GameStop, a meme stock, experienced a 1.1% dip after Keith Gill, also known as “Roaring Kitty,” increased his ownership in the company. Gill appears to be holding 9.001 million GameStop shares and over $6 million in cash. Adobe, a software company, saw a 14.2% increase in its stock after posting better-than-expected earnings and revenue, along with higher new annualized Digital Media revenue. JPMorgan upgraded Adobe’s shares to overweight, stating that the company is poised for “smoother sailing ahead” after a strong quarterly performance.
Hasbro, a toymaker, received an upgrade from Bank of America to buy from neutral, leading to a 1.7% increase in its stock. The firm believes that Hasbro’s digital gaming strategy can drive an earnings rebound in 2024 and 2025. On the other hand, RH, a high-end retailer, tumbled 12.3% after reporting a wider loss per share in the first quarter than anticipated. Despite this, the company exceeded revenue expectations, with $727 million compared to the estimated $725 million.
Boeing’s stock dipped over 1% after the U.S. Federal Aviation Administration launched an investigation into counterfeit titanium used in some recently manufactured planes. Boeing is also under investigation for a late May incident involving the potentially dangerous “Dutch roll” movement on a Boeing 737 flight. ZScaler, a cloud security stock, saw a 2% increase following an upgrade from JPMorgan to overweight from neutral. The bank noted that Zscaler is a top Zero Trust Network Security vendor and is currently trading at a discount.
In summary, GameStop, Adobe, Hasbro, RH, Boeing, and Zscaler were all making headlines before the bell with various stock movements and news updates. These companies are experiencing changes in stock prices due to factors such as ownership changes, quarterly performance, upgrades, investigations, and strategic initiatives. Investors will be closely watching these companies to see how their stocks continue to perform in the coming days and weeks.
