Arm Holdings, a chip designer company, made a strong entrance on the stock market this Thursday, with its shares closing at $63.59. This represents a 24.7% gain from its listing price of $51 per share. The firm was previously purchased by SoftBank (TYO:9984) in 2016 for $32 billion, under the ticker ARMH. This successful IPO is the fifth in just a month, following a period of stagnation due to the COVID-19 pandemic, rising banking costs, and recent IPOs' lack of significant traction on the stock market.
In other market news this week, the Dow Jones Industrial Average rose 331 points or 0.9%, while both the S&P 500 and Nasdaq saw growth of 0.8%. The small-cap Russell 2000 outperformed all others with a 1.4% increase. This rally brings us close to one-month highs, a milestone that has been elusive since difficult trading conditions were experienced in August and early September.
On the earnings front, Adobe Systems (NASDAQ:ADBE) reported strong fiscal Q3 results earlier this week. The company's earnings per share stood at $4.09, surpassing both the predicted $3.97 and last year's $3.40 per share. Revenue for Adobe Systems was also higher than expected at $4.89 billion, exceeding the consensus estimate of $.85 billion. The company's guidance for next quarter suggests continued growth with earnings per share expected to range between $4.10-4.15 and sales projected to be between $4.98-5.03 billion.
Lennar (NYSE:LEN) Home also surpassed expectations for both revenue and earnings this week after the market closed. Earnings per share reached $3.87, beating the consensus estimate by 40 cents, and revenues for the quarter came in at $8.7 billion, surpassing the predicted $8.53 billion. The company reported a surge in new orders by 37% while deliveries increased by 8%. Additionally, Lennar Home repurchased three million shares in the quarter. Despite an initial rise in late trading, the company's stock has since returned to its closing price from Thursday.
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