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Afternoon Note

Arm IPO Pops in its debut

By Charles Payne, CEO & Principal Analyst
9/14/2023 1:32 PM

Arm Holdings (ARM) started trading today, opening at $56.10, and it has been climbing higher ever since. The opening price was 10% above the initial public offering price of $51 a share and at the top of the expected range of $47 to $51. Semiconductors are getting a boost on Arm’s first day of trading on optimism for the sector and the artificial intelligence hype.

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All eleven sectors are trading in positive territory led by Real Estate. The momentum in Utilities continues, working on its 7th straight green day. This is something it hasn’t done since July of last year. 

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On the economic front, the Atlanta Fed GDPNow cut its Q3 GDP estimates to 4.9% from 5.6% on September 8. We are still early to get a good sense of Q3 real growth.




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