The U.S. stock market experienced three days of growth following a harrowing start to the week caused by the Brexit. The S&P 500 surged 1.4% Thursday, while the Dow Jones Industrial Average rose 1.3%.
Here’s what you need to know:
Arena Pharmaceuticals, Inc. (ARNA)
Arena Pharmaceuticals shares fell as the company announced a workforce reduction.
The biopharmaceutical company revealed that 73% of its employees will lose their jobs, encompassing a total of about 100 people.
These workers plied their trade in Arena Pharmaceuticals’ research, manufacturing and administrative branches.
The move is designed to ensure the company’s entire staff is working on specialized drugs.
ARNA stock sunk 6.4% after the bell Thursday.
Micron Technology, Inc. (MU)
Micron Technology had a subpar quarter that caused late-afternoon migraines for shareholders.
Earnings for the third quarter amounted to a loss of 8 cents a share. This figure comes up just ahead of the average Wall Street projection of a 9-cent loss a share for the company’s spring period.
It was disappointing news on the revenue end however, with the $2.90 billion that Micron raked in missing the consensus estimate by $60 million.
The Idaho company hopes to navigate its way through a turbulent market by returning the company’s focus to its core business of semiconductors.
MU shares tanked about 9.5% after hours yesterday.
Tesla Motors Inc (TSLA)
A fatal Tesla accident has alerted consumers of the potential downside of self-driving technology.
Joshua Brown was driving a Model S on May 7, in northern Florida when he set the vehicle to Autopilot mode. The Tesla car crashed against a large tractor trailer in a wreck that ended Brown’s life.
The company’s response to the accident was far from comforting, writing in a blog post that “the brake was not applied” because both Autopilot and the driver missed the tractor.
Tesla added that its self-driving technology is still in a public beta phase, suggesting Autopilot will be safer in the future.
TSLA stock dropped 2.8% after the bell Thursday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.