Stocks fell on 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. Despite this, there were a few notable movements in the market.
Arm Holdings (ARM) saw a 0.2% increase after closing its first day of trading on Thursday at $63.59, which was 25% above the initial public offering price. ARM, a U.K. chip design company, provides chip designs to various semiconductor manufacturers and is known for its processor designs used in smartphones.
Walt Disney (DIS) gained 0.5% as the entertainment giant said it hasn’t yet decided what to do with ABC and other traditional broadcast television channels. There were earlier reports that the company had been in talks with Nexstar Media about selling these stations.
Planet Fitness (PLNT) experienced a significant drop of 14% after announcing the departure of CEO Chris Rondeau. The fitness chain appointed a new interim CEO, effective immediately. Rondeau had been leading the company since January 2013.
Apellis Pharmaceuticals (APLS) jumped 7.5% after Wells Fargo upgraded the shares of the drug developer to Overweight from Equal Weight. This positive news caused an increase in investor confidence.
On the other hand, Nucor (NUE) fell by 5.2% after the steel maker issued a fiscal third-quarter earnings outlook that missed estimates. The company cited lower pricing and volumes as reasons for the decline in earnings.
Adobe (ADBE) reported better-than-expected fiscal third-quarter adjusted earnings and revenue. However, this news did not prevent the company’s shares from falling by 4.8%.
Nikola (NKLA) continued its upward trend, rising 4.4% after its CEO stated that the company expects to deliver its first hydrogen fuel cell trucks by the end of the month. This positive announcement caused a significant increase in share prices.
Charles Schwab (SCHW) saw a 3.2% decrease after reporting a drop in net new assets for August, which the company attributed to temporary attrition of TD Ameritrade clients and advisors.
Finally, Copart (CPRT) posted better-than-expected adjusted fourth-quarter earnings, causing analysts at Baird to raise the price target on the stock. However, despite this positive news, Copart’s shares fell by 2.9%.
Overall, traders took a cautious approach ahead of the Federal Reserve’s interest rate decision and reacted to various news and earnings reports. The market remained volatile, but some companies experienced notable movements in their stock prices.