Ford, GM shares fall on strike action, with ARM stock jumping post IPO and other shares on the move

by user

Here are some of Friday’s biggest movers:

Stock gainers:

American depositary receipts of Arm Holdings PLC

continued higher after closing Thursday 25% above their IPO listing price as execs see a big opportunity in saving chip makers money.

EGain Corp.

stock is up 3%, after the automated customer engagement group’s fiscal fourth-quarter results topped the company’s guidance, with adjusted earnings per share of 11 cents and revenue up $24.6 million.

Tesla Inc. shares

were up 0.4% after a strike was called for three major global automakers.

Stock decliners:

Shares of General Motors Co.

fell 1.7% and those for Ford Motor Co.

dropped 2.2%, though Stellantis NV

was modestly up after nearly 13,000 United Auto Workers at the three companies went on strike early Friday as a deadline passed with no agreement with the car makers. The combined strike breaks with UAW tradition, which had directed strike efforts for one car company only to protect its strike fund and picket-line firepower.

Adobe Inc. shares

fell 1.4% after the software company forecast revenue in line with Wall Street estimates and steady margins as it rolls out a paid version of its Firefly AI.

Axcella Health Inc.

shares slumped 34% after the biotech announced plans for a 1-for-25 reverse stock split effective Sept. 19.

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