Check out the companies making headlines in midday trading: Adobe – Software stock rose 14.5% on stronger-than-expected quarterly results. Adobe reported adjusted earnings of $4.48 per share on revenue of $5.31 billion and boosted its full-year guidance. JPMorgan also upgraded shares to overweight from neutral. RH – The luxury retailer fell 17% after reporting a much larger loss per share in the first quarter than Wall Street expected. RH saw a loss of 40 cents per share, excluding items, while analysts polled by LSEG expected a loss of just 12 cents per share. However, the company reported revenue of $727 million, above analyst estimates of $725 million. Hasbro – Shares of the toy maker jumped 6% on the back of an upgrade from Bank of America to buy from neutral. Hasbro's digital gaming strategy could fuel the company's earnings rebound in 2024 and 2025. Zscaler — Shares rose about 1.8% after being upgraded to overweight from neutral at JPMorgan, the company said Friday. The bank believes the cloud security company is trading at a discount, and calls it a “best-in-class Zero Trust Network Security vendor.” Boeing – Boeing shares fell 1.9% on news that the Federal Aviation Administration is investigating allegations that the plane manufacturer, along with Airbus, may have used counterfeit titanium used in planes. The New York Times was the first to publish news of the investigations. GameStop – Shares of the video game retailer fell more than 1% after meme stock leader Keith Gill appeared to increase his stake in GameStop to more than nine million shares. Stellantis – Stellantis shares fell more than 4% after the automaker's CEO said the company was working to fix “arrogant” mistakes in the U.S. that contributed to declining sales and inventory problems. Shopify – Shares of the e-commerce company rose about 4.6% after Evercore ISI was upgraded to outperform. The company said there was a “very flexible long thesis” for the stock, citing a large addressable market. Dell Technologies – The personal computer maker closed slightly lower after CEO Michael Dell revealed the sale of 5.7 million shares. — CNBC's Alex Haring, Michelle Fox and Pia Singh contributed reporting.
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Stocks making the biggest moves at midday: ADBE, RH, HAS
