[From Yahoo Finance]
Friday October 22, 11:56 am Eastern Time
ARM punches higher after U.S. advance
LONDON, Oct 22 (Reuters) - ARM Holdings Plc, the semiconductor designer that has
been one of the UK stock market's star performers this year, surged into fresh record
ground on Friday in the wake of U.S. demand for the stock, dealers said.
Breaking through a chart resistance point, ARM shares traded 92 pence or 7.4 percent higher at 1,332 pence by 1345 GMT,
having earlier set a record 1,400p. Its ADRs (NasdaqNM:ARMHY - news), listed on the U.S. Nasdaq market, were up
$2-11/16 at $68-3/16.
The moved carried the UK-listed stock beyond the 1,250 pence level where it had hit resistance in recent sessions.
Volume, however, was relatively thin at 1.3 million shares and dealers said the move had been exaggerated by a shortage of
stock in the market
''It is a quality stock and it was very good in the U.S. last night,'' said one dealer. ''But there is just no stock on offer in the
market...I can see it going to 20 pounds soon.''
Having ended last year at 319 pence, ARM shares have outperformed the FTSE All Share index by 274 percent in the year
to date.
Earlier this week the company reported a 77 percent surge in third quarter pre-tax profits to 4.4 million pounds on revenues
up 40 percent at 15.7 million, driven by growing demand in markets ranging from mobile 'phones to computer games
consoles. |
