Welcome to Extreme Investor Network, your go-to source for the latest updates in the world of finance. Today, we’re diving into the companies making headlines in midday trading.
Adobe, the software stock, surged 14% on stronger-than-expected quarterly results. With adjusted earnings of $4.48 per share on $5.31 billion in revenue, Adobe also boosted its full-year guidance. JPMorgan even upgraded shares to overweight from neutral.
Luxury retailer RH, on the other hand, plummeted 18.6% after reporting a wider loss per share in the first quarter than Wall Street anticipated. Despite the loss, the company recorded $727 million in revenue, topping analysts’ estimates.
Hasbro 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 will lead to an earnings rebound in the coming years.
Zscaler’s shares moved 1.6% higher after being upgraded to overweight from neutral at JPMorgan. The bank believes the cloud security company is trading at a discount and is a best-of-breed Zero Trust Network Security vendor.
Boeing shares slipped 1.7% after news broke that the Federal Aviation Administration is investigating allegations of counterfeit titanium being used in planes by Boeing and Airbus.
GameStop’s shares declined more than 3% after meme stock leader Keith Gill appeared to increase his stake in the company to over nine million shares.
Stellantis saw its shares fall more than 4% after the automaker’s CEO acknowledged “arrogant” mistakes in the U.S. that have contributed to sales declines and inventory issues.
Shopify’s shares popped more than 4% after an upgrade from Evercore ISI to outperform from in line. The firm sees a resilient Long Thesis for 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.
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