Stocks making the biggest moves midday: Adobe, RH, Hasbro and more

Here’s an update on some notable movements in the market during midday trading:

Adobe made headlines as it saw a 14% rise in its software stocks, following outstanding quarterly results and promising full-year forecasts. This spike also reflected JPMorgan’s decision to upgrade Adobe’s shares from neutral to overweight.

In contrast, luxury retailer RH’s stocks fell by 18.6% due to a larger first-quarter loss per share than what the market anticipated. Despite this, the company posted revenues of $727 million, surpassing analyst’s estimates.

Bank of America upgraded Hasbro to buy from neutral, causing the toymaker’s stocks to increase by 4.8%. This move is backed by a belief in Hasbro’s digital gaming strategy aiding an earnings bounce-back in the coming years.

Shares in Zscaler, the cloud security company, saw an uplift of 1.6% following an upgrade in status from neutral to overweight by JPMorgan, as it is seen as an underpriced, quality Network Security provider.

Boeing stocks dipped 1.7% due to an ongoing Federal Aviation Administration investigation into potential use of counterfeit titanium in their aircraft, a claim also shared with Airbus.

GameStop’s shares took a hit of over 3% following the announcement that Keith Gill, a key figure in meme stocks, appears to have increased his stake in the company to over nine million shares.

Motor company Stellantis saw its shares go down by more than 4% after admitting to past errors in the U.S. market and vowing to address them.

Shopify’s shares enjoyed a boost of more than 4% after an Evercore ISI upgrade from in line to outperform, supporting the belief in a robust long-term potential for the e-commerce giant.

Lastly, Dell Technologies experienced a drop in value by over 1% following the disclosure of CEO Michael Dell selling off 5.7 million shares.