Yahoo Finance Trending tickers: Arm | Jumia | Country Garden | Virgin Money
The latest investor updates on stocks that are trending on Thursday
Arm Holdings (ARM)
Shares of the central processing unit (CPU) architecture licensing company Arm Holdings were on the rise in extended trading after Wells Fargo (WFC) initiated coverage the stock.
Wells Fargo is giving the company an 'overweight' rating with a $70 (£55.78) per share price target. Analysts at Wells Fargo pointed out the company's chip designs and expanding markets in China among other reasons for the rating.
The stock has also been uplifted after reports that Nvidia (NVDA) will use technology from Arm Holdings to design central processing units that will run the Microsoft MSFT operating system.
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Nvidia was one of Arm's biggest financial supporters heading into the September IPO and actually tried unsuccessfully to acquire the company.
Jumia (JMIA)
African e-commerce firm Jumia Technologies were higher in extended trading after it reported a significant reduction in its quarterly losses.
The company's third-quarter financial results for 2023 revealed an adjusted EBITDA loss of $15m, the smallest loss since its initial public offering in 2019. Revenue fell 11% year on year to $45m.
The first Africa-focused tech start-up to list on the New York Stock Exchange now expects an adjusted 2023 EBITDA loss of $80m to $90m compared to the previously communicated range of $90m to $100m.
Jumia has implemented measures that have positively impacted its liquidity. There was a $19m reduction in its cash position in Q3 2023, a substantial 71% drop year-over-year, in contrast to the $66m decrease in the same quarter of 2022.
“This quarter’s news is our continued significant progress towards profitability and conserving cash. This is crucial, as it shows the positive effects of our growth strategy, which is now visibly and tangibly impacting multiple countries,” chief executive Francis Dufay said.
Country Garden (2007.HK)
Country Garden Holdings Co.’s shares jumped news that the debt-laden Chinese builder is part of a draft “white list” of 50 property developers eligible for financing support.
One of the biggest companies in China's property industry, Country Garden has accumulated debts of an estimated 1.36tn yuan (£152bn/$191bn).
Bloomberg reported on that Country Garden, which is listed in Hong Kong, was on a draft list of 50 developers that would be eligible for more financial support, citing sources with knowledge of the matter.
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The list compiled by regulators includes private and state-owned developers and is intended as a guide to banks considering shoring up companies via a variety of mechanisms, Bloomberg said.
Virgin Money (VMUK.L)
Shares in Virgin Money fell after the lender revealed it had suffered a drop in profits and set aside more money for loans it expects will go bad.
The UK’s sixth-biggest lender said pre-tax profits plunged 42% to £345m as it set aside £309m for credit card impairment charges, up from £52m the previous year.
The FTSE 250 lender said it expected a “continued increase in arrears” in the next financial year.
The bank said it would buy back up to £150m of its own shares before May 2024. Also announced a final ordinary dividend of 2p per ordinary share.
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