Yahoo Finance Trending tickers: Arm | Instacart | JD Sports | Ocado
Arm
Having dropped 4.1% on Wednesday, Arm's (ARM) stock price looked set for further declines when the market opens later today.
The stock closed at $52.91 (£43.05), below its price on debut of $56.10, as investors cooled on the recently IPO'd chip firm.
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Owner Softbank said earlier this week it's set to receive $5.1bn in proceeds from the 10% stake it sold in Arm as part of the offer. Softbank has previously said it intends to remain as long-term owner of the company.
Instacart
Instacart (CART) stock finished 10.7% lower on Wednesday, falling back below its IPO price of $30, as it came back to earth following the public offering earlier this week.
Instacart’s is a food grocery delivery business, whichhas in recent years it has expanded into advertising and tech services, including AI operations.
Shares had jumped as much as 43% in its Nasdaq trading debut on Tuesday.
Instacart’s shares looked set to open on Thursday at around $29.50. The company is still valued at about $11bn – around a 50% discount on the valuation it received from investors last March.
Its listing has been a test of how public markets are performing in a high interest rate environment.
Ocado
Meanwhile, British food delivery and warehousing tech service Ocado (OCDO.L) also took a beating on the stock market, registering an 8.5% decline by 10am in London.
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The knock came after Exane downgraded the stock to "underperform" citing growth concerns in its retail business. It put the price target at 390p.
JD Sports
Sports clothing retailer JD Sports (JD.L) is at the top of the FTSE 100 this morning, up 7.6% after it said it is on track to deliver a bump in full-year profit. Consumers remain "resilient" despite the cost of living crisis, it added.
There was a 12% rise in underlying sales over the first half to the end of July, it said, adding that trading had been boosted by "back to school" shopping in the US.
It expects underlying profits to reach £1.04 billion for the year to February 3, with underlying sales lifting 10% in the first seven weeks of the second half.
Watch: Arm IPO 'great first step' in revitalizing IPO market: Analyst
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