Adobe, Tesla, Hasbro rise premarket; 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 premarket U.S. stock movers today:
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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.
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Tesla (NASDAQ:TSLA) stock rose 1.1% 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.
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Sirius XM (NASDAQ:SIRI) stock slipped 2.4% after the Nasdaq said the stock would be removed from the Nasdaq 100 index, and replaced with Arm Holdings (NASDAQ:ARM), which gained 0.8%.
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GameStop (NYSE:GME) stock fell 1.2% after the video game retailer postponed its virtual annual shareholders' meeting without any business being conducted due to technical difficulties.
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RH (NYSE:RH) stock slumped 12% after the furniture retailer reported a bigger-than-expected first-quarter loss and forecast second-quarter sales that were below expectations.
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Wells Fargo (NYSE:WFC) stock fell 0.7% 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.
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Hasbro (NASDAQ:HAS) stock rose 1.2% after Bank of America (NYSE:BAC) upgraded its investment stance on the toymaker to ‘buy’ from ‘neutral’, seeing a lot more upside for investors to play with.
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Zscaler (NASDAQ:ZS) stock rose 1.7% after JPMorgan (NYSE:JPM) upgraded the cloud security company to ‘overweight’ from ‘neutral’, saying it is well positioned for the future.
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