Bros. Discovery. Its thursday, may 9th, 2024 youre watching Worldwide Exchange right here on cnbc good morning welcome to Worldwide Exchange. We are live from cnbc london lets get you ready for the trading day ahead with the stock futures. After a mixed session yesterday with the dows longest win streak at six. The futures are in the red across the board close to session lows right now. It looks like the dow would open up 65 points lower we are checking the bond market with the tenyear yield moving higher than recent days. 4. 51 . The twoyear note is Holding Steady to yesterday which is at 4. 85 . We saw it at 5 a few days ago the Energy Markets here are lower. We are looking at wti below 80 a barrel it is up 1 right now. Brent crude is trading at 84. 25 up 1 as well. Thats the set up. We have the big day for earnings and movers we start off with the stock that people are watching. Arm Holdings Shares are sinking on the weak forecast which is raising concerns of the potential spending
Were going to begin with this years biggest ipo, arm pricing its offer at 51. Thats the high end of the projected range and valuing the softbankowned chip designer at 54. 5 billion, fully diluted. Arm, whose customers include apple and nvidia, looking to ride this a. I. Wave, listing on the nasdaq today under arm, and david has this exclusive with renee haas and masa son. My understanding is that they could have gone 52. Thats what i have been told by any number of people, but masa said, lets do 51 with the prospect that that will position it better for some sort of positive open, and thats important here, given the importance of arm to the overall ipo market given the size of the offering, the focus on it, and the fact that we are expecting more to follow. If it doesnt perform well, that might leave not a particularly good taste in investors mouths. The hedge funds been pared back, long only. Sovereign funds and stepped up and converted from what was interest to actual buying power. W
Arm set to set trading in the next few hours. The biggest imo of the year. Stock pricing at 51 a share. It was at the top end of the anticipated range giving it a market cap of 54 billion, 95 million shares were sold. Lets kick it off with leslie as they build towards that first trade. The indications coming in, interesting. You know, they started the morning at about 62. That was the first indication. Fell to about as low as 57, which implies a 12 gain relative to that 51 ipo price. And now its kind of around 57, 58. Still have time before it starts trading. We could expect another hour, hour and a half before its open and off to the races for arm. But its interesting, nonetheless, just to kind of see where these indications are coming on because just kind of gathering some color from investors and bankers and so forth. There was some dispute over exactly where to price this. Softbank doing all of the selling here. The question was, do you price it above the range or do you price it a
Arm is to cut between 12% and 15% of its workforce, reports the Telegraph, with the cuts coming mostly in the UK and US. CEO Rene Haas sent an email to sta