On Friday, investors took profits on Airbnb Inc’s (ABNB) second day of trading which dropped -3.77 percent to $139.25 after its 113 percent rise the day before at its start on the Nasdaq. The other big IPO of the week, DoorDash Inc (DASH) dropped -5.91 percent to $175.00 correcting around 8 percent in two sessions, after its 85 percent surge Wednesday for its Wall Street launch.
The two unicorns made their stock market debut, setting introductory prices far higher than the indicative ranges predicted, raising billions of dollars. At its IPO day on Wednesday, DoorDash raised $3.3 billion to fund its growth while Airbnb came raising $3.5 billion at its IPO on Thursday.
Profit-taking also brought Pfizer Inc (PFE) stock down -1.46 percent to $41.12 as well as its German partner BioNTech SE (BNTX) dropped -1.73% to $127.30. On Friday, a panel of independent FDA experts voted by a significant majority in favor of an emergency use authorization against Covid-19 by these companies for their vaccine. That advice is going to be taken by the FDA. The Centers for Disease Control and Prevention (CDC) in the United States and Operation Warp Speed have already been contacted to enforce their vaccine delivery plans. This will be the first vaccine in the USA that will be available.
Apple Inc (AAPL) took a plunge of -0.67 percent to $122.41 while its ex-supplier of modem, Qualcomm Incorporated (QCOM) dropped -7.36 percent to $144.28 on the day. The Apple decided to use its own cellular modem in its devices to replace Qualcomm’s products, reported ‘Bloomberg.’ According to a group executive, who reportedly relied on staff, progress is said to have started this year.
MetLife Inc (MET) plummeted -0.76 percent to $47.19 at close of the trading session on Friday. A $3.94 billion purchase of MetLifes non-life insurance operations in the United States was completed by Switzerland’s Zurich Insurance and Farmers Exchanges.