What is the exercise called when you hold a dumbbell in each hand, start with your arms at your sides, and then lift both of your arms up at the same time with your palms down until your arms are up near your chest and then lower them.
And what does this work? Triceps? Is it a good one?
I believe you are referring to a lateral raise. It works the lateral deltoids, the outside portion of your shoulder. Decent exercise because a lot of people have anterior (front) delts that overpower the lateral ones and building your lateral delts is important for looking wider and having bigger shoulders. Shouldn’t be a main lift but no reason you can’t incorporate them.