Chipmakers NVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) traded positively, up 1.1% and 0.7% respectively, in Thursday’s early deals, responding to ARM’s upbeat-looking IPO pricing and ahead of today’s market debut in New York.
The Cambridge-based company set its share price at US$51, the upper limit of its range, thereby raising US$4.87 billion for SoftBank through the sale of 95.5 million shares.
Trading under the symbol ARM, the stock is set to debut on the New York Stock Exchange on Thursday.
Although the IPO valuation is less than the US$64 billion at which SoftBank acquired a remaining 25% stake last month, it marks the largest flotation since Rivian Automotive in 2021.
Major clients like Apple (NASDAQ:AAPL), Nvidia, Alphabet (NASDAQ:GOOG), Advanced Micro Devices, Intel (NASDAQ:INTC) and Samsung (KRX:005930) have already committed as cornerstone investors. Read more
Shares of Semtech Corporation advanced just over 4%, at $23.80, in Thursday’s premarket as a guidance downgrade was overshadowed by otherwise positive financial results.
The semiconductor company posted revenue of $238.4 million, up 13.9% year-over-year, and adjusted earnings of $0.11 per share. Analysts had called for revenue of $237.42 million and earnings of $0.02 per share.
Looking ahead, Semtech (NASDAQ:SMTC) guided for third-quarter sales between $190 million to $210 million and an adjusted loss between $0.22 and $0.09 per share. That’s weaker than the $247.68 million and $0.11 per share profit projected by analysts. Read more
HP Inc (NYSE:HPQ) (NYSE:NPQ) traded on the back-foot, losing 2.2%, following a filing that revealed Warren Buffet had sold 5.5 million shares, reducing Berkshire Hathaway’s prior 12% stake.
Car-makers General Motors Company (NYSE:GM) (General Motors Company (NYSE:GM)), Ford Motor Company (NYSE:F) (Ford Motor Company (NYSE:F)) and Stellantis NV (NYSE:STLA, EPA:STLA) (Stellantis NV (NYSE:STLA, EPA:STLA), Stellantis NV (NYSE:STLA, EPA:STLA)) were steady in New York’s early deals, despite United Auto Workers (UAW) president Shawn Fain told members to be ready to implement what the union is calling a “stand-up strike” against the big three Detroit automakers. Read more