a cloud security company, saw its shares move 1.6% higher after being upgraded to overweight from neutral by JPMorgan. The bank sees ZScaler as a best-of-breed Zero Trust Network Security vendor trading at a discount. Boeing’s shares slipped 1.7% after news that the Federal Aviation Administration is investigating allegations of counterfeit titanium used in planes by the aircraft manufacturer and Airbus. GameStop shares declined more than 3% amid news that meme stock leader Keith Gill increased his stake in the video game retailer to over 9 million shares.
Stellantis, an automaker, saw its shares fall more than 4% after the company’s CEO acknowledged “arrogant” mistakes in the U.S. that have led to sales declines and inventory issues. Shopify, an e-commerce company, experienced a 4% increase in its shares following an upgrade from Evercore ISI to outperform from in-line. The firm believes there is a very resilient Long Thesis to the stock due to its large addressable market. Dell Technologies fell more than 1% after CEO Michael Dell disclosed the sale of 5.7 million shares.
Overall, these companies making headlines in midday trading have seen a mix of positive and negative movements in their stock prices. Adobe and Hasbro received upgrades from analysts, boosting their stock performance, while RH and Stellantis faced declines due to disappointing quarterly results and company issues. ZScaler, Boeing, GameStop, Shopify, and Dell Technologies also experienced fluctuations in their stock prices based on various news and updates. Investors will continue to monitor these companies and their performance in the market as they navigate through the challenges and opportunities in their respective industries.
