Investors who bought into a recent selling spree of stock offerings took the brunt of Friday's market decline.
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Many of the stocks sold in November s $42 billion of initial public offerings and secondary offerings are getting hit with big losses after news of a worrisome coronaviruses variant sent markets tumbling on Friday.
Sweetgreen Inc. Rivian Automotive Inc., Hertz Global Holdings Inc. and shoemaker Allbirds Inc. were the recent listings that fell behind the broader market on Friday. Among the secondary offerings, Northern Oil and Gas Inc. and Ault Global Holdings Inc. are underperforming.
In an interview, Gina Martin Adams, a Bloomberg Intelligence analyst, said recent IPOs tend to be higher beta stocks, which means they will amplify broader moves in the market. It is pretty rare to see stocks fall during this time of the year. The S&P 500 closed at 2.3% Friday, its biggest one-day drop since February.
The timing of the selloff was particularly unfortunate for buyers in the secondary offerings last week because it was the busiest week since March for such deals. The surge in offerings in publicly traded companies followed an increase in IPOs before a narrow window for offerings closed for the holiday season. The total amount of buyers spent more than $42 billion on U.S. stock offerings this month.
Stay-at- home trade Peloton Interactive Inc. went up 5.7% on Friday, a decline that was caused by the fact that it raised $1.1 billion in a secondary offering on November 16.
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