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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. SoftBank's Arm Holdings gained 6.5% after a stellar Nasdaq debut on Thursday, rekindling hopes of a turnaround in the initial public offering (IPO) market. U.S.-listed shares of Alibaba Group Holdings , JD.com , PDD Holdings (PDD.O) and Xpeng rose between 0.1% and 1.6%. ET, Dow e-minis were up 85 points, or 0.24%, S&P 500 e-minis were up 6 points, or 0.13%, and Nasdaq 100 e-minis were down 4.5 points, or 0.03%. Reporting by Ankika Biswas and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Lam, Taiwan's TSMC, Stellantis, rekindling, Russ Mould, AJ Bell, Ankika Biswas, Shristi, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Ford, Motors, UAW, Dow, Nasdaq, Lam Research, KLA Corp, Reuters, Ford Motor, General Motors, United Auto Workers, Chrysler, SoftBank's Arm Holdings, Nvidia, there's, Therapeutics, Reuters Graphics Reuters, Traders, Federal Reserve, University of, Alibaba Group Holdings, PDD Holdings, Dow e, Thomson Locations: New York City, U.S, Bengaluru
Michael M. Santiago | Getty Images News | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In the same vein, when Arm experienced a flush of wellbeing, it radiated through markets' entire body, giving them their best day in weeks. The S&P 500 advanced 0.84%, its best showing in around two weeks, and the Nasdaq Composite gained 0.81%. "You've got the perfect framework of inflation heading in the right direction, but the economy not falling apart," Hogan said.
Persons: Rene Haas, Michael M, Hogan, JPMorgan Chase, Morgan Stanley, Goldman Sachs, Goldman, Goldman —, assuaged, You've Organizations: GM, Arm, Nasdaq, Santiago, Getty, CNBC, Riley, Big, JPMorgan, Tech, Dow, PPI Locations: New York City, U.S
The Federal Reserve is widely anticipated to hold rates steady in the week ahead, but key for investors will be the central bank's guidance on where it's headed from here. Investors are assessing a mixed batch of economic reports ahead of the Fed's September policy meeting. Meanwhile, August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Housing data released in the week ahead could show whether housing demand remains solid. Week ahead calendar All times ET.
Persons: Bank's Rob Haworth, Jerome Powell, Powell, Hogan, Instacart, Arm's, Mills, Lisa Cook, , Jeff Cox, Michael Bloom Organizations: Federal Reserve, Dow Jones, Dow, Nasdaq, Investors, PPI, Federal, Riley, FedEx, Housing, Philadelphia Fed, Darden, FactSet, Systems, National Bureau of Economic Research, Artificial Intelligence, PMI, SA, PMI Manufacturing SA, PMI Services SA Locations: NAHB, Toronto, Canada
Fidji Simo, CEO of Instacart Inc., speaks during an interview in San Francisco, March 3, 2022. Grocery delivery platform Instacart raised its initial price range to between $28 and $30 per share in a regulatory filing Friday, aiming for a valuation of up to $10 billion. Instacart plans to offer 22 million total shares when it debuts on the Nasdaq, including from current shareholders, and could raise up to $660 million. Despite upping its price range — the day after a successful Arm Holdings debut — Instacart's valuation has plunged significantly since 2021, when it raised $265 million at a $39 billion valuation. Beyond Arm Holdings and Instacart, marketing automation firm Klaviyo and biotechnology firm Neumora are set to list soon.
Persons: Fidji Simo Organizations: Instacart Inc, Nasdaq, PepsiCo, Arm Holdings Locations: San Francisco
Top 10 things to watch in the stock market Friday
  + stars: | 2023-09-15 | by ( Zev Fima | ) www.cnbc.com   time to read: +3 min
Adobe (ADBE) is seeing a slew of price target hikes on the back of a very good fiscal third report. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Stellantis, Morgan Stanley, Moffett Nathanson, Estee Lauder, Jim Cramer's, Jim Cramer, Jim Organizations: Dow, Nasdaq, Adobe, The United Auto Workers, General Motors, Chrysler, Ford, UAW, NYSE, Barclays, Club, Microsoft, Oracle, HSBC, Jim Cramer's Charitable, CNBC Locations: what's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInstacart planning to go public now means it thinks it can make 'real money': Cleo's Sarah KunstHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Sarah Kunst, Brian Sullivan, Organizations: CNBC
That's more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a piece for a $39 billion valuation. The 400,000 shares it purchased in 2021 are a small sliver of the 51.2 million shares it owns. Neither Sequoia nor Andreessen participated in that round. Even if Instacart's IPO can't lift its valuation anywhere near its Covid-era peak, it's likely that Sequoia, Andreessen and other venture firms are hoping it helps lift public investor enthusiasm for new tech stocks.
Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank
Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.
Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru
A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsSept 15 (Reuters) - German premium footwear maker Birkenstock Holding's revenue jumped 21% in the nine months ended June 30, it said in updated paperwork for a U.S. stock market listing on Friday. The company, backed by private equity firm L Catterton, is one of a handful of high-profile firms gearing up for a stock market debut. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 16% to 387 million euros in the same period. Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.
Persons: Fabrizio Bensch, Birkenstock, Barbie, Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket, Krishna Chandra Organizations: REUTERS, SoftBank, Arm Holdings, underwriters, Thomson Locations: Berlin, Germany, U.S, Bengaluru
Beware the Blockbuster IPO
  + stars: | 2023-09-15 | 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 EmailBeware the Blockbuster IPOWith Arm's successful listing and Instacart's debut on deck, the blockbuster IPO is back. But retail investors might want to proceed with caution before buying in. Those that jumped into some of the largest recent IPOs on the first day of trading have all lost money, according to our analysis, and would've seen dramatically better returns just buying the S&P. And even the connected, institutional investors that bought coveted shares at the IPO price have seen huge losses, as rising interest rates reprices valuations across the board. This week on Tech Check, our deep dive into why investors should beware the blockbuster IPO.
Persons: would've Organizations: Blockbuster, Tech
That's more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a piece for a $39 billion valuation. The 400,000 shares it purchased in 2021 are a small sliver of the 51.2 million shares it owns. Neither Sequoia nor Andreessen participated in that round. Even if Instacart's IPO can't lift its valuation anywhere near its Covid-era peak, it's likely that Sequoia, Andreessen and other venture firms are hoping it helps lift public investor enthusiasm for new tech stocks.
Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal Reserve, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank
Instacart raises IPO price range after robust Arm debut
  + stars: | 2023-09-15 | by ( ) www.reuters.com   time to read: +2 min
The price hike signals robust investor demand for San Francisco-based Instacart, which is looking to finally list its shares this month after years of waiting in the wings. Investors will be pinning hopes on robust debuts from Instacart, Klaviyo and Neumora to carry the momentum in the IPO market after Arm's strong showing on Thursday. Instacart said it is now seeking to sell 22 million shares at $28 to $30 each. At the top end of the range, the IPO will fetch $660 million compared with the earlier target of $616 million. The company's raised valuation target, however, would still be just one-fourth of the $39 billion it was worth after its last funding round more than two years ago.
Persons: Dado Ruvic, Group's, Instacart, Goldman Sachs, J.P, Morgan, Niket, Krishna Chandra Organizations: REUTERS, Arm Holdings, San, Neumora Therapeutics, Instacart, Cornerstone, PepsiCo, Instacart's, Thomson Locations: San Francisco, Bengaluru
Instacart’s Grocery Partnerships Are No Free Lunch
  + stars: | 2023-09-14 | by ( Jinjoo Lee | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
DoorDash said on Thursday that it will transfer its listing from the New York Stock Exchange to the Nasdaq, a potential blow to the NYSE. "We are delighted to join a community of leading technology companies with our transfer to Nasdaq," DoorDash Chief Financial Officer Ravi Inukonda said in a statement. The NYSE has been attempting for years to secure more tech company listings and gain share against the Nasdaq. DoorDash initially began trading on the NYSE in December 2020, with a price of $182 per share. Its debut came at a popular time for tech IPOs, within months of the IPOs of Airbnb , Roblox and Wish , the discount marketplace.
Persons: Tony Xu, DoorDash, Ravi Inukonda, University of Florida's Jay Ritter, DoorDash's, Instacart Organizations: DoorDash Inc, Street, Tech, New York Stock Exchange, Nasdaq, NYSE, University of Florida's, Cloud, Big Board Locations: Laguna Beach , California
It could signal a shift after Walmart spent years recruiting gig workers for its Spark Driver service. "We'll have associates doing more deliveries," Walmart CEO Doug McMillon said Tuesday at a retail conference hosted by Goldman Sachs. AdvertisementAdvertisementWalmart has attracted hundreds of thousands of gig workers to Spark since it started the service in 2018. The number of Spark drivers tripled alone in the year between mid-2022 and mid-2023, according to the post. Other Spark drivers staged a protest in June about bots, or programs that drivers use to claim orders before other people.
Persons: Doug McMillon, DoorDash, We'll, Goldman Sachs, McMillon Organizations: Walmart, Service Locations: Wall, Silicon
NEW YORK (AP) — Shares of U.K. chip designer Arm Holdings rose 10% in their stock market debut, in what is the largest initial public offering of shares in nearly two years. Arm's offering is an important development for the IPO market, which has seen relatively few companies go public the past two years. Nearly 400 companies went public in 2021 as the stock market rallied for a third straight year, according to IPO tracker Renaissance Capital. Arm was previously a public company from 1998 to 2016. Goldman is one of the lead underwriters for the Arm IPO, as well as an offering from grocery delivery service Instacart, expected next week.
Persons: It's, Goldman Sachs, Rivian, Masayoshi Son, Softbank, Son, Rene Haas, Haas, Goldman, ___ Kageyama Organizations: Arm Holdings, Nasdaq, Renaissance, Federal Reserve, SoftBank, Nvidia, University of California, underwriters Locations: University of California Berkeley, IPOs, Wall, Tokyo
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArm, Instacart IPOs ushering in more rational environment, suggests investor Rick HeitzmannRick Heitzmann, FirstMark Capital Founder & Partner joins 'Fast Money' to talk Arm going public today, the future of the IPO market and the tech sector as a whole.
Persons: Rick Heitzmann Rick Heitzmann Organizations: FirstMark, Partner
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe timing is 'quite right' for IPOs, says Nasdaq's EMEA head of listingsAdam Kostyál, head of listings for Europe, Middle East and Africa at Nasdaq, discusses the significance of Arm's initial public offering and Instacart's upcoming one.
Persons: Adam Kostyál Organizations: EMEA, Nasdaq Locations: Europe, Middle East, Africa
A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 14 (Reuters) - SoftBank's chip designer Arm Holdings (ARM.O) is set to debut on the Nasdaq on Thursday, in what is expected to be the biggest test for the U.S. IPO market after a listing drought that lasted for nearly 16 months. Hopes of a revival in the IPO market largely depend on the success of the high-profile listings of Arm and other marquee startups, including grocery delivery firm Instacart and marketing firm Klaviyo. Arm also told investors its royalty fees, which account for most of its revenue, were accumulating since it started collecting them in the early 1990s. Royalty revenue came in at $1.68 billion at the latest fiscal year, up from $1.56 billion a year ago.
Persons: Dado Ruvic, iPhones, it's, Susannah Streeter, Hargreaves Lansdown, Goldman Sachs, JPMorgan Chase, Manya Saini, Niket, Arun Koyyur Organizations: REUTERS, Arm Holdings, Nasdaq, U.S, Apple, Intel, London Stock Exchange, SoftBank, Android, Nvidia, Devices, Broadcom, Qualcomm, Micron Technology, Barclays, JPMorgan, Mizuho Financial Group, Thomson Locations: Samsung's, China, New York, Bengaluru
Arm Holdings will help jump-start the IPO market, according to the venture capitalist behind Airbnb and Pinterest. Chip design company Arm , which is affiliated with Softbank, jumped almost 25% in its Nasdaq debut on Thursday. And, Heitzmann expects next week's Instacart IPO to follow in Arm's footsteps. "It's the reason they're going to price Instacart down 70% from the last private round." "People were wondering how much appetite is there from the big traditional IPO buyers," Heitzmann said.
Persons: FirstMark, Rick Heitzmann, CNBC's, Chip, Softbank, Johnson, Heitzmann, It's Organizations: Holdings, Softbank, Nasdaq, CART, Heitzmann
"I hadn't even appealed because I didn't even know what it was for," Via told Insider. AdvertisementAdvertisementIn arbitration, Instacart unsuccessfully tried to argue that it could disregard the agreement that it asks shoppers to signVia filed a request for arbitration in January 2022. David L. Ryan/The Boston Globe via Getty ImagesOnce a shopper requests arbitration proceedings, they must wait 30 days "to resolve the dispute before arbitration commences," Instacart told Insider. But the arbitrator said Via wasn't aware of the extra item until the following day when Instacart deactivated his account. "I can read it and figure out what makes sense and what I can argue and what doesn't make sense," he told Insider.
Persons: Jason Via, I've, that's, Instacart, Via, Aureen Chowdhury, Annie T, David L, Ryan, you've, Uber Organizations: Service, Walmart, Via, Shoppers, Boston Globe, Getty, Instacart, ICA Locations: Wall, Silicon, Instacart, Los Angeles, Washington
When Fidji Simo took over as chief executive of Instacart in 2021, the grocery delivery start-up’s growth was cratering as its pandemic boom ebbed. Ms. Simo, a former executive at Meta with experience in advertising, played to her strengths. She also hatched a plan to sell software tools and other products to grocery companies to help improve shopping experiences, they said. Then she embarked on a good-will tour to visit the grocery companies and hosted their executives at her home in Carmel, Calif.As Instacart prepares to go public next week, it is a markedly different company. Envisioned in 2012 as a service that matched people at home with contract workers who would shop for them and deliver groceries, it has increasingly focused on advertising and software products as its delivery business has slowed.
Persons: Fidji Simo, Simo, Brands, Instacart Organizations: Meta Locations: Carmel , Calif
London CNN —German shoemaker Birkenstock has filed for an initial public offering in New York, becoming the latest European company to choose the United States as the place to raise money on the stock market. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Birkenstock was seeking a valuation of more than $8 billion. The family business traces its origins back to 1774 when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany. The planned IPO marks another milestone for the shoemaker, which joins the ranks of high-profile European companies seeking a public offering across the pond rather than at home. British chip designer Arm is gearing up for a blockbuster IPO on the Nasdaq this week.
Persons: Birkenstock, Johannes Birkenstock, LVMH, Dior, Christian, Alex Birkenstock, Instacart, ” Craig Erlam, Susannah Streeter, Hargreaves Lansdown, , Organizations: London CNN, US Securities and Exchange Commission, New York Stock Exchange, Financial, Tiffany, Nasdaq, CNN, Hargreaves Locations: New York, United States, Langen, Bergheim, Germany, British, London
The return of large tech IPOs this week after a prolonged drought isn't just a test of investors' appetite for risky new offerings — it's a key moment for Wall Street's top advisor, Goldman Sachs . Delivery firm Instacart and marketing automation platform Klaviyo are expected to list as soon as next week. While they each operate in vastly different parts of the tech universe, the companies have one important thing in common: Goldman is a key advisor. That would be meaningful for Goldman, which is more dependent on investment banking than rivals JPMorgan Chase and Morgan Stanley . "This is the core of the core of what Goldman Sachs does," Mike Mayo, Wells Fargo banking analyst, said in a phone interview.
Persons: Goldman Sachs, Goldman, Morgan Stanley, David Solomon, Mike Mayo Organizations: JPMorgan Chase Locations: Wells Fargo
Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.
Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S
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