An Hour Ago
SoftBank shares jump more than 8% in early trade as Arm results surpass expectations
Shares of Japanese investment holding company SoftBank surged more than 8% in morning trading after chipmaker Arm posted results that surpassed expectations.
Arm shares rocketed as much as 41% after the chip designer reported revenue and earnings that sailed past analysts’ estimates, as well as giving a strong outlook for the coming quarter.
SoftBank took Arm public in September and still owns about 930 million shares, or roughly 90% of the chip designer’s outstanding stock.
SoftBank’s stake in Arm jumped by almost $16 billion — from close to $71.6 billion to $87.4 billion — after the earnings report. That means the gains from Arm exceeded the $14 billion losses suffered by investing in co-working space provider WeWork, which went bankrupt in November.
2 Hours Ago
On the brink of 5k
At Wednesday’s session high, the S&P 500 hit 4,999.89, putting it at a striking distance of the historic 5,000 threshold.
The S&P 500 first crossed and closed above 4,000 on April 21, 2021. If the large-cap benchmark hits 5,000, it will have taken almost three years to go the last 1,000 points.
2 Hours Ago
PayPal shares slide 5% on weak guidance
PayPal shares dropped more than 5% in extended trading after the payments company provided guidance for the full year and first quarter that fell just short of expectations.
The company anticipates full-year earnings of $5.10 per share, below the $5.48 analysts expected, according to LSEG. PayPal did beat estimates for fourth-quarter results.
— Yun Li
