Stock markets kicked off the week with another breakout in chip stocks. Softbank (SFTBY), for example, surpassed Toyota (TM) to become the biggest company by market capitalization in Japan. The former benefited from ARM Holdings (ARM), gaining nearly 16%. Softbank owns 86%-90% of ARM stock.
The rising share price of Micron (MU) also cast a shadow over three slumping stocks.
CBOE Global Markets (CBOE) fell by 9.76% to close at around $301. On May 28, the Securities and Exchange Commission approved CBOE’s extended trading hours offering. This service will start on July 13. CBOE stock is down as markets “sell on the news.”
Similarly, profit taking pushed shares of Robinhood (HOOD) lower, while Schwab (SCHW) rose slightly on Monday.
Qualcomm (QCOM) fell by 8.78%, pulling sharply below the short-lived $259.92 high from last week. NVIDIA (NVDA) announced a chip that would power Microsoft (MSFT) Windows PCs. The panic is unusual, since NVIDIA does not have a strong history of success with that endeavor. It had a Tegra mobile chip (2008-2014) that integrated the ARM CPU, GPU, and memory on a chip.
Constellation Energy (CEG) fell by around 8%, toward its support zone of $250. The secondary share offering of 11 million shares put selling pressure on the energy firm.
