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1 hour ago
SoftBank shares rise more than 8% in early trading as Arm’s results beat expectations
Shares in Japanese investment holding company SoftBank rose more than 8% in morning trading after semiconductor maker Arm reported better-than-expected results.
Arm shares soared as much as 41% after the chip designer reported sales and profits that beat analysts’ expectations and gave a strong outlook for the coming quarter.
SoftBank took Arm public in September and still owns about 930 million shares, about 90% of the chip designer’s outstanding shares.
SoftBank’s Arm shares rose nearly $16 billion after the earnings report, from nearly $71.6 billion to $87.4 billion. This means Arm’s gains exceeded the $14 billion loss it incurred on its investment in co-working space provider WeWork, which filed for bankruptcy in November.
2 hours ago
On the brink of 5k
At Wednesday’s trading high, the S&P 500 index reached 4,999.89, reaching the 5,000 level, a historic milestone.
The first time the S&P 500 closed above 4,000 was on April 21, 2021. If the large-cap benchmark reached he 5,000, it would take almost three years to reach his last 1,000 points.
2 hours ago
PayPal stock falls 5% on weak guidance
PayPal shares fell more than 5% in after-hours trading after the payments company released full-year and first-quarter guidance that was slightly less than expected.
LSEG said the company’s full-year earnings are expected to be $5.10 per share, below analysts’ expectations of $5.48. PayPal’s fourth-quarter results exceeded expectations.
— Yun Lee
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