ARM Holdings

Shares of ARM Holdings edged up after the close on news that its chip designs have received the stamp of approval from Microsoft ( MSFT).

The stock was last quoted at $22.14, up 1.2%, on volume of roughly 125,000, according to The advance comes with the stock sitting right around its 52-week high after more than doubling in 2010.

Microsoft said said the next-generation of its Windows operating system will work with the "system on a chip" designs of ARM, a rival of longtime Microsoft partner Intel ( INTC).

ARM's semiconductor architecture has become dominant in mobile devices, including smartphones and tablet computers, and Microsoft's decision underscores its increased commitment to being competitive in the smartphone space.

-- Written by Michael Baron in New York.

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