Midday movers: Apple, RH, GameStop and more
Investing.com -- U.S. stocks were rising but still on their way to a down week as investors weighed solid economic data and the possibility of more Federal Reserve rate hikes this year.
Here are some of the biggest U.S. stock movers today:
Apple (NASDAQ:AAPL) stock rose 1.1%, regaining some ground after falling for two days after reports that pointed towards lower iPhone sales in China, which resulted in a slide of about 6% over the past two sessions that has now wiped close to $200 billion in value off of the stock's market capitalization.
RH (NYSE:RH) stock fell 14.3% after the luxury furniture retailer posted disappointing guidance for the next quarter, citing “challenging” conditions through 2023.
GameStop (NYSE:GME) stock fell 7.5% on a report that the U.S. Securities and Exchange Commission was investigating the videogame retailer's chairman, Ryan Cohen.
Goldman Sachs (NYSE:GS) stock rose 0.8% after the Financial Times reported that the investment bank is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October.
DocuSign (NASDAQ:DOCU) stock fell 3.2% after the e-signature company beat expectations in its second quarter, with revenue up 10.5% year-on-year, and thus raised its annual revenue forecast.
Asbury (NYSE:ABG) stock rose 2.8% after the auto-dealer said that it would acquire Jim Koons automotive dealerships group for about $1.2 billion.
Adobe (NASDAQ:ADBE) stock rose 0.3% after Mizuho Securities upgraded the computer software company to ‘buy’ from ‘neutral’, saying it is well-positioned to capitalize on digital transformation with its highly comprehensive end-to-end offering.
--Peter Nurse contributed to this report
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