Summary
Arm stock dived 12% Wednesday, decisively breaking down below its key 10-week line for the first time since the December breakout move. The IPO raised nearly $5 billion for majority owner SoftBank, which still owns 90% of Arm stock. Arm stock is trading below its 50-day moving average line, a key support level to watch. A decisive retake of that benchmark would be bullish for the stock's immediate prospects.