*By Bridgette Webb*
Shares of the smart security camera maker Arlo soared Friday in their public debut on the New York Stock Exchange, with the stock rising as much as 40 percent from its IPO price.
Though the company sold shares at a lower price than expected, CEO Matthew McRae told Cheddar he doesn't worry he left any money on the table.
"We wanted to make sure it traded healthy," McRae said. "We want to make sure that everyone had success today ー we are looking at the long term."
Arlo, which was spun out of networking hardware company Netgear, sold 10.2 million shares at $16 in its offering ー below the initial target range of $18 to $20. That raised just $163 million for the company, short of the more than $200 million it could have brought in.
Still, the stock opened at $18.50 and rose even higher during the day. That's similar to the trajectory of the speaker company [Sonos](https://cheddar.com/videos/sonos-jumps-in-market-debut), which rose 40 percent in its first two days on the market.
Like Sonos, Arlo competes in a crowded market. Amazon has its Cloud Cam and Ring smart lock, and Google has Nest. But McRae classified his company's relationship with these rivals as "coope-tition."
"We are more friends than enemies," he said. "If we look at Amazon, we compete with its Ring, but they're a great channel partner of ours and helps to sell our product."
Amazon has removed competitors' products from its site in the past ー the e-commerce giant announced in [2015](https://www.recode.net/2015/10/1/11619122/amazon-raises-a-walled-garden-by-booting-apple-tv-google-chromecast) it would stop selling Apple TVs and Google Chromecast sticks.
But McRae said that's a risk Arlo is willing to take ー albeit with caution.
"As long as we are both growing, we have a strategic partnership."
Arlo trades on the NYSE under the ticker "ARLO."
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
