Market Updates
U.S. Movers: Automakers, Adobe, Arm Holdings, Nucor, Unity Software
Scott Peters
15 Sep, 2023
New York City
Adobe Inc declined 3.5% to $533 after the graphic design software developer reported fiscal third quarter results that matched investor expectations.
Nucor Corporation declined 2.1% to $162.05 after the specialty steelmaker forecasted third quarter earnings to decline primarily because of lower prices and falling volumes.
Nucor expects third quarter earnings per share to be in the range of $4.10 to $4.20 per diluted share, second quarter net earning was $5.81 and $6.50 in the third quarter of 2022.
Arm Holdings increased 3.6% to $65.89 and extended gains for the second day in a row after the advanced chip design company priced its initial public offer at $51 a share and raised $4.9 billion.
Unity Software Inc increased 2.2% to $36.54 after Bank of America upgraded stock to "buy" on the earnings growth expectations in 2024 and 2025.
General Motors, Ford Motor Company and Stellantis NV were in focus after 12,700 United Auto Workers decided to strike at three key assembly plants asking for higher wages and other benefits.
The union workers decided to strike at General Motors midsize truck manufacturing plan and full-size van production facility in Wentzville, Missouri.
Workers also walked out at Jeep manufacturing plant in Toledo, Ohio and Ford Ranger midsize pickup and Bronco SUV manufacturing plant in Wayne, Michigan.
Workers also went on strike at Ford Ranger midsize pickup and Ford Bronco SUV plant in Wayne, Michigan and the Jeep assembly plant in Toledo, Ohio.
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Earnings
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