📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Midday movers: Adobe, Hasbro rise; GameStop and RH fall

Published 06/14/2024, 07:27 AM
Updated 06/14/2024, 12:31 PM
© Reuters.

(Updated - June 14, 2024 12:27 PM EDT)

Investing.com -- U.S. stock futures traded lower Friday, falling from record highs as investors digested a hawkish Federal Reserve against the backdrop of a cooling economy.

Here are some of the biggest U.S. stock movers today:

  • Adobe (NASDAQ:ADBE) stock soared 14% after the software giant raised its revenue forecast for fiscal 2024, expecting more demand for its artificial intelligence-powered software.

  • Tesla (NASDAQ:TSLA) stock fell 2%, paring yesterday's gains after the electric vehicle manufacturer’s shareholders voted in favor of a controversial $56 billion pay package for CEO Elon Musk, as well as the company’s reincorporation in Texas.

  • Sirius XM (NASDAQ:SIRI) stock rose 1% despite news that the Nasdaq said the stock would be removed from the Nasdaq 100 index, and replaced with Arm Holdings (NASDAQ:ARM), which gained 0.8%.

  • GameStop (NYSE:GME) stock fell 3.6% after the video game retailer postponed its virtual annual shareholders' meeting without any business being conducted due to technical difficulties.

  • RH (NYSE:RH) stock slumped 18% after the furniture retailer reported a bigger-than-expected first-quarter loss and forecast second-quarter sales that were below expectations.

  • Wells Fargo (WFC) stock fell 0.3% after the country’s third largest bank fired more than a dozen workers for alleged “simulation of keyboard activity”, an attempt to fool the firm into thinking they were working.

  • Hasbro (NASDAQ:HAS) stock rose 5% after Bank of America upgraded its investment stance on the toymaker to ‘buy’ from ‘neutral’, seeing a lot more upside for investors to play with.

  • Zscaler (NASDAQ:ZS) stock rose 1.4% after JPMorgan upgraded the cloud security company to ‘overweight’ from ‘neutral’, saying it is well positioned for the future.

  • Howmet Aerospace (HWM (BMV:HWM)) fell 6% after being cut to 'sell' by analysts at Northcoast Research.

  • Royal Caribbean (NYSE:RCL) fell 5.75% on concerns about pricing softness. Carnival Corp. (NYSE:CCL) and Norwegian Cruise Line (NYSE:NCLH) were also lower.

  • Gilead Sciences (NASDAQ:GILD) rose 2.8% on chatter it has a secretive obesity drug program.

Additional reporting by Louis Juricic

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.