Stocks making the biggest moves premarket: Adobe, Hasbro, GameStop and more
Here’s the scoop on the companies that had people talking before the stock market opened.
— The meme-investment sensation experienced a 1.1% decrease following Keith Gill, better known as “Roaring Kitty,” indicating an increase in his GameStop ownership. He now reportedly possesses 9.001 million GameStop stocks and over $6 million in cash, as per his post on Reddit.
— Following an impressive report of earnings and revenue that exceeded expectations, the software giant saw an impressive 14.2% increase. The report showed higher annualized Digital Media revenue – including Creative Cloud subscriptions – than predicted by analysts. With the announcement of positive full-year guidance, JPMorgan heightened their rating to overweight from neutral on Friday, indicating a smooth journey ahead for Adobe after its strong quarterly report.
— After being upgraded by Bank of America from neutral to buy, the toy manufacturer saw its shares climb by 1.7%. The bank stated on Friday that Hasbro’s digital gaming strategy is predicted to drive a recovery in earnings for 2024 and 2025.
— The luxury retailer saw a significant drop of 12.3% after reporting a larger than anticipated loss per share for the first quarter. RH posted a loss of 40 cents per share, excluding items – a stark contrast to the 12 cents per share loss expected by analysts polled by LSEG. On a positive note, the company’s revenue reached $727 million, surpassing the $725 million prediction from analysts.
— The aircraft production leader declined by more than 1% following the U.S. Federal Aviation Administration initiating an investigation into the use of counterfeit titanium in some of its recently manufactured aircraft, as reported by the New York Times. Additionally, Boeing is under scrutiny for an incident in late May involving the potentially dangerous “Dutch roll” movement on a Boeing 737 flight.
— The cloud security share climbed 2% after an upgrade from neutral to overweight by JPMorgan. The bank refers to Zscaler as “a best-of-breed Zero Trust Network Security vendor,” and believes it is trading at a bargain.
