DoorDash Extends IPO Craze, Banishing Angst From Big Tech Slide
- Two IPOs score big gains on debut despite broad market retreat
- Roaring animal spirits have Wall Street on guard for pullback
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Some day, investors will be overwhelmed by all the fresh stock coursing into the U.S. equity market, and maybe even regret bidding up buzzy businesses that haven’t earned any money. But that day has not yet come.
Even in an uncharacteristically painful session for tech bulls, with the Nasdaq 100 suffering its worst drop in a month, appetite for new issues remained voracious Wednesday. Two initial public offerings -- DoorDash Inc. and C3.ai Inc. -- scored huge gains on their debut, each rising at least 85%. Another IPO, from Airbnb Inc., is expected to price above its targeted range after the close.