Take a look at the companies making headlines in midday trading: Adobe – The software stock jumped 14% on better-than-expected quarterly results. Adobe posted adjusted earnings of $4.48 per share on revenue of $5.31 billion and raised its full-year guidance. JPMorgan also upgraded shares to overweight from neutral. RH – The luxury retailer tumbled 18.6% after reporting a much wider 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 analysts’ estimates of $725 million. Hasbro – Shares of the toy maker jumped 4.8% after Bank of America upgraded it to buy from neutral. Hasbro’s digital gaming strategy could lead to a jump in earnings for the company in 2024 and 2025, the firm said Friday. Zscaler — Shares moved up 1.6% after JPMorgan upgraded it to overweight from neutral. The bank believes the cloud security company is trading at a discount and called it a “best-of-breed zero trust network security vendor.” Boeing — Boeing shares fell 1.7% following news that the Federal Aviation Administration is investigating allegations that the plane maker may have teamed up with Airbus to falsify titanium used in planes. The New York Times first reported news of the investigation. GameStop — Shares of the video game retailer fell more than 3% after meme stock leader Keith Gill boosted his GameStop stake to more than nine million shares. Stellantis — Stellantis shares fell more than 4% after the automaker’s CEO said the company is working to correct “arrogant” mistakes in the U.S. that led to declining sales and inventory problems. Shopify — Shares of the e-commerce company jumped more than 4% after an Evercore ISI upgrade. The firm said there is a “very resilient long thesis” for the stock, citing a large addressable market. Dell Technologies — The PC maker fell more than 1% after CEO Michael Dell disclosed the sale of 5.7 million shares. — CNBC’s Alex Herring, Michelle Fox and Piya Singh contributed reporting.
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