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