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☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

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

☆ Europe stocks extend gains after ECB hikes to record level, hints at peak rates
▼ + stars: | 2023-09-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The ECB increased interest rates by 25 basis points, a 10th consecutive hike taking its main rate to a record high of 4%. But perhaps the biggest development came in a firm suggestion ECB Governing Council members do not expect further rate hikes at this time, and that rates may be held steady for some time. "The Governing Council's future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary." U.S. futures were cautiously higher after Thursday's rally off the back of the blockbuster IPO of Arm Holdings. The session also saw the release of the U.S. producer price index, a key inflation metric that came in above estimates.

Persons: Holger Schmieding Organizations: Household, ECB, Staff, Arm Holdings Locations: Berenberg . Asia, Pacific, U.S

☆ Arm valuation already 'looks full' after IPO, Needham says
▼ + stars: | 2023-09-15 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Arm Holdings stock may be fully valued after going public, according to Needham. Arm stock climbed as much as 25% after its initial public offering on Thursday , which valued the company at roughly $60 billion. ARM 5D mountain Arm Holdings stock. But analyst Charles Shi says the blowout IPO signals that the "valuation looks full for Arm in a post-smartphone era." "We think Arm can grow by capturing greater value from smartphones, but not enough to support upside from the stock's IPO valuation."

Persons: Charles Shi, Shi, Michael Bloom Organizations: Arm Holdings, ARM, Holdings Locations: Needham

Klaviyo, which is seeking an $8 billion fully diluted valuation at the midpoint of its $25-$27 range, is in talks with its IPO underwriters about raising that range, the sources said. Klaviyo is the latest company to seek to raise its IPO price range. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to target a fully-diluted valuation of up to $10 billion. The chip designer floated on Nasdaq on Thursday at a $54.5 billion valuation and is now worth $65 billion, on a fully diluted basis. Grocery delivery app Instacart, which is also going public next week, raised its IPO price range on Friday to seek a fully-diluted valuation of up to $10 billion.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, Echo Wang, Anirban Sen, Diane Craft Organizations: Inc, underwriters, Arm Holdings, Nasdaq, BlackRock Inc, Thomson Locations: New York

☆ Arm jumps 6% on its second trading day with valuation topping $72 billion
▼ + stars: | 2023-09-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Arm shares were even higher earlier but pared some of those gains. It comes after Arm shares rallied nearly 25% on the company's first day of trade on Thursday. With the rally ongoing, Arm continues to trade at a premium to chip giant Nvidia, even as its faces headwinds to its growth. SoftBank has faced criticism about its investment strategy with its massive Vision Fund tech investment arm posting a significant loss in its last fiscal year. This has been enough to put off some investors from the Arm IPO.

Persons: Ben Barringer, Cheviot, CNBC's, SoftBank Organizations: Arm Holdings, Nasdaq, Nvidia, Vision Fund

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

☆ Asian stocks climb as traders shrug off inflation surprise
▼ + stars: | 2023-09-14 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Fed funds futures hardly budged on the inflation data, and imply nearly no chance of a rate hike next week, and about a 45% chance of another hike by year's end. The S&P 500 (.SPX) rose 0.1% and futures rose 0.2% in Asia. European futures were flat. The euro has been supported this week by creeping expectations for the European Central Bank to hike rates on Thursday, though analysts say it may struggle for further gains. The New Zealand dollar was also firmer at $0.5941, while the dollar slipped about 0.2% to buy 147.11 yen .

Persons: Androniki, Glenn Yin, HSI, Brent Donnelly, it's, Kazuo Ueda, Shri Navaratnam Organizations: Nikkei, REUTERS, Rights, European Central Bank, Tokyo's Nikkei, Treasury, ., New, AETOS Capital Group, Arm Holdings, EU, Spectra Markets, New Zealand, Bank of Japan, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, New York, Melbourne, Saudi Arabia, Russia, Australia

☆ Morning Bid: Retail sales and a call to Arm
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

A sharply lower number might be seen by markets as giving confidence to the Federal Reserve that its work is done. Consumer inflation data on Wednesday - the most important scheduled release of the week - did little to change expectations the Fed will not rates interest rates at next week's meeting. Thursday's main event globally is the ECB rate decision. Ahead of the decision the euro was up a touch against the dollar, but near a three month low at $1.0739. Chinese auto makers' shares fell on the news of the European probe, as did European car makers after the Chinese response.

Persons: Kate Masters, Alun John, you've, Toby Chopra Organizations: company's Herald, REUTERS, Central Bank, Federal Reserve, European Commission, Arm Holdings, Reuters, Thomson Locations: Macy's, company's, New York City, U.S, Thursday's, Europe, Beijing, European

☆ Morning Bid: Is the ECB done?
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 24, 2023. REUTERS/Staff Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank sets interest rates later today and traders figure we are at or near the peak. An increase of 25 basis points would take the rate on bank deposits to 4%, the highest since the euro launched in 1999. Shares in Chinese electric vehicle makers fell after the European Commission launched an investigation of Chinese subsidies. Key developments that could influence markets on Thursday:ECB policy decisionArm Holdings begins tradingU.S. retail salesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook Organizations: REUTERS, Staff, European Central Bank, PMI, Chevron, Reuters Graphics Reuters, Arm Holdings, European Commission, Holdings, Thomson Locations: Frankfurt, Germany, Australia, New York, Asia

☆ Arm China 'doing well,' CEO says, even as SoftBank's Masa Son reduces China exposure
▼ + stars: | 2023-09-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

You can watch David Faber's interview with Arm CEO Rene Haas and SoftBank CEO Masayoshi Son live on CNBC Pro. But SoftBank CEO Masayoshi Son, who made a fortune through Chinese juggernaut Alibaba , said SoftBank had reduced its "exposure in China" by a significant amount. Neither Arm nor SoftBank, which acquired Arm for $32 billion in 2016, directly control their China subsidiaries. Arm now only directly owns around 5% of Arm China, but the group still accounts for nearly a quarter of Arm's fiscal 2023 revenue, according to pre-offering filings. Son was focused on SoftBank's stake in Alibaba, which SoftBank has been reducing steadily over the last few years.

Persons: David Faber's, Rene Haas, Masayoshi, Masayoshi Son, Alibaba, SoftBank, Biden, Son, CNBC's David Faber, ByteDance Organizations: CNBC Pro, Arm, CNBC, Nasdaq, Intel, Nvidia, Vision, U.S Locations: China, Alibaba, SoftBank

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Chipmakers including Nvidia (NVDA.O), Micron Technology (MU.O) and Advanced Micro Devices (AMD.O) added between 0.7% and 1.2% before the bell. Citigroup also expects the Fed to hike interest rates by 25-basis points in November, compared with its previous forecast of a September hike. ET for further clues on the trajectory for U.S. interest rates ahead of the Federal Reserve's policy meeting next week. Meanwhile, investors largely expect another European Central Bank rate hike later in the day, which will take interest rates to a record high, amid sticky inflation and a deteriorating economy.

Persons: Brendan McDermid, Emin Hajiyev, Warren Buffett's Berkshire Hathaway, Ankika Biswas, Shristi, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Vital Energy, Dow, Nasdaq, Wall, Arm Holdings, Nvidia, Micron Technology, Devices, Insight Investment, Tool, Citigroup, Apple, Google, Microsoft, Treasury, Central Bank, Dow e, HP, Visa, Thomson Locations: New York City, U.S, Bengaluru

☆ Stock futures are little changed on Thursday evening: Live updates
▼ + stars: | 2023-09-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Futures connected to the Dow Jones Industrial Average added 32 points, or 0.09%. S&P 500 futures and Nasdaq-100 futures hovered near the flatline. The Dow jumped 331.58 points, or 0.96%, rising for the first time in three sessions and notching its best daily performance in over a month. Elsewhere, the headline producer price index grew 0.7% in August, coming in above economists' expectations for 0.4%, per Dow Jones. U.S. crude oil prices jumped nearly 2% and rose above $90 a barrel for the first time since November.

Persons: Dow, Dow Jones, Mona Mahajan, Edward Jones, eking, Stocks Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Adobe, Holdings, Dow, Industrial

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

☆ Arm opens at $56.10 per share in market debut
▼ + stars: | 2023-09-14 | 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 EmailArm opens at $56.10 per share in market debutCNBC's Leslie Picker joins 'Halftime Report' to discuss Arm Holdings IPO starting to trade at 10% above its opening price, pricing IPOs, and ARM's history on and off the pubic market.

Persons: CNBC's Leslie Picker Organizations: Arm Holdings

☆ The Arm IPO is here, but many ETFs will not be buyers
▼ + stars: | 2023-09-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The Cupertino, Calif.-based company licenses its processorIPO and tech enthusiasts are excited about the Arm Holdings Plc initial pubic offering, and with good reason: it's the first big tech IPO in more than two years. However, some investors who would like to get immediate exposure to the Arm IPO through ETFs may be disappointed. However, this particular IPO highlights several difficulties that even large companies like Arm have in acquiring a broader ownership base through ETFs. The first problem is that Arm is not a U.S. company, it's British — which generally would exclude it from the S&P indexes. Potential ETF buyers: Nasdaq-100 ETF, IPO ETFsThere are some potential ETF buyers.

Persons: Matt Bartolini, Howard Silverblatt, Van Eck, Jan Van Eck, Todd Sohn, it's, Matt Kennedy, Nate Geraci, I'm Organizations: ARM Holdings, Arm Holdings, Nasdaq, Tech, ARM, P, SPDR Technology, SPDR, SPDR Americas Research, Street Global Advisors, Global, Renaissance, Van Eck Semiconductor, CNBC, Vanguard Total U.S, Renaissance Capital Locations: Cupertino, Calif, U.S, SPDR Americas

☆ 3-Stock Lunch: ARM & NFLX
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3-Stock Lunch: ARM & NFLXDanielle Shay, Simpler Trading vp of options, joins ‘Power Lunch’ to discuss three stocks: Arm Holdings and Netflix.

Persons: Danielle Shay Organizations: Arm Holdings, Netflix

☆ SoftBank's Arm set to debut on Nasdaq after biggest IPO since 2021
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

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 to report its first trade
▼ + stars: | 2023-09-14 | 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 EmailArm Holdings to report its first tradeCNBC’s Leslie Picker and Bob Pisani join 'Squawk on the Street' to discuss ARM holdings first trade.

Persons: CNBC’s Leslie Picker, Bob Pisani Organizations: Holdings, ARM

☆ Short sellers must wait to take a stab at SoftBank's Arm Holdings soaring shares
▼ + stars: | 2023-09-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

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 RightsNEW YORK, Sept 14 (Reuters) - Investors looking to bet against the soaring shares of newly-listed Arm Holdings (ARM.O) may have to wait at least a day before the stock becomes available for shorting, analysts said. Shares in SoftBank's Arm Holdings (ARM.O) opened 18% above their offer price in their Nasdaq debut on Thursday, valuing the British chip designer at nearly $60 billion in its return to the public markets after seven years. "I have every reason to believe that when ARM options are listed they will be very popular," said Steve Sosnick, chief strategist at Interactive Brokers. Arm shares were last up 15.80% at $59.06.

Persons: Dado Ruvic, Ihor Dusaniwsky, Dusaniwsky, Steve Sosnick, Saqib Iqbal Ahmed, Nick Zieminski Organizations: REUTERS, Arm Holdings, Nasdaq, Partners, Interactive, Thomson Locations: lendable

☆ Arm shares soar in market debut. Here's why the pros are not buying the stock right now.
▼ + stars: | 2023-09-14 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArm shares soar in market debut. Here's why the pros are not buying the stock right now. Jim Cramer, Jim Lebenthal of Cerity Partners, Jason Snipe of Odyssey Capital Advisors and Steve Weiss of Short Hills Capital discussed Arm Holdings after shares surged following the company's IPO Thursday.

Persons: Jim Cramer, Jim Lebenthal, Jason Snipe, Steve Weiss Organizations: Cerity Partners, Odyssey Capital, Short Hills, Arm Holdings

☆ SoftBank-backed Arm's long march to $54.5 bln US listing
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

The Arm Ltd logo and a U.S. flag are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 14 (Reuters) - Arm Holdings (ARM.O) secured a $54.5 billion valuation in its U.S. initial public offering (IPO) on Wednesday, seven years after its owner SoftBank Group (9984.T) took the chip designer private for $32 billion. The Japanese investment giant sold 95.5 million American Depositary shares of Arm at $51 apiece to raise $4.87 billion in the listing. Last month, SoftBank signed a deal to buy the 25% stake it did not already own in Arm from its $100 billion Vision Fund, enabling it to sell fewer Arm shares in the IPO. Below is a timeline of key events:Reporting by Manya Saini in Bengaluru; Editing by Janane Venkatraman and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, SoftBank, Manya Saini, Janane Venkatraman, Maju Samuel Organizations: REUTERS, Arm Holdings, SoftBank, Vision, Thomson Locations: U.S, Bengaluru

☆ ARM lifts Nasdaq ahead of NYSE on IPO capital raises
▼ + stars: | 2023-09-14 | by ( Laura Matthews | ) www.reuters.com time to read: +2 min

[1/2] Arm CEO Rene Haas looks on, 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. So far this year, 68 traditional U.S. IPOs on Nasdaq have raised $8.6 billion, surpassing $6.4 billion for NYSE, the data released on Thursday showed. "Today has been a milestone day for Nasdaq with Arm being the largest IPO of the year. Shares in SoftBank's Arm Holdings soared almost 25% above their Nasdaq debut price on Thursday, rekindling investor hopes for a turnaround in the moribund market for initial public offerings (IPO). This year, Nasdaq has won 87% of U.S. IPOs listings, and has led its rival for 38 consecutive quarters according to its own data.

Persons: Rene Haas, Brendan McDermid, Karen Snow, Owen Lau, Laura Matthews, Richard Chang Organizations: Nasdaq, REUTERS, New York Stock Exchange, IPOs, NYSE, Arm Holdings, Oppenheimer, Co, Thomson Locations: New York, U.S

☆ Cramer calls Arm IPO a 'Goldilocks outcome,' says it's a good sign for the IPO market
▼ + stars: | 2023-09-14 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday gave his take on Arm Holdings ' initial public offering, saying the semiconductor designer's market debut went as well as could be expected. "I think this deal was pretty darn close, really, to a Goldilocks outcome and a good sign of things to come for the IPO market," he said. "Arm went up enough to get people excited about new offerings again, but not so much that the whole thing became a travesty of a mockery of a sham." Valued at almost $60 billion at the open, Arm is the largest company to go public since electric car manufacturer Rivian in 2021. Despite the surge, Cramer suggested investors buy a small position in the stock.

Persons: CNBC's Jim Cramer, Cramer, you've Organizations: Arm Holdings, Apple, Nvidia, CNBC

☆ Thursday, Sept. 14, 2023: Why Cramer says buy this consumer discretionary stock
▼ + stars: | 2023-09-14 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Thursday, Sept. 14, 2023: Why Cramer says buy this consumer discretionary stockJim Cramer and Jeff Marks discuss why several bank stocks are higher on the heels of the Arm Holdings IPO Tuesday. Jim shares his outlook on a tech holding after an analyst said it has more than 50% upside from current levels. Finally, Jim and Jeff say Club members should be buying a consumer discretionary stock after the company announced its former CEO will be stepping down from the company's board.

Persons: Cramer, Jim Cramer, Jeff Marks, Jim, Jeff Organizations: Arm Holdings

☆ Why the Arm IPO is good news for these bank stocks
▼ + stars: | 2023-09-14 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Watch Morgan Stanley, Wells Fargo Shares of Club bank holdings Morgan Stanley (MS) and Wells Fargo (WFC) jumped Thursday along with the broader financial sector, likely bolstered by Arm Holdings' highly anticipated initial public offering . Morgan Stanley stock was up 1.63%, at $88.68 a share. 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: Jim Cramer, Morgan Stanley, Wells, Amazon Morgan Stanley, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, U.S, Treasury, West Texas, Arm Holdings, SoftBank Group, Wells, Amazon, Wednesday Locations: Government, British, Wells Fargo

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