ARM's stock rises after IPO, Axcella and Adobe shares slump, and other stocks on the move

By MarketWatch

Axcella Health's stock slumps on news of reverse stock split

Here are some of Friday's biggest movers:

Stock gainers:

American depositary receipts of Arm Holdings PLC continued higher by 1.2% after closing Thursday at 25% above their IPO listing price as execs see a big opportunity in saving chip makers money

Iovance Biotherapeutics Inc.'s stock (IOVA) was up 18.6% after the company said the U.S. Food and Drug Administration agreed to expedite the remaining review of its Biologics License Application BLA for lifileucel, a melanoma-treatment drug.

Nikola Corp.'s stock (NKLA) was up about 4% after the company said it is expanding its dealer sales and service network into Canada via a partnership with ITD Industries Inc., a commercial-trailer maker and technology business based in Toronto.

Nio Inc.'s stock (NIO) rose 2.5% in premarket trading Friday, adding to its 3.1% bounce in the previous session, as a strike affecting some U.S. automakers and an interest-rate cut in China led to support for the China-based electric-vehicle maker.

General Motors Co. shares (GM) rose 0.8% after nearly 13,000 United Auto Workers union members at the Big Three car companies went on strike early Friday as a deadline passed with no contract agreement. The combined strike breaks with UAW tradition, which had traditionally directed strike efforts toward one car company only in order to protect the union's strike fund and picket-line firepower. Ford's stock (F) rose fractionally, and shares of Stellantis NV(STLAM.MI) rose 2.2%.

Canopy Growth Corp. shares (WEED.T) rose by 4% as the cannabis stock stayed hot on a potential vote in the U.S. Senate later this month on the SAFE Banking Act, a measure to open up the U.S. financial sector to legal marijuana companies.

Stock decliners:

Adobe Inc. shares (ADBE) fell 4.8% 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 (AXLA) slumped 39% after the biotech company announced plans for a 1-for-25 reverse stock split effective Sept. 19.

EGain Corp.'s stock (EGAN) was down 8% despite first-quarter results from the automated customer engagement group that topped the company's guidance, with adjusted earnings per share of 11 cents and revenue up $24.6 million.

-MarketWatch

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-15-23 1340ET

Copyright (c) 2023 Dow Jones & Company, Inc.