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Klaviyo, Arm, Instacart wobble, raising doubts over IPO revival

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Marketing automation firm Klaviyo's shares closed well below their first-day high on Wednesday, while a slump in the stocks of Arm Holdings and Instacart added to doubts over whether a hoped-for new-listings revival would materialize. The high-profile listings have put investor focus back on the initial public offering (IPO) market after a nearly 18-month dry spell, but it may still be a tough time for offerings given high interest rates and recent declines in the broader U.S. stock market, said some investors and market participants. 'Investment bankers that help to take companies public are pushing the strong debut of Arm and Instacart... saying this is a great time to go public,' said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

NEW YORK - Marketing automation firm Klaviyo's shares closed well below their first-day high on Wednesday, while a slump in the stocks of Arm Holdings and Instacart added to doubts over whether a hoped-for new-listings revival would materialize.

Shares of grocery delivery app Instacart, which debuted Tuesday, fell to a low of $29.96, below their $30 IPO price. Instacart, formally known as Maplebear, ended down 10.7% at $30.10 on the session. "The Nasdaq's having a weak moment, and investors are looking to rotate into oil and things that haven't worked previously ... and the tech trade is being sold off,” said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma.Interest from short sellers in bets on Arm also has been picking up, with 8.83 million shares "on loan," representing about 5% of the stock's free float, data and analytics company Ortex said on Wednesday. That was up from 5.

 

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Fed decision, Klaviyo IPO, government shutdown: 3 ThingsFed Day is upon us with investors and markets paying close attention to Federal Reserve Chair Jerome Powell's tone in his interest rates statement later today. A majority of experts expect regulators to hold rates where they are until the next FOMC meeting in 2023. Klaviyo (KVYO) will be joining the 2023 IPO Club, alongside Arm Holdings (ARM) and Instacart (CART), pricing its initial offering at $30 per share. Lastly, Republican lawmakers are struggling to agree upon a new federal budget proposal in order to avoid a government shutdown. Yahoo Finance's Seana Smith and Brad Smith detail several of this morning's leading news headlines.
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