Before the bell rings, let’s take a look at some of the companies that are making waves. GameStop — The meme stock fell 1.1% after Keith Gill, known as “Roaring Kitty,” appeared to increase his stake in GameStop. He appears to have 9 million 1,000 shares of GameStop stock and more than $6 million in cash, according to a screenshot he posted on Reddit. Adobe — The software company surged 14.2% after it reported better-than-expected profits and revenue, and announced annual digital media revenue, including Creative Cloud subscriptions, that beat analysts’ expectations. Adobe also raised its full-year guidance. JPMorgan on Friday raised Adobe’s shares to overweight from neutral, saying the company “is on track going forward” after strong quarterly results. Hasbro — Bank of America upgraded the toy maker to buy from neutral, sending shares up 1.7%. The company said in a Friday note that Hasbro’s digital gaming strategy could drive a profit recovery in 2024 and 2025. RH — The luxury retailer fell 12.3% after reporting a much bigger per-share loss in the first quarter than Wall Street expected. RH reported a loss of 40 cents per share excluding items, while analysts surveyed by LSEG were expecting a loss of 12 cents per share. Meanwhile, the company’s sales of $727 million beat analysts’ expectations of $725 million. Boeing — The aircraft manufacturer fell more than 1% after The New York Times reported that the Federal Aviation Administration had opened an investigation into counterfeit titanium used in some of its recently manufactured aircraft. Boeing is also under investigation for an incident of a potentially dangerous “Dutch roll” move that occurred on a Boeing 737 flight in late May. ZScaler — Cloud security shares rose 2% after JPMorgan upgraded the stock to overweight from neutral. The bank said Zscaler is a “top-quality zero-trust network security vendor” and is trading at a discount. —CNBC’s Alex Harring and Michelle Fox Theobald contributed to this report.
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Biggest movers in premarket trading: ADBE, HAS, GME
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