The utilities sector posts biggest weekly gain in the S&P 500

Utilities stocks have outperformed this week, putting the S&P 500 sector on pace for a more than 3% gain.

Duke Energy (DUK:NYSE) and Southern Company (SO:NYSE) were the biggest winners in the sector, up more than 5% week to date. Shares of Eversource Energy (ES:NYSE), DTE Energy (DTE:NYSE), and PPL Corporation (PPL:NYSE) each finished the week 4% higher.

NRG Energy (NRG:NYSE) was the only stock in the sector that finished with a loss. It finished the week 0.8% lower.

ARM jumps 25% at blockbuster IPO

Arm Holdings (ARM:NASDAQ), the chip design company controlled by SoftBank, jumped nearly 25% during its first day of trading Thursday after selling shares at $51 a piece in its initial public offering.

At the open, Arm was valued at almost $60 billion. The company, trading under ticker symbol “ARM,” sold about 95.5 million shares. SoftBank, which took the company private in 2016, controls about 90% of shares outstanding.

Adobe shares drop

Shares of the Photoshop maker dropped 4.2% following Adobe’s (ADBE:NASDAQ) fiscal third-quarter earnings Thursday. The company reported an earnings and revenue beat and forward guidance that matched Street projections.

While Goldman Sachs (GS:NYSE) and Bank of America (BA:NYSE) reiterated buy ratings, JPMorgan (JPM:NYSE) remained neutral, citing macroeconomic headwinds and a high premium for Adobe’s pending acquisition of Figma for $20 billion.

iPhone 15 fails to create buzz in China

Apple’s (APPL:NASDAQ) annual release of its new iPhone lineup failed to generate the usual excitement among Chinese consumers, the latest indication of the company’s escalating difficulties in one of its largest markets.

True, many diehard fans remained up late to watch Apple’s Cupertino, California, headquarters unveil the iPhone 15 models. But unlike in previous years, Apple’s new smartphones—with options for titanium cases, more powerful processors, and camera upgrades, along with an unexpected price freeze on most models—didn’t feature in the top trending topics for discussion among Weibo’s half-billion users on the day they were released.

Planet Fitness shares sink 15% after board ousts CEO in shocking move

In a move that stunned investors and employees alike, Planet Fitness (PLNT:NYSE) ousted company veteran Chris Rondeau from his post as CEO, the workout chain said Friday in a press release.

Rondeau’s departure appears sudden, and it’s not clear what triggered the decision, especially after a stronger-than-expected second-quarter earnings report last month. Craig Benson, a former governor of New Hampshire and a member of the company’s board, will serve as the interim CEO.

The stock dropped 15% in the wake of the announcement, hitting a 52-week low.

Schwab shares drop as client assets decline in August

Shares of Charles Schwab (SCHW:NYSE) fell nearly 4% Friday after the company reported a decline in client assets last month.

The financial institution said average interest-earning assets in August were down 23% from the year-ago period to $449.5 billion and were down 4% from July. Total client assets came to $8.09 trillion as of the end of August, up 14% from a year ago but down 2% from the previous month.

UAW strike fails to put brakes on stocks of targeted auto companies

The big 3 – Ford (F:NYSE), GM Motors (GM:NYSE) and Stellantis (STLA:NYSE) were the target of labor strikes as about 12,700 United Auto Workers (UAW) staged a walkout at several assembly plants belonging to the three automakers Thursday night after a key deadline to settle a new labor contract passed.

However, the strike was not enough to change investor sentiment around the stocks.

General Motors rose about 2% in Friday morning trading, while Ford and Stellantis each rose about 1%.

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