Stocks were getting a boost from the successful trading debut of Arm Holdings.
Dreamstime
Stocks posted solid gains Thursday even as U.S. producer prices and retail sales rose more than expected in August. Tech shares surged after a successful trading debut from chip design company
Arm Holdings.
These stocks made moves Thursday:
Arm Holdings
(ticker: ARM) opened at $56.10,10% above its initial public offering price of $51 a share. The stock closed up 25% at $63.59. After Arm’s debut, shares of fellow chip makers traded mixed.
Nvidia
(NVDA) rose 0.2%, U.S.-listed shares of
Taiwan Semiconductor Manufacturing
(TSM) gained 0.8%,
Intel
(INTC) was down 0.1%, and
Qualcomm
(QCOM) rose 1.2%.
Norwegian Cruise Line
(NCLH) and
Carnival
(CCL) were upgraded to Buy from Neutral at Redburn. Norwegian stock gained 5.7%, while Carnival was up 4.1%. The Redburn analysts maintained their recommendation on
Royal Caribbean
(RCL) at Neutral. Royal Caribbean gained 2.5%.
HP Inc.
(HPQ) closed down 1.8% after Warren Buffett’s
Berkshire Hathaway
(BRK.B) disclosed it sold 5.5 million shares of the maker of personal computers and printers. It was the first sale of stock in
HPInc.
since Berkshire Hathaway accumulated a 12% stake in the company in the early part of 2022.
Semtech
(SMTC), the semiconductor supplier, forecast a fiscal third-quarter loss of 9 cents to 22 cents a share on revenue of $190 million to $210 million. Analysts had been estimating adjusted earnings of 12 cents a share on revenue of $247.7 million. The stock, however, rose 10% after falling earlier in the session.
Etsy
(ETSY) rose 3.3% to $66.68 after the online marketplace was upgraded to Outperform from Peer Perform at Wolfe Research with a price target of $100.
AT&T
(T) jumped 3% after the telecom company said it expects third-quarter free cash flow of $4.5 billion to $5 billion.
First Solar
(FSLR) gained 3.8% after the solar technology company was upgraded to Outperform from Market Perform at BMO Capital. The stock fell 5.8% on Wednesday.
AMC Entertainment
(AMC) fell 1.2% after the movie-theater chain completed an at-the-market equity offering, raising about $325.5 million.
Ford
(F) was down 0.2% and
General Motors
(GM) was flat ahead of a deadline late Thursday for a strike by the United Auto Workers union. Shawn Fain, the head of the UAW, said late Wednesday the union and the Big Three automakers, including
Stellantis
(STLA), were still “very far apart” on the union’s key priorities for wage increases, and that the UAW was preparing to strike all three companies using new tactics after 11:59 p.m. on Thursday.
Delta Air Lines
(DAL) was down 0.6%. The airline cut its third-quarter earnings guidance to a range of $1.85 to $2.05 a share from a prior range of $2.20 to $2.50 but its revenue outlook was upbeat.
Write to Joe Woelfel at [email protected]
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