American depositary receipts of Arm Holdings PLC continued their upward trajectory, rising by 24.69% after closing Thursday 25% above their IPO listing price. Executives at Arm see a significant opportunity in saving chip makers money, which has contributed to the stock’s recent gains.
EGain Corp. also experienced a stock increase of 3%. The automated customer engagement group surpassed its own expectations in the fiscal fourth quarter, reporting adjusted earnings per share of 11 cents and generating $24.6 million in revenue.
Shares of Tesla Inc. showed a slight increase of 0.5% following a strike called by three major global automakers.
Shares of General Motors Co. and Ford Motor Co. both declined nearly 2% each. Meanwhile, Stellantis NV experienced a modest increase after almost 13,000 United Auto Workers at the three companies went on strike early Friday. The strike, which broke with UAW tradition, aimed to secure agreements with all three car makers, demonstrating solidarity among workers.
Adobe Inc. faced a decline of 1.4% as it forecasted revenue in line with Wall Street estimates and steady margins while introducing a paid version of its Firefly AI software.
Shares of Axcella Health Inc. slumped significantly by 34% after the biotech company announced plans for a 1-for-25 reverse stock split effective September 19.