Boring inflation and retail sales data which are due tomorrow and Thursday are being overshadowed by tomorrow’s much sexier public listing of Arm Holdings, states Ian Murphy of MurphyTrading.com.
This massive IPO already has ten eager buyers for every stock available and the order book has been closed. The UK-based maker of chips will list on the NASDAQ exchange and trade conveniently under the ticker ‘ARM’. Not surprisingly the stock is being compared to Nvidia (NVDA) whose price climbed 364% over the past year driven by AI fever, and traders are betting on a similar performance for ARM. I avoid IPOs especially high-profile ones because they truly are a gamble and the price could go anywhere—for every one that pops another flop!
Yesterday’s stock tip on Four Corners Property Trust, Inc. (FCPT) has done nothing wrong, and after an initial strong selloff, the stock reversed course as the session unfolded to finish the day up on Friday’s close. So far, so good!
Learn more about Ian Murphy at MurphyTrading.com.