Chip Stocks to the Upside; Arm Declines; Krispy Kreme Tumbles

On this episode of Stock Movers:
- Nvidia (NVDA) is leading chip stocks higher after Bloomberg reported the Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions, citing people familiar with the matter.
- Arm Holdings (ARM) is out of line with other chip stocks this morning as it trends lower after posting revenue forecast for the current quarter is $1 billion to $1.1 billion, lower than Wall Street's estimates. The company blames the conservative forecast on the timing of new agreements with customers and has decided not to provide an annual target due to uncertainty.
- Cleveland Cliffs (CLS) is sinking this morning after posting a wider-than-expected loss for the first quarter after the closing bell on Wednesday. The company also said it expects full-year 2025 steel unit cost reductions of approximately $50 per net ton compared to the prior year.
- Krispy Kreme (DNUT) is the biggest downside mover in the premarket session as it announced it will no longer pay quarterly cash dividends to focus on growth and pay down debt. Krispy Kreme reported below-consensus quarterly sales and expects second-quarter net revenue of $370 million to $385 million, below analysts' estimates and is pausing the expansion of its partnership with McDonald's and withdrawing its 2025 profit guidance due to macroeconomic weakness and uncertainty.

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