*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."
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
