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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "The prospect of rates staying higher for longer has given investors a lingering headache," said Russ Mould, investment director at AJ Bell. "Many had hoped we would approach the end of 2023 with a clearer picture on when rates will start to be cut." ET, Dow e-minis were up 36 points, or 0.1%, S&P 500 e-minis were up 11 points, or 0.25%, and Nasdaq 100 e-minis were up 68.5 points, or 0.46%. Wayfair (W.N) rose 2.6% after Bernstein upgraded the online furniture retailer to "market perform" from "underperform", citing improving revenue growth and margins.

Persons: Brendan McDermid, dampening, Russ Mould, AJ Bell, Neel Kashkari, Lisa Cook, Li Auto, Alibaba, Bernstein, Ankika Biswas, Shristi, Anil D'Silva, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Activision, Microsoft, Dow, Nasdaq, U.S, Treasury, Apple, Nvidia, P Global, PMI, Minneapolis, Detroit, Dow e, PDD Holdings, Baidu, Hong, Thomson Locations: New York City, U.S, Hong Kong, Bengaluru

☆ Cathie Wood says Ark Invest avoided Arm's blockbuster IPO because valuation was on 'high side'
▼ + stars: | 2023-09-22 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Arm was the biggest IPO in the US since late 2021 when it made its market debut last week. But Ark Invest's Cathie Wood sat out the chip designer's float. "Arm came out, we think, from a valuation point of view on the high side," she told CNBC. The Ark Invest CEO chose not to participate in Arm's $55 billion float because she thought it was overvalued compared to its competitors. AdvertisementAdvertisementArm's IPO was the biggest stock market debut since 2021 after a prolonged slump in listings over the past 18 months.

Persons: Wood, CNBC's Organizations: CNBC, Service, Ark Locations: Wall, Silicon

☆ 'Flat is the new up:' As three tech unicorns go public, it's less a call to arms and more a shoulder shrug
▼ + stars: | 2023-09-22 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +5 min

But instead of a full-throated battle cry to go public and prosper, Silicon Valley got more of a shoulder shrug. Instacart shares are down more than 23% from their trading debut, hovering just above their IPO price of $30 per share. Earlier today Arm was trading below its $51 per share IPO price, meaning that even the privileged insiders who got access to shares before the general public are under water. Klaviyo is trading slightly above its IPO price of $30 per share but is still down 6% from its opening trade. He says he wouldn't be surprised if IPO markets don't return to normal until 2026 or 2027.

Persons: Klaviyo —, Rowe Price, Howe Ng, Ng, it's, Peter Hebert, Brian Hirsch, wouldn't, David Kaufman, Thompson Coburn, JP Morgan, Nihal Mehta, haven't, Mehta, Instacart, Klaviyo didn't Organizations: Federal, Fidelity, Apple, Pepsico, BlackRock, Lux Capital, Tribeca Venture Partners, JP, Morgan's, Eniac Ventures Locations: Silicon, York

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 21 (Reuters) - Arm Holdings' stock on Thursday dipped for the first time below its initial public offering price, while short sellers appeared to be betting against the chip designer just a week after its Wall Street debut. Shares of Klaviyo (KVYO.N) which debuted on Wall Street on Wednesday, finished up 2.9% at $33.72 versus the marketing automation firm's $30 IPO price. Suggesting short sellers are betting against Arm, about 14 million of its shares were on loan, equivalent to 8% of the stock's free float, data and analytics company Ortex said. Short sellers borrow stocks to short them, and the relationship between shares on loan and shorted is normally close, according to Ortex. Arm shares appear highly shorted compared to other recent IPOs.

Persons: Dado Ruvic, Ortex, Peter Hillerberg, Noel Randewich, Lewis Krauskopf, Lance Tupper, Richard Chang Organizations: REUTERS, Arm Holdings, Nasdaq, Federal, U.S, Thomson

☆ S&P lifts SoftBank's credit outlook to positive on Arm IPO
▼ + stars: | 2023-09-21 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank Group (9984.T) to positive from stable after the initial public offering (IPO) of British chip designer, Arm Holdings , its largest asset, last week. Analysts have said that improving SoftBank's credit rating was likely a central motivation for listing Arm. SoftBank shares failed to climb on the improved credit outlook, instead falling 2% in morning trade, their third day of declines. While Arm had a stellar first day of trade on Sept. 15 with shares soaring 25%, it last traded just above its IPO price of $51.

Persons: Issei Kato, Masayoshi, SoftBank, Anton Bridge, Edwina Gibbs Organizations: SoftBank, REUTERS, Rights, Arm Holdings, Thomson Locations: Tokyo, Japan

☆ This month's three big IPOs gave up their early gains this week, denting market confidence
▼ + stars: | 2023-09-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Three highly anticipated initial public offerings that came to market this past week raised investor hopes that a nearly two-year-long drought in IPOs might finally be coming to an end. In fact, the Renaissance IPO ETF that tracks aftermarket trading in recent IPOs picked up heading into Arm's offering, but fell 2.5% on Thursday and is down nearly 5% this month. Market barometer IPOs are a barometer of market confidence as investors bet on the hope that they are snatching up companies with strong growth potential, said Truist Advisory Service's chief market strategist Keith Lerner. The underwhelming performance of recent IPOs is just another sign that the choppy market waters are likely to continue, he added. From that perspective, the recent IPOs aren't necessarily a sign of market failure, according to Sarhan.

Persons: Adam Sarhan, —, Instacart, Keith Lerner, Lerner, Sarhan, Michael Bloom Organizations: Investments, ARM, Arm Holdings, Klaviyo, CART, Facebook Locations: IPOs, Arm's, British

☆ Instacart shares come back down to earth as IPO surge is wiped out
▼ + stars: | 2023-09-21 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Instacart soared 40% above its IPO price on Tuesday as trading began. Its shares have since tumbled close to its debut price of $30 as momentum fades. The stock soared 43% in its trading debut on Tuesday, but most of those gains were wiped out the following day when shares closed at $30.10, just 1o cents above its float price. "Finally people can see under the hood related to Instacart that this is not a stable situation," he said. Instacart's plunge is a cautionary tale for other companies thinking of coming to market following Arm's successful debut last week.

Persons: Instacart, Jerome Powell's, Phil Lempert, SupermarketGuru, Lempert Organizations: Bloomberg, Service Locations: Wall, Silicon, Instacart

☆ Klaviyo, Arm, Instacart wobble, raising doubts over IPO revival
▼ + stars: | 2023-09-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Among other companies that have been gearing up for U.S. stock market listings are German premium footwear maker Birkenstock Holding and Vietnam internet company VNG Corp (VNZ.HNO). Chip designer Arm's stock on Wednesday hit a low of $51.52, coming close to its $51 IPO price in this year's biggest IPO last Thursday. Shares of grocery delivery app Instacart, which debuted Tuesday, fell to a low of $29.96, below their $30 IPO price. Klaviyo also surrendered most of its initial gains, hitting a low for the day of $30.26, just above its $30 IPO price. Arm and Instacart were "pumped up to do the IPO," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Persons: Dado Ruvic, Robert Pavlik, Klaviyo, Jerome Powell, haven't, ”, Jake Dollarhide, Ortex, Peter Tuz, Mark Luschini, Janney Montgomery Scott, Caroline Valetkevitch, Savyata Mishra, Niket, Lewis Krauskopf, Noel Randewich, Marguerita Choy, Stephen Coates Organizations: REUTERS, Arm Holdings, Investment, Dakota Wealth, Birkenstock, VNG Corp, Federal, Nasdaq, Longbow, Management, Chase Investment, People, Thomson Locations: Fairfield , Connecticut, Vietnam, Tulsa , Oklahoma, Charlottesville , Virginia, Bengaluru, New York, San Francisco

☆ Insider Today: Ex-Goldman partners dish
▼ + stars: | 2023-09-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. In today's big story, former Goldman Sachs partners explain what led them to leave their prestigious positions within the bank. A recent Insider investigation by Dakin Campbell and Emmalyse Brownstein found that at least 202 partners have left the firm during CEO David Solomon's volatile five-year tenure. And while Solomon's strategic missteps were a key talking point for many, not all the former partners bashed the CEO. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Goldman Sachs, it's, Goldman, David Solomon, Dakin Campbell, Emmalyse Brownstein, David Solomon's, Dakin, It's, Julian Salisbury, Dina Powell McCormick, Fred Baba, Solomon, Lloyd Blankfein, Apoorva Mehta, Instacart, Daniel Sundheim, Michael Moritz, Here's, Instacart's, Beck, Apoorva, Mehta, Tyler Le, Steve Squeri, Squeri, AEW, Tony Khan, Lauren Boebert, Anna Moneymaker, General Merrick Garland, Kim Kardashian, General Mills, Getty, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, D1 Capital Partners, Sequoia, Getty, Sequoia Capital, Northwestern Mutual Wealth Management's, American Express, Wrestling, WWE's, Fed, U.S, FedEx, General Locations: Wall, Silicon, What's, —, ChatGPT, Cerebral, Colorado, Mostar, Bosnia, Herzegovina, Greece, Bulgaria, Moldova, New York City, San Diego, London, New York

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 20 (Reuters) - Shares of Arm Holdings fell for a fourth straight session on Wednesday after the chip designer's stellar market debut last week, with short seller interest picking up. That was up from 5.12 million shares on loan, or 2.7% of the stock's free float, on Tuesday. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, Ortex said. Arm and Instacart were "pumped up to do the IPO," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Arm also has a limited number of publicly traded shares, with SoftBank (9984.T) holding a roughly 90% stake.

Persons: Dado Ruvic, Ortex, Peter Tuz, Caroline Valetkevitch, Lewis Krauskopf, Saqib Iqbal Ahmed, Lance Tupper, Richard Chang Organizations: REUTERS, Arm Holdings, Chase Investment, People, Thomson Locations: Charlottesville , Virginia

☆ Ark CEO Cathie Wood says she avoided the Arm IPO frenzy. Here's why
▼ + stars: | 2023-09-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Cathie Wood, CEO of Ark Invest, speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, February 27, 2023. Brendan McDermid | ReutersArk Invest CEO Cathie Wood said she did not participate in Arm's blockbuster initial public offering last week because she finds the chip designer was overvalued relative to its competitive position. Arm CEO Rene Haas and executives cheer, as Softbank's Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023. Brendan Mcdermid | Reuters"So we did not participate in that IPO, and we also compare it to the stocks in our portfolios. The top holdings in Wood's flagship Ark Innovation ETF include Tesla , Shopify , UiPath , Unity , Zoom , Twilio , Coinbase , Roku , Block and DraftKings .

Persons: Cathie Wood, Brendan McDermid, Wood, Rene Haas, Brendan Mcdermid Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters Ark, Nasdaq, Reuters, Innovation, Tesla, U.S . Federal Reserve Locations: New York City, New York, U.S

☆ Klaviyo stock surges 23% as investors cheer the 3rd IPO in a week
▼ + stars: | 2023-09-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Klaviyo stock soared on its debut Wednesday, within days of Instacart and Arm's initial public offerings. The software company, founded in 2012, priced 19.2 million shares on Tuesday at $30 each, giving Klaviyo about a $9 billion valuation, fully diluted. Klaviyo helps companies build user profiles for targeted marketing. In 2020 and 2021, scores of companies initiated IPOs, but many now trade below their IPO price. Still, she said the likes of Arm, Instacart, and Klaviyo offer a "good litmus test" for what's to come in 2024.

Persons: Klaviyo, Wharton, David Erickson, Erickson, IPOs, Rachel Gerring, Gerring Organizations: Service, New York Stock Exchange, Venture, Wall Locations: Instacart, Wall, Silicon, Americas

☆ The IPO market has been frozen for 2 years. Arm and Instacart point to a thaw coming in 2024.
▼ + stars: | 2023-09-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Before Tuesday, the grocery brand secured a $10.2 billion valuation fully diluted, far below the $39 billion valuation it earned during the pandemic. Experts explained what Instacart and Softbank-backed Arm's debuts means for the broader IPO market, which has been ice-cold for 2 years. AdvertisementAdvertisementExperts say venture capital firms, stock market investors, and any private company mulling an IPO will be closely monitoring the how newly-public names trade over the coming months. "But I do think the public market getting behind companies [like Arm and Instacart] is a signal the market is opening up." "The IPO market is open but it's not indiscriminate," Coben told Insider on Tuesday.

Persons: Munafo, Craig Coben, Coben, Rachel Gerring, Gerring, Instacart, it's, Jerome Powell's Organizations: Service, Arm, Federal Reserve, Fund, London Stock Exchange, Bank of America Locations: Wall, Silicon, Americas

☆ NYU professor says he's skeptical of any company entering the market with a 'SoftBank-based pricing'
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNYU professor says he's skeptical of any company entering the market with a 'SoftBank-based pricing'Aswath Damodaran, professor of finance at NYU Stern School of Business, discusses recent initial public offerings, such as Arm's, and says "I just don't trust SoftBank."

Persons: Damodaran Organizations: NYU Stern School of Business

With short sellers looking to profit from the stock, it closed at $55.17 after touching a high of $69 on Friday. Arm shares underperformed the Philadelphia semiconductor index (.SOX), which closed down 0.96% on Tuesday as rising bond yields weighed on growth sectors such as technology. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, according to Ortex. By comparison, Tesla (TSLA.O), a stock with a similar percentage of shorted shares, has a cost to borrow at 0.48%, Ortex said. Arm's higher cost to borrow "can be an indication that the demand to borrow, and short, the stock is high," Hillerberg said.

Persons: Dado Ruvic, Daniel Morgan, Morgan, Thomas Martin, Ortex, Peter Hillerberg, Hillerberg, Needham, Lewis Krauskopf, Sinéad Carew, Lisa Bernhard, Mark Potter, Matthew Lewis Organizations: REUTERS, Arm Holdings, ARM, Nvidia, GLOBALT Investments, Bernstein, underwriters, Klaviyo Inc, Thomson Locations: Philadelphia, Atlanta, New York

☆ Here are Tuesday's biggest analyst calls: Arm, Apple, Nvidia, Starbucks, CVS, Planet Fitness and more
▼ + stars: | 2023-09-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Evercore ISI upgrades CVS to outperform from in line Evercore ISI said in its upgrade of the drugstore chain that the stock is attractive. Daiwa upgrades Dell to outperform from hold Daiwa said in its upgrade of Dell that "AI is starting to kick in." JPMorgan downgrades Planet Fitness to neutral from overweight JPMorgan downgraded Planet Fitness due to leadership changes and "ongoing systemic challenges." TD Cowen reiterates Nvidia as outperform TD Cowen said it's even more bullish on the stock after attending a recent conference. TD Cowen downgrades Starbucks to market perform from outperform TD Cowen said in its downgrade of the coffee giant that it's concerned about China pressures.

Persons: Goldman Sachs downgrades Lazard, Goldman Sachs, Truist, Daiwa, Chris Rondeau —, —, TD Cowen, Cowen, it's, Raymond James, downgrades Deere, KeyBanc Organizations: Barclays, CVS, Dell, Holdings, JPMorgan, Nvidia, Technology, Apple, Micron, Citi, GE Healthcare, GE, General Electric, " Bank of America, Bank of America, China SSS, Evercore, Deere Locations: Royal Caribbean, China

The lawsuit against the IRS is only the latest in a series of counterpunches by the president's son. Now, Hunter Biden could be heading to trial in the midst of his father’s reelection effort. Hunter Biden, according to his memoir, tumbled into drug addiction after the death of his older brother, Beau, in 2015. Earlier this year Hunter Biden hired high-profile attorney Abbe Lowell, a legal heavyweight known for also representing Jared Kushner and Ivanka Trump. “And it is not even touching on the issue of whether people think that he is being prosecuted because he’s Hunter Biden," she said.

Persons: — Hunter Biden, Hunter, Biden, Hunter Biden aren't, ”, David Brock, “, Hunter Biden, Hunter Biden’s, Donald Trump, Biden hasn't, Trump, Hunter Biden's, Michael LaRosa, ” LaRosa, Joe Biden, —, that's, Beau, Abbe Lowell, Jared Kushner, Ivanka Trump, Mr, Jennifer Rodgers, he’s Hunter Biden, ___ Durkin, Michael Balsamo Organizations: WASHINGTON, IRS, White, Democratic, Biden, Associated Press, House Republicans, Trump, Justice Department, Republicans, NORC, for Public Affairs Research Locations: United States, Delaware, Boston

☆ Big deals are coming in the IPO market, says EY
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig deals are coming in the IPO market, says EYRingo Choi, Asia Pacific IPO leader at EY, discusses Arm's recent initial public offering and what to expect from Instacart's.

Persons: EY Ringo Choi Locations: Asia Pacific

☆ Arm Holdings options draw robust trading volume as shares slide
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

Arm shares fell 5.3% to $57.50, after rising as high as $69 on Friday, its second day of trading. Some 29,000 Arm options contracts changed hands by 11:45 a.m. (1545 GMT) on Monday, the first day options were available for trading, with volume projected to hit 63,000 by the end of the day, according to options analytics service Trade Alert. The 2012 listing of options on Facebook Inc, now known as Meta Platforms, holds the record for the most active options market debut with some 360,000 contracts changing hands on the first day of trading. About 80% of the options trading volume was concentrated in contracts set to expire on Oct. 20, with much of the volume in puts, typically used to guard against or bet on share price declines. On Monday, puts that would guard against Arm shares slipping below $55 by mid-October were the most actively traded Arm options with some 4,500 contracts traded.

Persons: Rene Haas, Brendan McDermid, Ophir Gottlieb, Gottlieb, Matt Amberson, Amberson, Saqib Iqbal Ahmed, Richard Chang Organizations: Nasdaq, REUTERS, SoftBank's Arm Holdings, Facebook Inc, Los, Market Laboratories, Arm, Thomson Locations: New York, U.S, Los Angeles

☆ The hot IPO everyone was focused on is about to have a big sell-off, Bernstein predicts
▼ + stars: | 2023-09-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The stock market may have gotten ahead of itself with the excitement around the initial public offering of Arm Holdings , according to Bernstein. In addition, we remain more conservative on their ability to deliver increased royalty rates at the pace management is guiding," the Bernstein note said. ARM 5D mountain Shares of Arm are still up from their IPO price of $51 per share. Bernstein has a price target of $46 per share for Arm, which is about 24% below where the stock closed on Friday. With the mobile end market maturing, we think expectations for top line growth are too optimistic," the note said.

Persons: Bernstein, Sara Russo, — CNBC's Michael Bloom Organizations: Arm Holdings, ARM

☆ Arm Holdings shares slide as options draw robust trading volume
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

The shares closed down 4.5% at $58.00, having risen as high as $69 on Friday, its second day of trading. Some 74,000 Arm options contracts changed hands on Monday, the first day options were available for trading. Arm made the list of the 50 most actively traded single-stock names in the options market on Monday, according to options analytics service Trade Alert. About 82% of Arm's options trading volume was concentrated in contracts set to expire on Oct. 20, with much of the volume in puts, typically used to guard against or bet on share price declines. On Monday, puts that would guard against Arm shares slipping below $50 by mid-October were the most actively traded Arm options, with nearly 11,000 contracts traded.

Persons: Rene Haas, Brendan McDermid, Bernstein, Ophir Gottlieb, Gottlieb, Matt Amberson, Amberson, Saqib Iqbal Ahmed, Richard Chang, Rosalba O'Brien Organizations: Nasdaq, REUTERS, SoftBank's Arm Holdings, Facebook, Los, Market Laboratories, Arm, Thomson Locations: New York, U.S, Los Angeles

☆ Google and the Department of Defense are building an AI-powered microscope to help doctors spot cancer
▼ + stars: | 2023-09-18 | by ( Ashley Capoot | ) www.cnbc.com time to read: +9 min

Zafar turned to his microscope – a canonically beloved tool in pathology that the doctors rely on to help make their diagnoses. It's an artificial intelligence-powered microscope built by Google and the U.S. Department of Defense. The AI-powered tool is called an Augmented Reality Microscope, or ARM, and Google and the Department of Defense have been quietly working on it for years. When a glass slide is prepared and fixed under the microscope, the AI is able to outline where cancer is located. For many smaller health systems, digitization is not yet worth the hassle.

Persons: Niels Olson, Nadeem Zafar, Zafar, Zafar's, Mitre Ashley Capoot, Mitre, it's, Ashley Capoot, CNBC Patrick Minot, Minot, Olson, It's, Aashima Gupta, Gupta Organizations: Microscope, U.S . Department of Defense, Google, CNBC, ARM, Department of Defense, Mitre, Minot, Defense Innovation Unit, U.S . Navy, Naval, Naval Medical Center Locations: Seattle, Mitre, Washington ,, DIU, Guam, U.S, Micronesia, San Diego, Mountain View , California

☆ Nvidia or Arm? Dan Niles reveals which he'd 'much rather' own
▼ + stars: | 2023-09-18 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

U.K.-based chip design company Arm debuted on the Nasdaq on Thursday, and now it's trading at a premium to even fellow semiconductor firm Nvidia . But hedge fund manager Dan Niles told CNBC's " Squawk Box Asia " that he'd "much rather own" Nvidia for the AI play. He pointed out that 75% of Nvidia's revenues are data center-driven, whereas less than 15% of Arm's revenues are driven by AI. Nvidia is also down around more than 7% so far in September and Niles describes that as a "very healthy consolidation." "Those are all names you can buy at much better valuations than you can buy Arm and I'm not arguing Arm isn't a great company," Niles said.

Persons: Dan Niles, CNBC's, Niles Organizations: Nasdaq, Nvidia, Fund, it's, Intel, Meta

☆ Stocks making the biggest moves midday: Marathon Petroleum, Tesla, Moderna and more
▼ + stars: | 2023-09-18 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Moderna — The pharmaceutical company lost more than 8% Monday, making it the biggest decliner in the S&P 500. Enphase Energy — Shares lost 2.6% after Citi lowered its price target on shares to $170 from $209 while keeping its buy rating. The new price target implies 41% upside from Friday's close. Analyst Chris Quintero highlighted the growth opportunity for the company following a strong investment cycle. The investment bank bumped up the stock's price target to $40 from $37, citing Simply Good Foods' diverse product offering and shifting consumer preferences to healthier choices as catalysts.

Persons: Bernstein, Needham, Noubar Afeyan, Moderna's, Goldman Sachs, Mark Delaney, PayP, Ralph Lauren —, Ralph Lauren's, TD Cowen, Cowen, Tenable, Morgan Stanley, Chris Quintero, Raymond James, ASGN, Wells Fargo, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: — Petroleum refiners Valero Energy, Marathon Petroleum, West Texas Intermediate, Brent, Energy, Arm, Nasdaq, Securities and Exchange Commission, Pharmaceutical, Pfizer, U.S, Tesla, PayPal, MoffetNathanson, Guggenheim, Enphase Energy, Citi, Tenable Holdings, Mizuho, Aldi, Lowe's, Micron Technology, Deutsche Bank, Paramount, Disney, Warner Bros Discovery, Iridium Communications, Iridium Locations: Valero Houston, Houston , Texas, U.S

☆ The tech IPO market is back and deal valuations are rising. Don't get fooled again
▼ + stars: | 2023-09-18 | by ( Mallika Mitra | ) www.cnbc.com time to read: +2 min

As tech startups test the IPO market again, they are pushing up their valuations. In upping IPO ranges, tech stocks are still coming out humbled by the post-2021 IPO market slump. Instacart and Klaviyo are both expected to make their debuts on the public market as soon as this week. Arm's jump of nearly 25% during its first trading day Thursday marked the end of a quiet two years for tech IPOs. "This has been the slowest IPO market in over a decade and we seem to be finally coming out of that."

Persons: Matt Kennedy, Ray Wang, Wang Organizations: Renaissance Capital, Constellation Research Locations: Silicon

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