Shares of Arm Holdings PLC (NASDAQ:ARM) fell nearly 8% in extended trading on Wednesday after the British chip designer issued a full-year forecast that came in well below Wall Street expectations, overshadowing better-than-expected fourth-quarter earnings.
Arm projected fiscal 2026 revenue in the range of $3.94 billion to $4.04 billion, significantly lower than analysts’ average estimate of $4.91 billion, according to LSEG data. The company also guided adjusted earnings per share between $1.56 and $1.64, trailing the consensus estimate of $2.03.
Shares of electric vehicle makers Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) fell on Wednesday after both companies reported quarterly results that modestly beat expectations but highlighted ongoing challenges, including tepid demand and rising tariff costs.
Rivian’s shares dropped 5.6% after the company posted a narrower-than-expected adjusted EBITDA loss of $300 million for the first quarter, helped by regulatory credits and contributions from its joint venture with Volkswagen.
Marvell Technology (NASDAQ:MRVL) shares descended 10% after the semiconductor services company postponed its investor day from next month until sometime next year, citing uncertainties in the macroeconomic environment.
The event had been scheduled for June 10, but the company will instead host a webinar on June 17, 2025, focused on custom silicon technology for artificial intelligence (AI) infrastructure.
Zeekr shares surged more than 10% in New York on Wednesday after Chinese parent company Geely Automobile offered to take the premium electric vehicle maker private in a $2.2 billion deal, just a year after its US listing.
Geely, which currently holds 65.7% of Zeekr’s outstanding share capital, said it plans to buy all remaining American depositary shares at $25.66 each – a 13.6% premium to the stock’s last close.
Alphabet Inc (NASDAQ:GOOG) shares fell 7% after Apple Inc (NASDAQ:AAPL, ETR:APC) was revealed to have started talks with artificial intelligence startup Perplexity AI about adding search functions to iPhones.
Other AI chatbot functions could also potentially be added.
Shares in Teva Pharmaceutical Industries (NASDAQ:TEVA) rose 5% after publishing first-quarter earnings, where the Israeli company said US tariffs are expected to have an "immaterial impact".
The Tel Aviv-based drugs maker reported revenue of $3.9 billion for the quarter, a 5% increase in local currency terms as key growth products continued to perform well, with operating income swinging to $519 million from a loss of $218 million a year ago.
CrowdStrike Holdings Inc (NASDAQ:CRWD) said it will lay off 500 workers to reduce costs as artificial intelligence takes more of a role in its operations.
Removing around 5% of the cybersecurity group's current employees was said to be about reducing costs.
Shares in Walt Disney Co (NYSE:DIS, ETR:WDP) were up over 10% on Wednesday morning after reporting second-quarter results that exceeded Wall Street expectations.
Moreover, the Mouse House upgraded its full-year earnings forecast.
Weight Watchers International (NASDAQ:WW) shares plunged 43% to $0.45 as it struck a deal for a "pre-packaged" Chapter 11 bankruptcy, aiming to clear $1.15 billion of debt off its balance sheet.
The company, officially known as WW International, has cut a deal with a group of lenders and bondholders holding around 72% of its debt, with the process expected to zip through the courts in around 45 days.
Uber Technologies Inc (NYSE:UBER, ETR:UT8) shares fell 5.5% on Tuesday morning after first-quarter revenue and gross bookings came in below Wall Street estimates, overshadowing stronger-than-expected profit and robust growth in trips and users.
Revenue for the ride-hailing platform rose 14% year-over-year to $11.53 billion, missing analysts' expectations of $11.62 billion. Gross bookings climbed 14% to $42.82 billion, slightly below the $43.14 billion forecast.
Investors breathed a sigh of relief on Wednesday as shares in Novo Nordisk (NYSE:NVO) rose 3% in early trading, despite the drugmaker trimming its sales and profit forecasts for 2025.
The downgrade, which had largely been anticipated, brings an end to a four-year streak of upgrades driven by booming demand for its obesity drug Wegovy.