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

(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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.