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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. 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

☆ 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

☆ Here are the 15 stocks Jim Cramer is watching, including 3 recent IPOs and Starbucks
▼ + stars: | 2023-09-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +1 min

Here are some of the tickers on my radar for Thursday, Sept. 21, taken directly from my reporter's notebook:Club name StarbucksStifel raised price target on Jabil AppleUpdate on three big recent IPOs: Klaviyo Instacart Arm Holdings (ARM) debuted up nearly 25% last week; then went on a five-session losing streak, falling below $51 offering price early Thursday. Arm Holdings (ARM) debuted up nearly 25% last week; then went on a five-session losing streak, falling below $51 offering price early Thursday. International PaperKB HomesIf you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. Morgan Stanley cuts price target on General MillsBank of America cuts Enphase EnergyMarriottSusquehanna says CarnivalCiti raises price target on SLBCiti research analysts cut their price target on Goldman SachsBarclays raises CSX

Persons: Jim Cramer's, Morgan Stanley, Goldman Sachs Organizations: Starbucks, Holdings, Arm Holdings, General Mills Bank of America, Energy, Susquehanna, Citi, Goldman, Goldman Sachs Barclays, CSX

☆ 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

☆ 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

☆ 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

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Coty gains on raising sales forecastFederal Reserve rate verdict due at 2 p.m. The U.S. central bank is expected to maintain its key rate in the range of 5.25%-5.50% as it concludes its meeting at 2 p.m. ET, with investors focused on economic projections and Chair Jerome Powell's comments for clues on the outlook for rates and inflation. Investors were also looking forward to the debut by marketing automation company Klaviyo on the New York Stock Exchange against the backdrop of some recent successful U.S. listings.

Persons: Brendan McDermid, Jerome Powell's, Gabriele Foà, Foà, Klaviyo, Morgan, Ankika Biswas, Shristi, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Companies Coty, Citigroup, Dow, Nasdaq, Algebris Investments, Financial, Arm Holdings, Dow e, Coty, Thomson Locations: New York City, U.S, Bengaluru

☆ Klaviyo prepares for US market debut after pricing IPO above range
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. The offering gave Klaviyo a valuation of $9.2 billion. 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. A successful debut of Klaviyo would underscore a revival in the IPO market, which has been on ice for nearly 18 months after the end of an easy-money regime prompted investors to question the valuations of high-flying startups. However, their shares are still above their respective IPO prices.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Niket, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Arm Holdings, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

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

☆ Morning Bid: Fed vigil sees oil recoil and UK surprise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

Canada's consumer prices raced ahead at an unexpectedly brisk clip last month, but outlier Britain got a positive surprise as inflation there fell back in August. Starts swooned last month, but building permits - which many see as a better gauge of future activity - beat forecasts and pushed higher. Although Asia bourses were in the red earlier, European stocks pushed higher and Wall St futures were positive ahead of the open too. Relief in the oil market pulled two-year Treasury yields back about 5 basis points from two-month highs at 5.12%. Key developments that should provide more direction to U.S. markets later on Wednesday:* U.S. Federal Reserve policy decision, new economic projections and press conference.

Persons: Mike Dolan, Asia bourses, Mills, Toby Chopra Organizations: Federal Reserve, People's Bank of China, Bank of England, Fed, Friday's Bank of Japan, Arm Holdings, U.S, New, . Federal, Bank of Canada, FedEx, United Nations General Assembly, Reuters Graphics Reuters, Reuters, Reuters Graphics Housing, Thomson Locations: U.S, Asia, Europe, New York City, New York

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. ET, with investors focused on Fed economic projections and Chair Jerome Powell's comments for clues on the outlook for rates and inflation. Reinforcing the likelihood of a Fed pause, U.S. Treasury yields retreated from their 2007 highs hit in the previous session. Investors are now looking forward to marketing automation company Klaviyo's (KVYO.N) debut on the New York Stock Exchange, with the stock last indicated to open between $36 and $38. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 33 new highs and 140 new lows.

Persons: Brendan McDermid, Jerome Powell's, Mark Luschini, Janney Montgomery Scott, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Coty, Citigroup, Dow, Nasdaq, Treasury, Microsoft, Apple, Arm Holdings, Investors, Dow Jones, NYSE, Thomson Locations: New York City, U.S, Boston, Bengaluru

(Reuters) - U.S. stock index futures inched higher on Tuesday ahead of a Federal Reserve monetary policy meeting and as investors awaited grocery delivery app Instacart’s Nasdaq debut to assess a potential recovery in the IPO market. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Arm Holdings last week had a stellar market debut, raising hopes of a bounce back in the initial public offering (IPO) market. Investors will closely monitor the Fed’s quarterly report on economic projections to gauge participating members’ longer-term policy outlook. While most of the key data releases on inflation are out, investors will keep an eye on U.S. housing data for August, due at 8:30 a.m.

Persons: Brendan McDermid, ”, Matthew Morgan, Alyssa Henry Organizations: Reuters, Federal, Nasdaq, New York Stock Exchange, REUTERS, Inc, Arm Holdings, Fed, Jupiter Asset, Traders, Dow e, Block, CVS Health Corp, ISI, Intel Locations: New York City, U.S, “

The IPO gave Instacart a valuation of nearly $9.9 billion, a fraction of the $39 billion it was worth in 2021, the company's last funding round. Reuters GraphicsSeveral startups' valuations have shrunk since 2022 as inflation, geopolitical tensions and the Federal Reserve's rapid rate hikes soured the economic climate. But a lukewarm reception to Neumora Therapeutics' (NMRA.O) IPO last week hinted at limited investor enthusiasm for new listings. Arm soared on its first day of trading but has dropped every day since then. Goldman Sachs and J.P. Morgan are the lead underwriters for Instacart's IPO.

Persons: Eric Cohn, Cheney Orr, Hogan, Riley, Instacart, Apoorva Mehta, Fidji Simo, Goldman Sachs, J.P, Morgan, Niket, Noel Randewich, Devika Syamnath, Anil D'Silva, Nick Zieminski, Richard Chang Organizations: Safeway, REUTERS, Nasdaq, SoftBank's Arm, San, Maplebear Inc, Reuters, Federal, Investors, Neumora Therapeutics, Instacart's, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru, Oakland , California

☆ Bank stocks show more signs of life after a tumultuous year. Here's what's causing the run and why we’re optimistic on these financial names
▼ + stars: | 2023-09-19 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Key Points Club names Wells Fargo and Morgan Stanley still have room to run higher. Morgan Stanley and Wells Fargo were up 6.2% and 5% in the past five days, respectively, as of Monday's close. WFC YTD mountain Wells Fargo YTD Wells Fargo doesn't stand to benefit quite as much as Morgan Stanley on a pickup in investment banking. Wells Fargo Chief Financial Officer Michael Santomassimo said the macroeconomic picture is "much better than people would have expected at this point." A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Wells, Banks, SVB, Wells Fargo, haven't, Chris Kotowski, Oppenheimer, Kotowski, Morgan Stanley YTD, Dan Simkowitz, Simkowitz, Morgan, management's, Michael Santomassimo, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Wall Street, Nasdaq, Venture, Arm Holdings, Wells, Silicon Valley Bank, Federal Reserve, Swiss, UBS, Credit Suisse, CNBC, Barclays Financial Conference, of Investment, Barclays, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: San Francisco, Sequoia, Silicon, Republic, Big, Wells Fargo, Wells

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

☆ U.S. stocks close lower as investors take cover ahead of Fed decision
▼ + stars: | 2023-09-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation and economic growth. On the economic front, a jump in Canada's annual inflation rate due to rising gasoline prices, and a bigger-than-expected plunge in U.S. housing starts helped feed investor uncertainty. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Starbucks (SBUX.O) lost ground following TD Cowen's decision to downgrade the coffee chain's shares to "underperform."

Persons: Bill Northey, Helena Montana, Northey, Michael Green, Brendan McDermid, Walt Disney, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: Disney, Dow, Nasdaq, U.S . Federal Reserve, Federal Reserve, U.S, Bank Wealth Management, Federal, Management, Fed, Maplebear Inc, chipmaker, Holdings, New York Stock Exchange, REUTERS, Arm Holdings, Dow Jones, Starbucks, General Motors, Ford Motor, United Auto Workers, NYSE, Thomson Locations: Helena, Philadelphia, New York City, U.S, Bengaluru

☆ Stocks making the biggest moves midday: Instacart, Disney, Planet Fitness, Rackspace and more
▼ + stars: | 2023-09-19 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday, with shares popping about 12.3% and closing at $33.70. Planet Fitness — Shares of the gym franchise slid 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 0.5% higher. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management's execution.

Persons: TD Cowen, Andrew Charles, George Wang, Evercore, Chris Rondeau, Lab's, Lazard, Goldman Sachs, Raymond James, — CNBC's Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Starbucks, Disney, Barclays, Deere, JPMorgan, Bank of America, Truist, Technology Locations: Alhambra , California, Los Angeles, China, New Zealand

☆ 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

☆ Wall Street moves sideways as investors look to Fed
▼ + stars: | 2023-09-18 | 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. Financial markets have currently baked in a 99% certainty that the Fed will hold the key rate at 5.25%-5.00% on Wednesday. British chipmaker Arm Holdings slid 4.5% after Bernstein initiated coverage with an "underperform" rating just days after its stellar debut. Declining issues outnumbered advancing ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 247 new lows.

Persons: Brendan McDermid, Bernstein, Jerome, Powell, Peter Tuz, Janet Yellen, Sam Stovall, Stovall, Piper, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Holdings, Dow, Nasdaq, U.S, U.S . Federal, Chase Investment, Markets, CFRA Research, Dow Jones, Energy, Tesla Inc, Corp, Arm Holdings, Paypal Holdings, NYSE, Thomson Locations: New York City, U.S, U.S ., Charlottesville , Virginia, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Energy (.SPNY) was the top S&P 500 sector gainer, up 1.1%, as crude prices firmed near the $95-per-barrel mark on tight supply. Chipmaker Micron Technology (MU.O) rose 1.3%, following Friday's rout, after Deutsche Bank upgraded its stock rating to "buy" from "hold". Declining issues outnumbered advancers by a 1.02-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded five new 52-week highs and 11 new lows, while the Nasdaq recorded 24 new highs and 172 new lows.

Persons: Brendan McDermid, Bernstein, Piper Sandler, Paul Nolte, Goldman Sachs, Janus Henderson, Wells, MoffettNathanson, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Holdings, Micron, L3Harris, Dow, Nasdaq, Energy, VF, Microsoft, U.S, Treasury, Murphy, Sylvest Wealth Management, Traders, Morgan Asset Management, Janus Henderson Investors, Arm Holdings, Dow Jones, Chipmaker Micron Technology, Deutsche Bank, L3Harris Technologies, PayPal Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ Here's Goldman Sachs' complete guide to successfully trading IPOs
▼ + stars: | 2023-09-18 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Wary of high valuations Goldman warned investors about IPOs that have high valuations. "Investors should also be wary of IPOs that come to market at extremely high valuations," Kostin said. Day 1 indicator IPOs that pop dramatically on the day that they debut can typically sustain their rally in the short run, Goldman said. Conversely, IPOs that fall on their first day typically decline by an additional 4% over the subsequent three months. But Goldman noted that the first day indicator doesn't correctly predict IPOs' long-term performance.

Persons: Goldman Sachs, Goldman, Russell, David Kostin, Kostin Organizations: Arm Holdings, Wall, Reserve, Turo, SoftBank

☆ 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

☆ Stocks making the biggest moves premarket: DoorDash, Arm, PayPal and more
▼ + stars: | 2023-09-18 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines in premarket trading. DoorDash — Shares added nearly 2% after being upgraded by Mizuho Securities to buy from neutral on Sunday. Micron Technology — The stock gained about 1.6% premarket after Deutsche Bank upgraded the memory and storage solutions company to buy from hold on Sunday, and also raised its target price. Arm Holdings — Shares of the semiconductor company fell 3.7% in premarket trading as the newly public Arm tries to find its level in the market. Bernstein initiated coverage on Monday with an underperform rating, saying it was too early to say Arm will be an AI winner.

Persons: MoffettNathanson, PayPal's, Alex Chriss, Bernstein, —, Macheel, Jesse Pound, Michelle Fox Theobald Organizations: PayPal, Mizuho Securities, Micron Technology, Deutsche Bank

☆ Marketing firm Klaviyo lifts IPO price range, targets $9 bln valuation
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Sept 18 (Reuters) - Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion. Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week. A strong debut from SoftBank's Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics (NMRA.O) has tempered some optimism. Klaviyo's hike comes after another IPO contender, Instacart, raised its price range on Friday.

Persons: Klaviyo, Instacart, SoftBank, Andrew Bialecki, Ed Hallen, Jaiveer Shekhawat, Nivedita Bhattacharjee Organizations: Reuters, SoftBank's Arm Holdings, Neumora Therapeutics, BlackRock Inc, Thomson Locations: U.S, Dealogic, Bengaluru

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