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In those cases, the SEC asked companies to review staff messages and report to the agency how many discussed work. SEC staff reviewed only a sample of messages themselves, according to three sources with knowledge of the previous investigations. As with broker-dealers, the SEC initially sought details on investment advisers' record-keeping policies. The SEC later demanded that the investment advisers hand over the messages, the sources said. The agency is ignoring important differences in investment advisers' recordkeeping requirements, said Jennifer Han, the MFA's executive vice president and chief counsel.

Persons: Carlo Allegri, Wall, Carlyle, Gary Gensler, Jaclyn Grodin, Storrs, JPMorgan Chase, Wells, Goldman Sachs, Morgan Stanley, Jennifer Han, Chris Prentice, Michelle Price, Marguerita Choy Organizations: New York Stock, REUTERS, Securities and Exchange Commission, SEC, Reuters, Carlyle Group, Apollo Global Management, KKR, Co, TPG, Blackstone, Citadel, Apollo, Goulston, JPMorgan, Bank of America, Association, Bloomberg, Carolina, Thomson Locations: Manhattan, New York City , New York, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. The indexes also eyed their first quarterly declines so far this year heading into the last days of September. Consumer staples (.SPLRCS) and utilities (.SPLRCU) were the worst hit among the major S&P 500 sector indexes, while energy (.SPNY) was the top gainer. Meanwhile, Chicago Fed president Austan Goolsbee in an interview on CNBC stressed on the need to brining inflation back to the 2% target, after some Fed policymakers last week warned of further hikes. The S&P index recorded no new 52-week highs and 37 new lows, while the Nasdaq recorded 16 new highs and 225 new lows.

Persons: Brendan McDermid, Jerome Powell, Thomas Martin, Austan Goolsbee, Walt Disney, Jefferies, JD.com, advancers, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies Media, Nike, Dow, Nasdaq, Major U.S, Federal Reserve, Microsoft, GLOBALT Investments, Traders, Dow Jones, Chicago Fed, CNBC, Media, Netflix, PDD Holdings, Baidu, NYSE, Thomson Locations: New York City, U.S, Major, Bengaluru

☆ Oracle spends more than $100 million on Ampere chips
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 22 (Reuters) - Oracle Corp (ORCL.N) agreed to prepay $104.1 million for processor chips made by startup Ampere Computing, according to Oracle's proxy statement filed on Friday. Oracle also invested $400 million in Ampere through a convertible note in its fiscal 2023, the proxy said. Ampere builds custom server chips based on Arm technology that compete with designs produced by Intel (INTC.O) and Advanced Micro Devices (AMD.O), which use X86. Oracle has invested hundreds of millions of dollars in Ampere since it was founded, according to filings. Amazon.com makes its own server chips that compete with Ampere, and Google makes its own artificial intelligence processors.

Persons: Brendan McDermid, Oracle, Ampere, Ampere –, Max A, David Gregorio, Rosalba O'Brien Organizations: Oracle Corporation, New York Stock Exchange, REUTERS, Oracle Corp, Ampere, Intel, Devices, Oracle, Amazon.com, Google, Thomson Locations: New York City, U.S, Ampere, San Francisco

☆ S&P 500, Nasdaq notch biggest weekly losses since March
▼ + stars: | 2023-09-22 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March. On Thursday, the S&P 500 dipped below its 100-day moving average - a key support level - for the first time since March, Its failure to break above that level suggests the index is still under downward pressure. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) suffered the steepest percentage loss, while tech (.SPLRCT) and energy (.SPNY) were the only gainers. The S&P 500 posted one new 52-week high and 35 new lows; the Nasdaq Composite recorded 33 new highs and 321 new lows.

Persons: Brendan McDermid, Alibaba, Zachary Hill, Hill, Jerome Powell, Michelle Bowman, Robert Pavlik, Li Auto, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Reuters, UAW, Dow, Nasdaq, Horizon Investments, Benchmark U.S, Treasury, Dakota Wealth, Dow Jones, Ford Motor, United Auto Workers, Activision, Microsoft, PDD Holdings, Baidu, Bloomberg, Hong, NYSE, Thomson Locations: New York City, U.S, Hong Kong, Charlotte , North Carolina, Fairfield , Connecticut, Bengaluru

The forecasts seem at odds as higher rates raise the credit costs that can crimp the economy. MSCI's U.S.-centric gauge of global equity performance and stocks on Wall Street bounced back while Treasury yields, which move inversely to price, retreated. Yields on two- and 10-year notes remained inverted at -68.3 basis points as the shorter-dated note yields more than the longer one. MSCI's all-world country index for stocks (.MIWD00000PUS) gained 0.14%, but the pan-European STOXX 600 index (.STOXX) closed down 0.31%. Oil prices rose as renewed global supply concerns from Russia's fuel export ban countered demand fears driven by macroeconomic headwinds and higher interest rates.

Persons: Brendan McDermid, Marvin Loh, Joe LaVorgna, SMBC, Brent, Craig Ebert, Huw Jones, Tom Westbrook, Marguerita Choy, Rashmi Aich, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Bank, Japan, Treasury, Federal, Fed, U.S, SMBC Nikko Securities America, Dow Jones, Nasdaq, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: New York City, U.S, Boston, New York, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

Yet higher rates typically crimp bank loans and raise the cost of credit. MSCI's U.S.-centric gauge of global equity performance and stocks on Wall Street bounced back while the dollar and Treasury yields, which move inversely to price, retreated. The initial reassessment of the Fed's higher-for-longer policy drove the rise in Treasury yields and created headwinds for risk assets, including equities, credit and emerging markets, but supported the dollar. MSCI's all-world country index for stocks (.MIWD00000PUS) gained 0.37%, but the pan-European STOXX 600 index (.STOXX) fell 0.39%. In emerging markets, Indian bonds and the rupee rallied after JPMorgan said it would add Indian debt to its widely tracked emerging markets index, setting the stage for billions of dollars in foreign inflows.

Persons: Brendan McDermid, Marvin Loh, Brent, Craig Ebert, Huw Jones, Tom Westbrook, Marguerita Choy, Rashmi Organizations: New York Stock Exchange, REUTERS, Bank, Japan, U.S, Treasury, Dow Jones, Nasdaq, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: New York City, U.S, U.S . Federal, Boston, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

☆ Investors shed stocks at fastest weekly rate in 2023
▼ + stars: | 2023-09-22 | by ( Lucy Raitano | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - Investors sold stocks at the fastest weekly rate this year in the week to Wednesday, Bank of America Global Research said in a report on Friday. Equities recorded a weekly outflow of $16.9 billion, while investors bought $2.5 billion of bonds, which recorded a 26th straight week of inflows, BofA said, citing EPFR data. European equities logged their 28th straight week of outflows, with investors shedding $3.1 billion in this latest week. Energy stocks recorded their largest weekly inflow since March, totalling $600 million, alongside soaring oil prices.

Persons: Brendan McDermid, BofA, Lucy Raitano, Amanda Cooper, Jane Merriman Organizations: New York Stock Exchange, REUTERS, Bank of America Global Research, Federal Reserve, Bank of England, Energy, Investors, Thomson Locations: New York City, U.S

☆ Investors shed stocks at the fastest weekly rate in 2023
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - Investors sold stocks at the fastest weekly rate this year in the week to Wednesday, Bank of America Global Research said in a report on Friday. Equities recorded a weekly outflow of $16.9 billion, while investors bought $2.5 billion, of bonds, which recorded a 26th straight week of inflows, BofA said, citing EPFR data. They also pulled $300 million from gold and $4.3 billion in cash. Year-to-date however, investors have ploughed $1 trillion into cash.

Persons: Brendan McDermid, BofA, Lucy Raitano, Amanda Cooper Organizations: New York Stock Exchange, REUTERS, Bank of America Global Research, Thomson Locations: New York City, U.S

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

We are buying 50 shares of Stanley Black & Decker (SWK) at roughly $83.75 each. With that in mind, we are adding to our position in Stanley Black & Decker . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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: Stanley Black, Decker, Jim Cramer's, It's, Larry Williams, Williams, Jim Cramer, Jim, Spencer Platt Organizations: Stanley, SWK, Treasury, CNBC, New York Stock Exchange, Getty, & ' $ Locations: New York City

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Ford Motor (F.N) advanced 2.5% after Reuters reported the United Auto Workers (UAW) was set to announce progress in labor contract talks with the carmaker. Several Fed policymakers, including policy voting member Minneapolis President Neel Kashkari, are set to speak during the day. Advancing issues outnumbered decliners by a 2.11-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 26 new lows, while the Nasdaq recorded 14 new highs and 102 new lows.

Persons: Brendan McDermid, dampening, Jason Pride, Neel Kashkari, Li Auto, Alibaba, Bernstein, Wells, Ankika Biswas, Shristi, Anil D'Silva, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Activision, Microsoft, Ford, Reuters, UAW, Dow, Nasdaq, United Auto Workers, U.S, Treasury, Apple, Nvidia, Minneapolis, Dow Jones, PDD Holdings, Baidu, Hong, Charter Communications, NYSE, Thomson Locations: New York City, U.S, Glenmede, Philadelphia, Hong Kong, Bengaluru

☆ Scooter company Bird delisted from NYSE after stock collapse, will trade over the counter
▼ + stars: | 2023-09-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Bird raised over $500 million, and was valued at $2.5 billion in a 2019 round led by Sequoia Capital. The onset of Covid in 2020 brought the business almost to a halt as cities went into lockdown. That year Bird went public through a merger with a special purpose acquisition company, but the economics continued to deteriorate. That's after a 1-for-25 reverse stock split meant to get the stock trading back above $1. Earlier this week, Bird acquired scooter startup Spin for $19 million, including $10 million in cash.

Persons: Bird, Travis VanderZanden, Michael Washinushi Organizations: New York Stock Exchange, Sequoia Capital, Revenue, Company, NYSE, Bird

☆ US stocks close at lowest since June, Treasury yields spike on hawkish Fed
▼ + stars: | 2023-09-21 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Interest rate-sensitive megacaps, led by Amazon.com (AMZN.O), Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) dragged the S&P 500 and the Nasdaq to their lowest closing levels since June. "It gives people another chance to say that the lag time of higher rates – which we're just starting to feel – might really bite." All 11 major sectors of the S&P 500 lost nearly 1% or more, with real estate stocks (.SPLRCR) suffering its biggest one-day percentage drop since March. The S&P 500 posted three new 52-week highs and 29 new lows; the Nasdaq Composite recorded 22 new highs and 373 new lows.

Persons: Brendan McDermid, Jerome Powell, dampening, Thomas Martin, we're, –, Martin, Rupert Murdoch, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Treasury, Amazon.com, Nvidia Corp, Apple Inc, Inc, UAW, Dow Jones, . Semiconductor, SOX, Klaviyo Inc, Arm Holdings, Fox Corp, News Corp, NYSE, Thomson Locations: New York City, U.S, Atlanta, Philadelphia, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. The U.S. central bank on Wednesday kept its key lending rate steady, as expected, but indicated another hike is possible as it and other central banks tighten policy to tame inflation. Major equity indices in Europe and on Wall Street fell more than 1% on concerns higher rates will curb growth. /FRXMirroring a rise in Treasury yields, Germany's 10-year government bond yield touched a fresh six-month high of 2.73% and Britain's 10-year gilt yield rose to 4.29% after falling on Wednesday to its lowest since July. Gold extended its decline for a third straight day as the dollar and Treasury yields rallied on the Fed's warning of a possible additional rate hike.

Persons: Brendan McDermid, there's, Michael Arone, Jack Ablin, it's, John Hardy, Hardy, Brent, Xie Yu, Marguerita Choy, Tomasz Janowski, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Swiss, Bank of England, Swiss National Bank, Fed, State Street Global Advisors, Reuters, Treasury, Cresset Capital Management, Saxo Bank, Dow Jones, Nasdaq, Sterling, Reuters Graphics, U.S, West Texas Intermediate, Thomson Locations: New York City, U.S, Norway, Sweden, Europe, Boston, Pebble Beach , Florida, Hong Kong

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "While the dot plots suggest upside risks to interest rates, we retain our expectations that the hike cycle is likely done and for the Fed not to raise rates again," Mark Haefele Chief Investment Officer, UBS Global Wealth Management, said in a note. Meanwhile, weak performance of recent listings after their debut highs has dampened hopes of a likely revival in the initial public offering market amid high interest rates and broader market declines. Arm Holdings also fell 3.0% to $51.3 premarket, nearing its IPO price of $51 per share while Instacart (CART.O) lost 1.4%. ET, Dow e-minis were down 188 points, or 0.54%, S&P 500 e-minis were down 34.75 points, or 0.78%, and Nasdaq 100 e-minis were down 160.75 points, or 1.06%.

Persons: Brendan McDermid, Mark, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Apple, Nvidia, Wall, UBS Global Wealth Management, Arm Holdings, Dow e, Marvell Technology, Marvell, Warner Bros Discovery, Paramount Global, Writers Guild of America, WGA, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Rate-sensitive stocks including Tesla (TSLA.O), Meta Platforms (META.O), Amazon.com (AMZN.O), Alphabet (GOOGL.O), and Nvidia (NVDA.O) fell between 1.5% and 3.0% as the two-year and 10-year Treasury yields , scaled multi-year highs. The benchmark interest rate could be hiked one more time in 2023 to a peak range of 5.50%-5.75%, while monetary policy could stay tighter than was expected through 2024, the Fed's updated quarterly projections showed. Declining issues outnumbered advancers by a 7.06-to-1 ratio on the NYSE and by a 3.86-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and 16 new lows, while the Nasdaq recorded seven new highs and 207 new lows.

Persons: Brendan McDermid, Sam Stovall, Stovall, Rupert Murdoch, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Nvidia, Semiconductor, Marvell Technology, SOX, Wall, Research, Arm Holdings, Dow Jones, Fox Corp, News Corp, NYSE, Thomson Locations: New York City, U.S, Philadelphia, New York, Bengaluru

Shinsuke Nakamura and Karrion Kross wrestle during the WWE SmackDown at Coliseo de Puerto Rico José Miguel Agrelot on May 5, 2023, in San Juan, Puerto Rico. WWE's "Friday Night SmackDown" will return to USA Network in October 2024 as part of a five-year domestic media rights partnership between TKO Group Holdings and NBCUniversal , WWE said Thursday. WWE does not expect to reach a rights agreement for its flagship show "Raw" until next year. "SmackDown" has been on Fox since October 2019, with a rights agreement for $205 million per year in a five-year deal. "SmackDown" last appeared on USA Network from 2016 to 2019.

Persons: Shinsuke Nakamura, Karrion Kross, Coliseo de Puerto Rico José Miguel Agrelot, WWE's, Frances Berwick, we'll Organizations: WWE, Coliseo, Coliseo de Puerto Rico, USA Network, NBCUniversal, CNBC, Fox, Holdings, Endeavor, NYSE, NBC, NBCUniversal Entertainment Locations: Coliseo de Puerto, San Juan , Puerto Rico, USA

☆ Klaviyo shares rise following NYSE debut
▼ + stars: | 2023-09-21 | 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 EmailKlaviyo shares rise following NYSE debutGil Luria, senior software analyst at D.A. Davidson, joins 'The Exchange' to discuss Klaviyo's IPO opening, manufacturing tools at scale for merchants to shop online, and the direct-to-consumer ecosystem.

Persons: Gil Luria, Davidson Organizations: NYSE, D.A

☆ U.S. stock prices near level for 'mechanical selling' - Nomura's McElligott
▼ + stars: | 2023-09-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

[1/2] Options floor brokers work on the floor of the NYSE American, formerly known as the American Stock Exchange (AMEX), at New York Stock Exchange (NYSE) in New York City, U.S., July 11, 2023. On Wednesday, the S&P 500 (.SPX) dropped to 4,401.38, near a a four-week low, putting the index on the verge of setting off a deluge of "mechanical selling", or stock selling by options dealers and certain trend-following investors, including commodity trading advisors (CTAs), Nomura’s McElligott said. The selloff also pushed the Cboe Volatility Index (.VIX) - an options-based gauge of expected stock market gyrations - to its highest in nearly four weeks. A drop below the 4,409 level for the S&P 500 triggers selling by CTAs with an estimated $12.3 billion of stock futures up for sale in aggregate, McElligott estimates. If investors react to the latest drop in the market by selling volatility or by taking profits on existing hedges it could help stifle the selling pressure on the market, he said.

Persons: Brendan McDermid, Nomura, Charlie McElligott, Nomura’s McElligott, McElligott, Saqib Iqbal Ahmed, Ira Iosebashvili, David Gregorio Our Organizations: NYSE, American Stock Exchange, New York Stock Exchange, REUTERS, Federal Reserve, Thomson, & $ Locations: New York City, U.S, Charlie McElligott .

☆ Wall Street closes lower after Fed holds rates steady, warns of higher for longer
▼ + stars: | 2023-09-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. The SEP projections also called for 50 basis points of rate cuts next year. "It’s your standard Fed day volatility," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. Among the 11 major sectors of the S&P 500, interest rate sensitive communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 39 new highs and 246 new lows.

Persons: Brendan McDermid, Ryan Detrick, Detrick, Jerome Powell, Maplebear, Stephen Culp, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S . Federal Reserve, Microsoft Corp, Apple Inc, Nvidia Corp, Carson Group, Fed, Dow Jones, Arm Holdings, Maplebear Inc, Holdings, Coty, NYSE, Thomson Locations: New York City, U.S, Omaha , Nebraska

☆ Stocks waver, short-end U.S. yields rise after hawkish Fed statement
▼ + stars: | 2023-09-20 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

"They're talking about higher rates for longer, but it's really the economy that matters. MSCI's U.S.-centric gauge of stocks across the globe (.MIWD00000PUS) fell 0.25% as stocks on Wall Street mostly slid. "Right now the message is we're going to leave rates higher for longer to make sure we slay the inflation dragon. Sterling came under pressure after data showed Britain's high inflation rate fell unexpectedly in August, prompting speculation that the Bank of England could pause its historic run of interest rate hikes as soon as Thursday. The dollar index rose 0.076%, with the euro down 0.02% to $1.0675.

Persons: Brendan McDermid, Jerome Powell, Powell, Gennadiy Goldberg, it's, Anthony Saglimbene, Sterling, Brent, Herbert Lash, Dhara Ranasinghe, Samuel Indyk, Tom Westbrook, Toby Chopra, Chizu Nomiyama, Sharon Singleton, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Global, Federal Reserve, Market, Fed, TD Securities, Dow Jones, Nasdaq, Japan's Nikkei, Bank of England, Bank of, U.S, West Texas, Thomson Locations: New York City, U.S, New York, MSCI's U.S, Troy , Michigan, Europe, Asia, Pacific, Japan, Sweden, Switzerland, Norway, Britain, London, Singapore

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

☆ BofA lifts S&P 500 2023-end target by 7%, led by "old economy" stocks
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

The S&P 500 is up 15.7% so far this year, largely driven by a rally in a handful of mega-cap growth stocks such as Nvidia (NVDA.O) and Meta (META.O) that have ridden the artificial intelligence (AI) boom. While the rally has been moderating, BofA remains in "neutral" to "positive" territory on U.S. stocks, with a bias towards equal-weighted stocks, strategists led by Savita Subramanian said. An equal-weight index assigns uniform weights to each constituent, unlike a market capitalization-based index, like the S&P 500, where bigger companies tend to have an outsized influence. Equal-weighted stocks have less volatile earnings, smaller differences in analysts' estimates, and are cheaper and less crowded than growth stocks, Subramanian said. While a "fresh wave of bear narratives around equities have emerged", BofA says the "old economy", which includes value stocks - more prevalent in the equal-weighted S&P 500 - could benefit as much as tech and growth.

Persons: Andrew Kelly, Savita Subramanian, Subramanian, BofA, Morgan Stanley, Susan Mathew, Savio D'Souza Organizations: Dow Jones, New York Stock Exchange, REUTERS, Street, Nvidia, Tech, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Oracle to use Ampere's newest chips in its cloud offering
▼ + stars: | 2023-09-20 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 19 (Reuters) - Oracle (ORCL.N) said on Tuesday that it would use Ampere Computing's flagship processor chips in its cloud computing service, in a boost to the chip company that has filed for an initial public offering. Ampere aimed to create chips that are designed to be more energy efficient than traditional processors from Intel and Advanced Micro Devices (AMD.O), both of which have subsequently announced offerings that compete with Ampere's chips. Oracle is a major investor in Ampere and was among the first cloud companies to adopt its chips in 2021. Ampere said last month that Alphabet's (GOOGL.O) Google Cloud unit would offer its newest chips, which feature computing cores custom designed by Ampere. Cloud computing companies are among the largest purchasers of chips, buying them en masse and renting them out to software developers.

Persons: Brendan McDermid, Ampere, Taiwan's TSMC, Renee James, Stephen Nellis, Jamie Freed Organizations: Oracle Corporation, New York Stock Exchange, REUTERS, Oracle, Intel, Arm Holdings, Devices, Google, Thomson Locations: New York City, U.S, Ampere, San Francisco

☆ 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

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