Technology names helped lead stocks higher Monday as investors favored equities to bonds, extending a rough stretch for Treasuries.
The S&P 500 gained 0.24%. Technology is the largest sector weight in the benchmark U.S. index. The Dow Jones Industrial Average added 0.09% while the Nasdaq Composite jumped 0.52%.
With stocks starting the week in solid though not spectacular fashion, ARM Holdings plc (ADR) (NASDAQ:ARMH), Burlington Stores Inc (NYSE:BURL) and GameStop Corp. (NYSE:GME) were three of Monday’s top performers.
ARM Holdings plc (ARMH)
ARM Holdings plc, the UK-based maker of microprocessors, surged 40.6% on more than 15 times the average daily volume following reports that Japan’s SoftBank will pay $32 billion for the company. ARM microprocessor designs are found in 95% of the world’s smartphones, according to Bloomberg.
ARM’s microprocessors are also found in other smart devices, such as tablets and smart watches. ARM does not make semiconductors, but it licenses designs to end users, such as makers of smartphones.
A combined 90% of ARM’s customers are in Asia and the U.S., according to Bloomberg.
Burlington Stores Inc (BURL)
Apparel retailer Burlington Stores Inc climbed 8.5% on volume that was more than quadruple the daily average after the company provided Wall Street with bullish second-quarter guidance. BURL expects a rise in same-store sales for the second quarter of 4.2% to 4.5%, up from previous guidance of 2.5% to 3.5%.
BURL also boosted its earnings guidance to 28 cents to 30 cents a share from 20 cents to 23 cents per share. BURL will report its fiscal second-quarter results on September 6.
Shares of BURL are up about 70% this year.
GameStop Corp. (GME)
Video and computer game retailer GameStop Corp. is benefiting from the Pokémon Go phenomenon. Shares of GME jumped nearly 8% today on more than double the usual turnover after GME CEO J. Paul Raines told CNBC sales in stores doubled after the release of Pokémon Go.
GME is one of the largest sellers of Pokémon products. Essentially all of GME’s year-to-date gain arrived Monday.
GME has struggled amid slowing sales of video games, but the company is looking to be a major player in sales of virtual reality headsets and gear.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
