Take a look at the companies making headlines in midday trading: Adobe – Software shares rose 14% on stronger-than-expected quarterly results. Adobe reported adjusted earnings of $4.48 per share on revenue of $5.31 billion and raised its full-year forecast. JPMorgan also upgraded the stock from neutral to outperform. R.H. — Shares of the luxury goods retailer fell 18.6% after it reported a much wider first-quarter loss per share than Wall Street had expected. RH lost 40 cents per share excluding items, while analysts polled by LSEG expected a loss of just 12 cents per share. However, the company’s revenue was $727 million, above analysts’ estimates of $725 million. Hasbro – Shares of the toy maker jumped 4.8% as Bank of America upgraded its rating to neutral. The firm said Friday that Hasbro’s digital gaming strategy could help the company recover its earnings in 2024 and 2025. Zscaler – JPMorgan shares rose 1.6% after JPMorgan shares were upgraded to overweight from neutral. The bank believes the cloud security company is trading at a discount and called it a “best-in-class zero trust network security provider.” Boeing — Boeing shares fell 1.7% on news that the Federal Aviation Administration is investigating allegations that the plane maker, along with Airbus, may have used counterfeit titanium used in planes. The New York Times was the first to report the investigation. GameStop — Shares of the video game retailer fell more than 3% 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 correct “arrogant” mistakes in the U.S. that led to declining sales and inventory problems. Shopify – Shares of the e-commerce company rose more than 4% after Evercore’s ISI update and outperformed its usual benchmarks. The company said the stock has a “very strong long thesis,” citing its large addressable market. Dell Technologies. Shares of the PC maker fell more than 1% after CEO Michael Dell reported selling 5.7 million shares. —Reporting by CNBC’s Alex Harring, Michelle Fox and Pia Singh.
