February 8, 2024 10:24 AM | 3 min read
U.S. stocks traded mixed, with the Dow Jones gaining around 20 points on Thursday.
Arm Holdings, the UK-based semiconductor and software design company, witnessed a dramatic surge during Thursday’s session after unveiling its third-quarter financial results, which surpassed expectations.
The company reported adjusted quarterly earnings of 29 cents per share, outstripping the analyst consensus estimate of 25 cents by 16%. Similarly, Arm Holdings posted quarterly sales of $824 million, surpassing the analyst consensus estimate of $761.62 million by 8.19%.
The market responded uproariously to the news, with Arm Holdings shares rocketing 47.3% to $113.41 on Thursday, reflecting the scale of the company’s success.
Furthermore, other big stocks recorded notable gains in the current session, indicative of the overall exuberance in the market.
- Oscar Health, Inc. (OSCR) shares soared by 21.2% to $16.27 following the company’s stellar fourth-quarter performance.
- Mineralys Therapeutics, Inc. (MLYS) climbed 18.5% to $14.77 after announcing a $120 million private placement financing.
- Viking Therapeutics, Inc. (VKTX) gained 17.6% to $28.78 following robust quarterly results.
- Harley-Davidson, Inc. (HOG) gained 3.3% to $35.68 following upbeat earnings.
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