Stocks fell Friday as traders took a breather ahead of next week’s interest rate decision from the Federal Reserve and weighed the impact of the strike at the Big Three auto makers.
These stocks made moves Friday:
Ford
(ticker: F) fell 0.1%,
General Motors
(GM) gained 0.8%, and
Stellantis
(STLA) closed up 2.2%. The shares had traded lower in the premarket session after the United Auto Workers union launched its first-ever partial strike against the car companies following a failure of the sides to reach a deal for a new contract ahead of a deadline just before midnight Thursday.
Arm Holdings
(ARM) fell 4.5% after the U.K. chip design company closed its first day of trading Thursday at $63.59, 25% above the initial public offering price. The IPO for ARM, which provides chip designs to a range of semiconductor manufacturers, including the processor designs used in essentially every current smartphone, was the biggest of the year.
Walt Disney
(DIS) gained 1.3% after a spokesman said the entertainment giant hasn’t yet decided what it will do with ABC and other traditional broadcast television channels. That followed a report from Bloomberg that said the company had held talks with
Nexstar Media
about selling the stations.
Planet Fitness
(PLNT) dropped 16% after the fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately. Rondeau has been at the helm since January 2013.
Apellis Pharmaceuticals
(APLS) jumped 2.6% after shares of the drug developer were upgraded to Overweight from Equal Weight at
Wells Fargo.
Nucor
(NUE) fell 6.1% after the steel maker issued a fiscal third-quarter earnings outlook that missed estimates. Nucor said it expects earnings for its steel mills segment in the third quarter to fall from the second quarter “due to lower pricing, and to a lesser extent, volumes.”
Adobe
(ADBE) reported fiscal third-quarter adjusted earnings of $4.09 a share on revenue of $4.89 billion, higher than analysts’ estimates of $3.98 a share on revenue of $4.87 billion. The software company said it expects fourth-quarter earnings of $4.10 to $4.15 a share on revenue of $4.98 billion to $5.03 billion, versus Wall Street forecasts of $4.06 a share on revenue of $5 billion.
Adobe
shares fell 4.2%.
Nikola
(NKLA) extended gains, rising 3.5% after closing 32% higher on Thursday after the electric-truck maker’s CEO said he sees the first hydrogen fuel cell trucks delivered by the end of the month.
Charles Schwab
(SCHW) was down 2.6% after the financial services company reported net new assets for August fell to $4.9 billion, a drop the company attributed to temporary attrition of TD Ameritrade clients and advisors.
Copart
(CPRT) was off 2.2% to $43.88 even after the provider of online vehicle auctions posted better-than-expected adjusted fourth-quarter earnings. Analysts at Baird also raised the price target on the stock to $48 from $45.
Write to Joe Woelfel at [email protected]
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