Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, September 10th, and I'm your host, Kim Khan.

Our top story so far, Plarner Group's stock opened $52 on its debut on the NYSC today, more than 30% above its public offering price.

Shares are trading under the ticker symbol K-L-A-R.

The Swedish buy-now pay-later financing firm raised $1.37 billion on Tuesday,

pricing its IPO at $40 a share, above the expected range of $35 to $37 each on strong

demand from institutional investors.

That valued the company at about $15.1 billion, well below Klarna's peak valuation of more

than $45 billion back in 2021, when the BNPL service soared in its popularity during the pandemic.

Seeking off analyst, David Traynor said the valuation around $15 billion is far too expensive,

as it implies that Klarna will grow revenue

at a 24% compounded annual growth rate, while also significantly improving margins through

2032, an unlikely feat. Major red flags include internal control issues, minimal voting rights

for new shareholders, and reduced disclosure requirements as a foreign issuer, he said. Among

other active stocks, Chiwi's tumbling as better than expected second quarter sales, coupled

with lifted guidance for the year, was overshadowed by a lackluster bottom line that included

a sizable drop in unadjusted earnings.

On a gap basis to account for a $79.1 million compensation and tax-related expense,

Chewy's profit dropped 80% from a year ago

to just 14 cents per share. Synopsis is the biggest S&P decliner after weaker fiscal Q3

results and Outlook, Baird analyst Joe Vruink said, high expectations around ANIS and design

automation fundamentals are being countered by material changes in design IP outlook,

...