Skip to content
  • Hot News Today
  • Fashion News
  • Automotive News
  • Technology News
  • Movie News
  • Health News
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
Copyright United Dairy News 2025
Theme by ThemeinProgress
Proudly powered by WordPress
  • Hot News Today
  • Fashion News
  • Automotive News
  • Technology News
  • Movie News
  • Health News
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
United Dairy News
  • You are here :
  • Home
  • Technology News
  • This year’s hottest technology IPOs had a difficult day
This year’s hottest technology IPOs had a difficult day
Technology News

This year’s hottest technology IPOs had a difficult day

Eleanore Beatty November 23, 2021 Article

A Rivian R1T electric pickup truck during the company’s IPO outside the Nasdaq MarketSite in New York, on Wednesday, Nov. 10, 2021.

Bing Guan | Bloomberg | Getty Images

Some of the year’s hottest tech IPOs including Rivian, Affirm and Roblox plummeted in the market on Monday, as the tech-heavy Nasdaq sank more than 1{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}. Meanwhile, the S&P 500 closed down slightly negative and Dow Jones Industrial Average stayed positive, an indication that investors are rotating out of the tech industry.

While there’s no clear-cut reason for the sell-off, stocks that had some of the biggest rallies this year are feeling the pinch. Affirm, which has seen rapid stock growth amid its new partnership with Amazon dropped more than 9{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}. Roblox, which benefitted from rising interest in the metaverse closed down almost 11{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}.

The sell-off in electric vehicle-maker Rivian, which was valued ahead of Ford and General Motors after its market debut and is slated to rival Tesla, continued on Monday. Its stock dropped more than 8{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} as investors continue taking profits.

Fear of higher interest rates, which generally means a reduction in expected earnings growth for investors, could be one contributor to the sell-off. Yet, President Joe Biden nominated U.S. Federal Reserve Chairman Jerome Powell for a second term on Monday and the first Fed rate hike isn’t expected until summer 2022 at the earliest.

Amid rate potential hikes, Goldman Sachs analysts urged portfolio managers in a Nov. 19 note to focus on “growth stocks with elevated current profitability” and steer clear of fast-growing firms valued entirely on long-term growth expectations.

“Our recommendation is to avoid fast-growing firms valued entirely on long-term growth expectations, which will be more vulnerable to the risk of rising interest rates or disappointing revenues,” analysts wrote. “In contrast, growth stocks with elevated current profitability have comparatively shorter durations, and therefore are less exposed to the risk of rising interest rates.”

Some of those technology companies cited with high profitability and fast expected revenue growth included Palantir, Zoom, Meta and Alphabet.

Some of the biggest IPOs of 2020 are also feeling the pinch. Asana plummeted almost 23{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}, DoorDash dropped about 6{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} and Airbnb sank 7{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} Monday.

A rotation out of tech stocks earlier this year pummeled cloud stocks like Fastly and Snowflake as investors moved into financials and commodities stocks that typically outperform during inflationary periods. Both stocks closed down about 6{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} and 9{a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} respectively on Monday.

You may also like

How Does Web Hosting Affect Search Engine Ranking?

Understanding VPS Hosting Basics

eBook Conversion Tools and Software: A Comprehensive Guide

5 Tips for Making the Most of Your VoIP Phone

Sexual deepfake ads using Emma Watson’s face ran on Facebook, Instagram

The CHIPS Act: Rebuilding America’s technological infrastructure

Tags: Day, difficult, hottest, IPOs, technology, years

Archives

  • December 2024
  • November 2024
  • September 2024
  • August 2024
  • July 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021

Calendar

July 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Dec    

Categories

  • Automotive News
  • Business Tips
  • Fashion News
  • Health News
  • Home Improvements
  • Hot News Today
  • Law News
  • Movie News
  • Technology News

Recent Posts

  • How Does Web Hosting Affect Search Engine Ranking?
  • How to Choose the Best Stainless Steel Coils for Your Project
  • Understanding VPS Hosting Basics
  • Generate Buzz for Your Summer Fashion Collection With These 10 Strategies
  • Aging with Dignity: How Assisted Living Improves Quality of Life for Seniors

Archives

  • December 2024
  • November 2024
  • September 2024
  • August 2024
  • July 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021

Visit Here

Financial Management

Copyright United Dairy News 2025 | Theme by ThemeinProgress | Proudly powered by WordPress

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT