Stocks Edge Higher as Disney and Chipmakers Rally, Offset by PayPal and AstraZeneca Drops
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Stocks edged higher Thursday as strong earnings from Disney, Arm Holdings, and others offset declines in PayPal and AstraZeneca shares. The Nasdaq rose 0.2% while the Dow added 0.1%.
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Chip designer Arm Holdings surged 60% after its earnings and revenue topped estimates. The company cited strong demand for AI processing.
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Disney shares jumped 11.5% following better-than-expected results. It also announced a $1.5 billion investment into Epic Games, maker of Fortnite.
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PayPal stock sank 11% after its disappointing 2024 earnings growth forecast. The payments firm said its business transformation would weigh on guidance.
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Drugmaker AstraZeneca missed Q4 earnings estimates as sales of its COVID-19 treatments plunged. Its stock dropped nearly 5%.