A look at companies catching the eye in midday trading: Adobe — The software stock surged 14.5% after better-than-expected quarterly results. Adobe posted adjusted earnings per share of $4.48 on revenue of $5.31 billion and raised its full-year outlook. JPMorgan also raised its rating on the stock to overweight from neutral. RH — The luxury retailer plunged 17% after reporting a much bigger loss per share in the first quarter than Wall Street expected. RH posted a loss of 40 cents per share excluding items, while analysts surveyed by LSEG had expected a loss of just 12 cents per share. But the company posted revenue of $727 million, beating analysts’ expectations of $725 million. Hasbro — The toy maker’s shares surged 6% after Bank of America upgraded it to buy from neutral.The company said Friday that Hasbro’s digital gaming strategy could help the company’s earnings recovery in 2024 and 2025. Zscaler — Shares rose about 1.8% after JPMorgan upgraded it to overweight from neutral. The bank believes the cloud security company is trading at a discount and called it the “best zero-trust network security vendor.” Boeing — Boeing shares fell 1.9% on news that the Federal Aviation Administration is investigating allegations that the aircraft maker, along with Airbus, may have used counterfeit titanium in its aircraft. The New York Times first reported the news of the investigation. GameStop — The video game retailer’s shares fell more than 1% after meme stock leader Keith Gill appeared to increase his stake in GameStop to more than 9 million shares. Stellantis — Stellantis shares fell more than 4% after the company’s CEO said it was working to fix “arrogant” mistakes in the U.S. that have contributed to declining sales and inventory issues. Shopify — Shares of the e-commerce company rose about 4.6% after Evercore ISI beat expectations. The firm said it has a “very strong long thesis” on the stock and noted it has a large market cap. Dell Technologies — The PC maker closed slightly lower after CEO Michael Dell announced a sale of 5.7 million shares. — CNBC’s Alex Harring, Michelle Fox and Pia Singh reported.
Biggest movers midday: ADBE, RH, HAS
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