Market Updates
U.S. Movers: Activision Blizzard, Arm Holdings, Ford Motor, McDonald's, Scholastic Corp
Scott Peters
22 Sep, 2023
New York City
McDonald's Corp advanced 0.7% to $273.0 after the fast food chain operator said it plans to increase its royalty fees charged to franchisee operators to 5% from 4%.
McDonald's has not increased the fee for several decades but the company also charges for store rent, digital infrastructure and other marketing services.
Ford Motor Company increased 2.5% to $12.51 after CNBC suggested that the company is making progress in negotiations with striking members of the United Auto Workers union.
Scholastic Corp dropped 14.5% to $33.28 after the publishing company reported lower-than-expected revenue and earnings in its latest quarter.
Revenue in the fiscal first quarter ending in August declined 13% to $228.5 million reflecting continuing softness in retail sales.
Net loss surged to $74.2 million from $45.5 million and diluted loss per share expanded to $2.33 from $1.33 a year ago.
Activision Blizzard Inc gained 1.9% to $93.93 after the U.K. regulators said new proposal from Microsoft met several terms required to clear the purchase of game developer for $69 billion.
Arm Holdings Plc decreased 2.6% to $50.77 and the advanced chip designer traded below its initial public offering price of $51 a share priced on September 14.
Instacart declined 2.1% to $30.03 and barely traded above its initial public offer price of $30 a share on September 19.
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