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<ul><li><a href="https://markets.businessinsider.com/stocks/airbnb-stock">Airbnb's</a> and <a href="https://markets.businessinsider.com/stocks/dash-stock">DoorDash's</a> massive debut rallies suggest the IPO market is getting ahead of itself, top strategists said Thursday.</li><li><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> <a href="https://markets.businessinsider.com/news/stocks/airbnb-stock-price-ipo-trading-debut-valuation-past-100-billion-2020-12-1029882956?utm_campaign=browser_notification&amp;utm_source=desktopktop">spiked 115%</a> when it began trading publicly for the first time on Thursday. <keyword id="2675287" type="PERSON" weightage="60" keywordseo="Doordash">DoorDash</keyword> <a href="https://markets.businessinsider.com/news/stocks/doordash-stock-price-ipo-public-trading-debut-nyse-dash-offering-2020-12-1029878632">closed 86% higher</a> in its Wednesday debut.</li><li>The first-day climbs revealed "euphoria and greed" last seen in the market during the dot-com bubble of the late 1990s, Paul Schatz, the president and chief investment officer of Heritage Capital, said.</li><li>"It's silly season," and investors need to differentiate between "a great company and a great price or value," Rich Steinberg, the chief market strategist at the Colony Group, told Business Insider.</li><li> <a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/airbnb-stock">Airbnb's</a> and <a href="https://markets.businessinsider.com/stocks/dash-stock">DoorDash's</a> colossal post-IPO pops reveal unsustainable euphoria in the stock market, top strategists said.Some of the year's biggest initial public offerings took place this week, adding to an already record year for market debuts. DoorDash <a href="https://markets.businessinsider.com/news/stocks/doordash-stock-price-ipo-public-trading-debut-nyse-dash-offering-2020-12-1029878632">soared 86%</a> when it began trading on Wednesday after raising $3.2 billion through its offering the day prior. Airbnb <a href="https://markets.businessinsider.com/news/stocks/airbnb-stock-price-ipo-trading-debut-valuation-past-100-billion-2020-12-1029882956?utm_campaign=browser_notification&amp;utm_source=desktopktop">leaped 115%</a> when it began trading Thursday afternoon, pushing its market cap above $100 billion and raising $3.5 billion.The first-day rallies, while extraordinary, show "euphoria and greed" that's likely not been seen in the stock market since the dot-com bubble of the late 1990s, Paul Schatz, the president and chief investment officer of Heritage Capital, said. Many investors are rushing to the new stocks, wanting to get in at any price, but such massive IPO bounces usually give way to similarly outsize losses, he added. "It's silly season," Rich Steinberg, the chief market strategist of the Colony Group, told Business Insider. "Investors need to distinguish the difference between a great company and a great price or value."Read more: <a href="https://www.businessinsider.com/global-investing-strategy-stocks-and-bonds-in-2021-john-hancock-2020-12">2 investment chiefs at John Hancock's $692 billion investing arm say the post-COVID recovery might disappoint in 2021 - but investors can profit with these 3 strategies</a>Both strategists attributed some of that euphoria to the near-zero interest rates expected to stay put over the next three years. The Federal Reserve's plan to hold rates at record lows leaves investors with fewer places to put their money, as the policy suppressed Treasury yields early in the pandemic. The Fed's backstop of the corporate credit market placed similar pressure on bond yields.The combination of near-zero interest rates, a "tsunami of liquidity," and hundreds of billions in unallocated investor cash fueled the two buying sprees, Schatz said.The week's booms might be only the start. Investors could face "complete and utter mania" across the IPO market in the first half of 2021 as more firms look to tap the market while demand remains strong, the Heritage Capital president said. Investors should avoid trying to time such volatile debuts and instead be patient until stock prices better reflect firms' fundamentals, he added."Being the last guy buying the opening of a hot IPO, at the height of this speculative excess in some of these names, typically does not end well," Steinberg said. Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-indexes-jobless-claims-rise-stimulus-negotiations-2020-12-1029881890">US stocks dip as stimulus hopes waver and jobless claims hit 11-week high</a><a href="https://markets.businessinsider.com/news/stocks/silver-spike-spac-merger-weedmaps-cannabis-ecommerce-platform-stock-sspk-2020-12-1029882700">Blank-check firm Silver Spike rallies 49% after merging with cannabis-tech platform Weedmaps</a><a href="https://www.businessinsider.com/stocks-to-buy-post-pandemic-gains-banks-renewables-capital-goods-2020-12">Deutsche Bank says you should own these 14 stocks set to be post-pandemic winners - including one that could rally by 67%</a>

'It's silly season': Airbnb and DoorDash's IPO rallies signal return of dot-com-era greed, strategists say

<ul><li>The S&amp;P 500 and Dow Jones industrial average erased morning gains and closed lower on Monday as investors mulled vaccine distributions, stimulus progress, and the possibility of new economic restrictions.</li><li>A bipartisan $908 billion stimulus proposal is set to be formally unveiled after <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> close. The bill is expected to be split into two packages: one with funds for highly supported measures, and a smaller package with more controversial elements.</li><li>US deliveries of <a href="https://markets.businessinsider.com/stocks/pfe-stock?utm_source=markets&amp;utm_medium=ingestgest">Pfizer</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock?utm_source=markets&amp;utm_medium=ingestgest">BioNTech's</a> coronavirus vaccine began on Monday, marking a major step forward in fighting the pandemic.</li><li>Yet the likelihood of new lockdown measures grew. New York City Mayor Bill de Blasio cautioned that the city should prepare for another full shutdown to slow the virus's spread.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks erased morning gains and closed lower on Monday as investors weighed stimulus progress and vaccine distribution against dire new restrictions.The language of a bipartisan $908 billion relief package is set to be introduced Monday afternoon, and Congress is aiming to pass a government funding bill before the week is out.The relief package will be split into two measures, <a href="https://www.reuters.com/article/us-health-coronavirus-usa-congress/u-s-lawmakers-set-to-release-908-billion-covid-19-plan-idUSKBN28N0U8">a source familiar with the matter told Reuters</a>. A $748 billion proposal will have funds for strongly supposed programs, such as small-business aid and expanded unemployment benefits. A separate measure will have aid for state and local governments and liability protections for businesses, critical sticking points that have held back a relief package for weeks."There's no way, no way that we are going to leave Washington without taking care of the emergency needs of our people," Democratic Sen. Joe Manchin told Fox News on Sunday.Here's where US indexes stood at the 4 p.m. ET market close on Monday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,647.49, down 0.4%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 29,861.55, down 0.6% (184 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 12,440.04, up 0.5%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-2021-best-growth-value-investing-jpmorgan-2020-12" target="_blank" rel="noopener">JPMorgan unveils its 50 'most compelling' stock picks to buy for 2021 - and details why each one will be a top performer</a>Index futures gained early Monday as the first doses of Pfizer and <a href="https://markets.businessinsider.com/stocks/bntx-stock?utm_source=markets&amp;utm_medium=ingestgest">BioNTech's</a> COVID-19 vaccine were delivered in the US. Regulators on Friday approved the vaccine for emergency use, marking a major step forward in fighting the pandemic.The US Food and Drug Administration is also set to begin evaluating <a href="https://markets.businessinsider.com/stocks/mrna-stock?utm_source=markets&amp;utm_medium=ingestgest">Moderna's</a> vaccine this week, setting the stage for an emergency use authorization before the end of the year.Yet soaring case counts across the country threaten to further damage the economy before vaccination is widespread. The US reported 186,884 new cases on Sunday, according to <a href="https://covidtracking.com/data">The COVID Tracking Project</a>. Deaths climbed above 291,000.Expectations for a harsh winter battle against the virus lead some cities to reinstate lockdown measures in hopes of slowing its spread. New York City Mayor Bill de Blasio warned that residents should prepare for another full shutdown.Read more: <a href="https://www.businessinsider.com/investing-strategy-gmo-asset-allocation-head-profiting-from-growth-bubble-2020-12" target="_blank" rel="noopener">Jeremy Grantham's heir apparent Ben Inker breaks down how GMO plans to profit from the 'bubble' in growth stocks by reviving a successful dot-com-era strategy</a>Stocks last week posted their first weekly loss since early November. The threat of a government shutdown and rising coronavirus cases <a href="https://markets.businessinsider.com/news/stocks/dow-sp500-weekly-declines-stock-market-impact-economic-stimulus-stalemate-2020-12-1029886577">dragged equities lower on Friday</a>.Tech stocks outperformed the broader market, leading the Nasdaq composite to notch a healthy gain. Energy and financial names underperformed.<a href="https://markets.businessinsider.com/news/stocks/alexion-stock-price-after-astrazeneca-agrees-to-39-bln-takeover-2020-12-1029889331">AstraZeneca slid</a> after agreeing to buy <a href="https://markets.businessinsider.com/stocks/alxn-stock?utm_source=markets&amp;utm_medium=ingestgest">Alexion Pharmaceuticals</a> for $39 billion.<a href="https://markets.businessinsider.com/news/stocks/airbnb-doordash-stock-price-analyst-downgrades-ipo-rallies-dash-abnb-2020-12-1029891488">DoorDash and Airbnb both tumbled</a> as analysts turned less bullish toward the newly public stocks. The companies each received downgraded ratings, with analysts warning investors that the companies' elevated stock prices leave little room for error.<a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-price-test-flight-abort-rocket-engine-ignite-2020-12-1029890130">Virgin Galactic fell</a> after canceling its first manned test flight because of a failed rocket ignition. Shares had gained in recent sessions amid rising hopes for the test.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-cheap-high-quality-lgbt-inclusive-credit-suisse-2020-12" target="_blank" rel="noopener">Buy these 28 discounted stocks from an LGBT-inclusive index that's crushed its global benchmark since 2010, says Credit Suisse</a>Bitcoin reached a 24-hour high of $19,323.17. The cryptocurrency has wavered at about the $19,000 level after soaring close to a record high of nearly $20,000 earlier this month.Gold slid as much as 1.1%, to $1,818.90 per ounce. The US dollar weakened against all Group-of-10 currency peers, and Treasury yields rose.Oil prices climbed after a tanker exploded in a Saudi Arabian port. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 1.9%, to $47.44 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 1.7%, to $50.80 per barrel, at intraday highs.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/kevin-oleary-interview-wealth-building-tips-strategies-advice-investing-app-2020-12">'Shark Tank' investor Kevin O'Leary told us 2 concrete strategies for building wealth over time - and shared how a rude awakening during the pandemic led him to build a new investing app</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-modest-returns-economic-growth-overexcited-investors-bofa-2020-12-1029887195">Modest market returns in 2021 risk disappointing today's overexcited investors, Bank of America says</a><a href="https://www.businessinsider.com/kevin-oleary-interview-wealth-building-tips-strategies-advice-investing-app-2020-12"></a><a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">Inadequate stimulus will create the same risks that crippled the economic recovery following the Great Recession, experts say</a>

US stocks waver as investors weigh vaccine distribution against new lockdown measures

<ul><li>Apple just launched a $110 billion stock buyback program, the biggest in history.</li><li>It was announced in Apple's fiscal second-quarter earnings report, and helped catapult the stock higher.</li><li>Apple's new stock buyback program is more than the value of Boeing, Airbnb, and Chipotle.</li></ul><a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> just launched a $110 billion stock buyback, the biggest in stock market history.The announcement came alongside a strong <a href="https://www.businessinsider.com/apple-stock-aapl-quarterly-earnings-call-report-live-updates-2024-5">fiscal second-quarter earnings report for Apple</a>, which saw revenue and earnings per share beat estimates, while Greater China sales also exceeded expectations. Shares of Apple surged 7% on Friday.Apple also raised its dividend 4% to $0.25 per share, reiterating its commitment to sending a big chunk of its profits back to shareholders."The historical $110 billion buyback announced speaks to the massive cash flow generation coming out of Apple with no signs of slowing down as the capital allocation strategy remains music to the ears of investors in this tech stalwart," Wedbush analyst Dan Ives said in a note on Friday.Apple's stock buyback represents about 4% of the company's total value, highlighting just how big of an impact this buyback can have on its stock price as it continues to retire a solid chunk of its total shares outstanding. Over time, as the supply of shares decreases, prices tend to increase, assuming the underlying business is in good health and still growing.Apple's total shares outstanding peaked at just over 26 billion in 2013. Since then, the company's stock buyback programs have reduced its total share count to 15.44 billion, and at current prices, this stock buyback program would retire an additional 600 million shares.To put in perspective just how big Apple's stock buyback program is, consider these companies that have a total market value of less than $110 billion.<h3>5. Waste Management</h3><div type="image" title="Waste Management" height="1500" width="3000" msid="109821398" hostid="261" sizebytes="377822"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/wm-stock">WM</a> Market Value: $83.1 billion<h3>4. Chipotle</h3><div type="image" title="Chipotle worker at assembly line" height="915" width="1831" msid="109821401" hostid="261" sizebytes="113304"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/cmg-stock">CMG</a> Market Value: $86.3 billion<h3>3. Dell Technologies</h3><div type="image" title="Dell Technologies building in Round Rock, Texas" height="512" width="1024" msid="109821403" hostid="261" sizebytes="104784"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/dell-stock">DELL</a> Market Value: $88.1 billion<h3>2. Airbnb</h3><div type="image" title="Airbnb stock image from Getty Images" height="1849" width="3700" msid="109821405" hostid="261" sizebytes="188288"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/abnb-stock">ABNB</a> Market Value: $100.6 billion<h3>1. Boeing</h3><div type="image" title="Asia-aerospace-Singapore-aviation,ADVANCER by Martin Abbugao A Boeing 787 dreamliner is seen on the tarmac at the Singapore Airshow in Singapore on February 12, 2012" height="2128" width="4256" msid="109821407" hostid="261" sizebytes="393808"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/ba-stock">BA</a> Market Value: $109.8 billion

Apple's record $110 billion stock buyback is bigger than Boeing, Airbnb, and Chipotle

<ul class="summary-list"><li><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword>'s fourth-quarter revenue of $859 million surpassed Wall Street's target of $739.7 million. </li><li>Airbnb shares looked poised to climb to $210, says Bank of America. </li><li>"<keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">Travel</keyword> is coming back," says Airbnb, but there's still "limited visibility" for how trends will play out in 2021. </li></ul><a href="https://markets.businessinsider.com/stocks/abnb-stock">Airbnb</a> shares could bulk up by another 15% as quarterly results from the vacation-rentals company indicate it is "well positioned for recovery" from the COVID-19 pandemic, according to Bank of America.The company late Thursday released its first quarterly report since its shares made their trading debut in December. Airbnb's fourth-quarter results presented an "impressive start as [a] public company in [a] pandemic," analyst Justin Post said in a note Friday."Still a lot of recovery built into the stock," he wrote, noting that the bank's price objective on Airbnb is $210. The neutral rating was reiterated. The shares closed Thursday's session at $182.06.Airbnb's revenue came in at $859 million, surpassing expectations of $739.7 million even though the result marked a 22% decline from $1.11 billion a year earlier.Business was hurt last year as COVID-19 forced the cancellation of travel plans by leisure and business customers for Airbnb and the travel industry as a whole. But coronavirus vaccinations introduced late in 2020 have helped brighten prospects for the sector."Travel is coming back and we are laser-focused on preparing for the travel rebound," Brian Chesky, Airbnb's chief executive and co-founder, said in its report.Airbnb stock picked up 11% to $202 during Friday's session then pared the advance to 4.4%. Shares so far this year have risen about 28%.The company's gross booking value was $5.9 billion, a drop of 31% from the year earlier but that was less than the Street's projection of a 40% drop, said BofA."A financial highlight in the quarter was EBITDA near breakeven," at $20 million, "and we are more confident on Airbnb achieving profitability in 2021," wrote Post.Bank of America, among other actions, raised its 2022 revenue projection to $6.35 billion from $6.11 billion previously and its first-quarter bookings growth view to 17% compared with its previous forecast of a 17% decline."However, with stock valued at 19x our upwardly revised 2022 revenues, and lock up dates still ahead, we maintain our Neutral rating," said BofA. Lock up refers to the period when major shareholders are restricted from selling their stock after a company has gone public.While Airbnb said it's optimistic about the upcoming travel rebound, it did refrain from issuing an outlook for the rest of 2021."[We] continue to have limited visibility for growth trends in 2021 given the difficulty in determining the pace of vaccine roll-outs and the related impact on willingness to travel," the company said.

Airbnb stock has 'a lot of recovery built in' as pandemic eases, Bank of America says

<ul><li><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> priced its shares at $68 each on Wednesday ahead of its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword>, Bloomberg first reported.</li><li>That's well above Airbnb's previously expected IPO pricing range of $56 to $60 per share, which already marked an upsize from a prior range.</li><li>The offering is expected to raise $3.5 billion in funds for Airbnb, giving the company a valuation of $47.3 billion. Airbnb will trade on the Nasdaq exchange under the ticker symbol "ABNB."</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</li></ul>Airbnb priced its shares at $68 each on Wednesday ahead of its highly anticipated initial public offering.The final price came in well above its previously expected range as heightened investor demand for the offering pushed the price higher. Airbnb <a href="https://www.wsj.com/articles/airbnb-expected-to-price-ipo-above-56-to-60-a-share-range-11607527468">initially priced the expected range</a> of its IPO shares at $44 to $50, which was subsequently raised to $56 to $60.Airbnb's IPO will raise $3.5 billion in funds for the company, giving it an initial valuation of $47.3 billion. The firm will trade on the Nasdaq exchange under the ticker symbol "ABNB."In its <a href="https://therealdeal.com/2020/04/08/airbnbs-1b-fundraise-comes-with-a-hefty-valuation-cut/">last private funding round</a> in April, when the home-sharing company raised $1 billion amid the pandemic, Airbnb was valued at $18 billion, representing a sizable cut to its 2017 valuation of $31 billion. The company has more than recouped that valuation cut in its IPO debut.Read more: <a href="https://www.businessinsider.com/top-wall-street-investors-of-2020-stock-picks-2021-outlook-2020-12?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">We spoke with Wall Street's 9 best-performing fund managers of 2020 to learn how they crushed the chaotic market - and compile the biggest bets they're making for 2021</a>Airbnb has led high-profile IPOs in late 2020, joining the likes of DoorDash and Affirm. While many expected the IPO to be closed shut in 2020 given the COVID-19 pandemic and volatile <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> that experienced as 35% decline earlier this year, a strong recovery in both <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> and investor confidence has reopened the IPO window for many high-profile private companies.According to Bloomberg data, US listings have already raised a record $156 billion in 2020, in part fueled by the rise in blank-check special-purpose acquisition companies.<a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> is serving as the lead underwriter for Airbnb's debut. Read more: <a href="https://www.businessinsider.com/investing-advice-economic-recovery-priced-in-cyclical-stocks-mike-wilson-2020-12" target="_blank" rel="noopener">Morgan Stanley is warning that the stock market's economic recovery trade may soon be over. Here are 4 strategies they recommend for finding the returns that still exist.</a>

Airbnb prices IPO at $68 per share, will raise $3.5 billion

<ul><li><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> raised the pricing range for its initial public offering to $56 to $60 per share, a Securities and Exchange Commission filing showed.</li><li>The home-rental platform was previously targeting a range of $44 to $50 a share.</li><li>The increased range means Airbnb could raise as much as $3 billion during its stock-market debut on Thursday.</li><li>DoorDash and Airbnb are aiming to raise over $3 billion this month, which would put them among the biggest IPOs of 2020.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Airbnb increased the price range for its initial public offering this week to $56 to $60 per share, according to a <a href="https://www.sec.gov/Archives/edgar/data/1559720/000119312520311265/d81668ds1a.htm">Securities and Exchange Commission filing</a> released Monday.It previously planned to sell shares for $44 to $50 each, meaning its new range represents a 27% increase at the bottom end and a 20% increase at the top end.The US-based home-rental company intends to sell 50 million shares via its public offering scheduled for Thursday. At the top end of the new range, it would raise up to $3 billion. That would set it up for a fully diluted valuation of $42 billion, which includes securities like options and restricted stock units.Airbnb will list on the Nasdaq under the ticker symbol ABNB.Read more: <a href="https://www.businessinsider.com/trading-strategy-market-wizard-chris-camillo-shares-secrets-to-millions-2020-12" target="_blank" rel="noopener">Market wizard Chris Camillo grew his trading account by $9.7 million in 2020. Here's the simple strategy he's using to mint millions.</a>The targeted valuation is more than double Airbnb's most recent private valuation of <a href="https://www.businessinsider.com/airbnb-paying-10-percent-interest-debt-valuation-cut-18-billion-2020-4">$18 billion</a> in the early weeks of the pandemic in April. It's also a significant premium to the $31 billion price tag it secured during a fundraising round in 2017.Plans for Airbnb's new pricing range were <a href="https://www.wsj.com/articles/airbnb-boosts-ipo-price-range-to-between-56-and-60-a-share-11607302117?mod=markets_lead_pos4">first reported by The Wall Street Journal</a>.The food-delivery firm <a href="https://markets.businessinsider.com/news/stocks/doordash-ipo-raise-3-billion-high-profile-stock-market-debut-2020-12-1029865253">DoorDash also upped its IPO pricing range</a> last week. The San Francisco-based company plans to sell 33 million shares at $90 to $95 per share, up from a target of $75 to $85 per share.DoorDash's <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> is set for Tuesday, with its trading debut on the New York Stock Exchange the next day.The two startups aim to raise a combined $6.2 billion at the top end of their pricing ranges. This would help bring December's IPO volume to a record, exceeding the $8.3 billion record set in both 2001 and 2003, <a href="https://www.bloomberg.com/news/articles/2020-12-07/airbnb-doordash-boost-price-ranges-ahead-of-mega-week-for-ipos?sref=lAVQtUwz">Bloomberg reported</a>.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-top-recovery-bets-q1-2021-goldman-2020-12" target="_blank" rel="noopener">Goldman Sachs says buy these 19 beaten-down stocks on its 'holiday shopping list' that are poised to break out in the 1st quarter of 2021</a>

Airbnb hikes its IPO pricing range and targets a $42 billion valuation

<ul class="summary-list"><li>Small-cap stocks ("small-caps") are companies that have a <keyword id="547891" type="PERSON" weightage="60" keywordseo="market-capitalization">market capitalization</keyword> value between $300 million and $2 billion.</li><li>Small-cap stocks are usually new companies, those who are focused on a niche market, or those that are struggling financially.</li><li>Small-caps stocks are volatile, risky, and rarely offer dividends, but they have massive growth potential and are often undervalued.</li></ul>Small-caps are a source for much of the excitement in the stock market.Small-caps (short for "small capitalization") are companies with a <a href="https://www.businessinsider.com/what-is-market-cap" target="_blank" rel="noopener">market capitalization</a> south of $2 billion. That may sound like a lot, but that figure makes them fledglings in the financial world. They are often young companies with massive room for growth. But not all small-caps are newcomers. While small-cap companies have the potential to grow into <a href="https://www.businessinsider.com/what-is-a-mid-cap-stock">mid-cap</a> or <a href="https://www.businessinsider.com/what-is-a-large-cap-stock" target="_blank" rel="noopener">large-cap companies</a>, it works both ways. If a mid-cap or large-cap company sees economic and business challenges that cause them to lose value, they can become small-caps. Because they're often expanding fast, you'll often see the biggest price gains coming from companies in the small-cap category - as a group, small-caps tend to perform well, But betting on any individual company is especially risky. Many small-cap companies never quite make it off the ground or fulfill their early promise. Is that risk worth the reward for you? Here's what you should know about small-caps. <h2>What are small-cap stocks?</h2>Market capitalization ("market cap" for short) is the total dollar value of all a company's stock. A small-cap stock is generally classified as one whose market cap is between $300 million and $2 billion.It's a diverse group, in several ways. For one thing, companies within it belong to a variety of industries, ranging from the traditional to the high-tech. Many focus on a particular niche within a sector.Some of the better-known small-caps include:<ul><li>Denny's Corp, the family restaurant chain</li><li>Eventbrite, the event management SaaS company</li><li>Energy Recovery Inc., a company that manufactures fluid flow systems</li><li>Rhythm Pharmaceuticals, a drug manufacturer </li><li>FitBit Inc., makers of wearable fitness devices</li></ul>Because of their potential for substantial appreciation, small-cap stocks often overlap with growth stocks - companies on a fast track, who are outperforming the market overall in terms of return.But they're not all bright young things. Some are "fallen angels," as the financial pros like to say - once larger companies whose revenues have waned of late. Some may have shrunk deliberately, to better focus on their core business or a particular market. But some may be struggling or even on the brink of bankruptcy.<h2>Characteristics of small-cap companies</h2>Small-caps are a highly varied group, but they tend to share some similarities.<ul><li>They're - you guessed it - little guys. These companies are often limited in size or outreach or both. They may be regional or not yet well-established in the field. That means they have lots of room to grow, but also lots of room to fail. They may also become acquisition targets for larger corporations.</li><li>They rarely provide income. Many small-caps don't pay <a href="https://www.businessinsider.com/what-is-dividend-yield" target="_blank" rel="noopener">dividends</a>, preferring to reinvest their profits back into the company for further growth. They're not a great choice for income investors.</li><li>They're volatile. Many small-cap stocks attract excitement - but not a lot of actual investors (yet). Their trading volume is low. That, along with their general lack of track record, means they tend to see large or sudden swings in price. </li></ul><h2>What can investors expect from small-cap stocks?</h2>The one predictable thing about small caps is their unpredictability."Small-cap stocks can have significant growth potential and often remain undervalued by the market," says <a href="https://www.magnifina.com/" target="_blank" rel="noopener">Asher Rogovy</a>, chief investment officer at Magnifina, a portfolio management firm. In fact, small-caps have historically performed quite well over the long-term, even better than <keyword id="490032" type="PERSON" weightage="60" keywordseo="large-cap-stocks">large-cap stocks</keyword>, whose big-growth days are behind them (though they do still appreciate). In fact, according to <a href="https://www.creighton.edu/faculty-directory-profile/2010/robert-johnson" target="_blank" rel="noopener">Dr. Robert R. Johnson</a>, professor of finance at Creighton University, from 1926 to 2019, small caps have provided investors with an average of 11.6% annual returns-beating the 10.2% annual returns provided by large-caps. But as a rule, small-caps are much higher-risk than large-caps. The problem is the <a href="https://www.businessinsider.com/what-is-volatility" target="_blank" rel="noopener">volatility</a> - the large swings in stock price. Sometimes those swings go in your favor and you can win big. But you could lose big, too. Over the years, you may well come out ahead, but it could be a stomach-churning ride along the way. And the timing could be tricky if you need to cash in for a specific financial need or emergency. <h3>Small-caps may be getting more scarce</h3>Exciting small-caps may not be easy to find as they used to be. "Today, a fast-growing company will often not go public until it reaches a medium size," says <a href="https://digitalhorizon.vc/en/" target="_blank" rel="noopener">Alan Vaksman</a>, co-founder of tech-oriented investment company Digital Horizon. "Companies can afford to stay private attracting, for example, venture capital investments." Or using <a href="https://www.businessinsider.com/equity-crowdfunding" target="_blank" rel="noopener">crowdfunding platforms</a> for financing. Case in point: Airbnb (<a href="https://markets.businessinsider.com/stocks/abnb-stock" target="_blank" rel="noopener">ABNB</a>), which went public in December 2020. The home-rental company stayed private until it had massive revenues. And then when it held its IPO, it jumped right to the ranks of the large caps, with a capitalization of over $90 billion. So it skipped the small-cap step.As a result of these trends, "now the small-cap segment is filled with small traditional businesses, like local banks and insurance companies, manufacturers, and so on," Vaksman adds. "Their potential growth is more limited."<h2> The financial takeaway</h2>Small-caps have some of the highest rates of growth among stocks, which is what makes them so attractive. But they also are more volatile, with an untried track record - or a troubled one. All this poses a greater risk for investors. Because of the massive diversity in small-cap companies, <a href="http://www.accessfinancialplanning.com/" target="_blank" rel="noopener">Tricia Rosen</a>, principal at Access Financial Planning, suggests doing your due diligence."Ask yourself why a company is a small-cap before investing in it," Rosen recommends. "Is it just starting? Is it struggling and shrinking in size? Is it projected to stay small with steady performance? The appropriate investor for each situation may be different even though each is a small-cap."If you're looking for stable investments, you're probably not in the market for small-caps. But if you're seriously looking for the Apples and Amazons of tomorrow, some small-cap speculation - carefully considered, of course - might be for you.<h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/what-is-common-stock" target="_blank" rel="noopener">What is common stock? The most typical way to invest in a company and profit from its growth</a></h3><h3><a href="https://www.businessinsider.com/how-to-diversify-portfolio" target="_blank" rel="noopener">How to diversify your portfolio to limit losses and guard against risk</a></h3><h3><a href="https://www.businessinsider.com/value-investing-definition" target="_blank" rel="noopener">Value investing is a bargain-hunting strategy that targets low-performing but quality stocks, aiming to profit when their prices rise again</a><a href="https://www.businessinsider.com/how-to-invest-in-penny-stocks" target="_blank" rel="noopener"></a></h3><h3><a href="https://www.businessinsider.com/how-to-invest-in-dividend-stocks" target="_blank" rel="noopener">How to invest in dividend stocks, a low-risk source of investment income</a></h3><h3><a href="https://www.businessinsider.com/what-is-a-stock-split" target="_blank" rel="noopener">What is a stock split, and is it a good or bad sign when it happens?</a></h3>

What is a small-cap stock? A company worth under $2 billion with massive growth potential for investors

<ul class="summary-list"><li>The S&amp;P 500 has defied even the most optimistic estimates so far in 2024.</li><li>A long-time technical strategist now believes the path of least resistance is higher.</li></ul>US stocks continue to shatter the expectations of skeptics and believers alike.Wall Street was <a target="_blank" href="https://www.businessinsider.com/2024-outlook-stock-market-economy-recession-investing-forecast-wall-street-2023-12">mostly upbeat about equities heading into 2023</a>, though even the most bullish investment firms thought the S&amp;P 500 would finish this year at 5,100 — a level it has exceeded already. From mid-December to mid-January, three outfits <a target="_blank" href="https://www.businessinsider.com/2024-earnings-growth-outlook-economy-recession-risk-wall-street-predictions-2024-1">had already lifted their price targets</a>, though they hardly seem bullish now that the index has surged beyond those levels.Resisting this rally is a fool's errand, according to David Keller, the chief market strategist at <a target="_blank" href="http://StockCharts.com">StockCharts.com</a>. The long-time chartmaster <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-how-to-invest-pullback-prediction-chartmaster-keller-2024-1">warned of a near-term pullback</a> as the S&amp;P 500 approached its previous record high but has since abandoned his cautious call.Barring an unexpected disaster, the technical strategist is now counting on continued strength."What you have to be in this environment is a trend-follower," Keller said in an interview with Business Insider. "Respect the trend; follow the trend as long as it goes."<h2>Why the market is on solid footing</h2>The market's ability to stack gains while avoiding a meaningful drawdown is rare, Keller said."I'm certainly surprised by the consistency of the uptrend," Keller said. "What happens usually — I mean in a plain vanilla market — is you get some meaningful pullbacks along the way. And if you look at the S&amp;P and the Nasdaq 100 — the major averages — they've been just very consistent."What's perhaps most encouraging about the latest rally is that it's not top-heavy, Keller said. The so-called Magnificent Seven stocks held together last year's market.Fast-forward to early March, and many of those mega-cap growth names remain hot, especially Nvidia and Meta. But Keller noted that the Magnificent Seven monolith seems to be dissolving since several names have pulled back significantly, specifically Alphabet, Apple, and Tesla.Although Keller acknowledged that negative momentum for some of the market's biggest stocks is a near-term headwind for the S&amp;P 500, he said a rotation toward less-heralded companies would be a net positive going forward.<div type="image" title="SPX chart 3-6" height="800" width="1600" msid="108474516" hostid="261" sizebytes="82972"></div>The S&amp;P 500 should end the year above today's levels, Keller said, though he doesn't have a specific year-end price target for the index. Key levels to monitor in the near term are 5,050 and 4,910, he said, adding that he'd likely be a buyer if there were a modest pullback to those levels."At this point, the long-term trends are still very much pretty healthy here," Keller said. "So I think the market's innocent until proven guilty, and I just haven't seen enough at a high level to say that it's guilty yet."<h2>6 top investments to make</h2>Improving market breadth presents exciting opportunities for stock-pickers, Keller said. Broader outperformance means there are more ways for investors looking in the right places to win."I like that idea, at this point, of diversifying away from mega-cap growth," Keller said. "I think one thing I'm certainly getting is that green light to not just own Microsoft and Apple anymore."Keller added: "I think to outperform in this period, you're going to be better off going outside of those mega-cap growth names and into other areas of the market earlier on in their uptrends."<div type="image" title="QQQ chart Keller" height="800" width="1600" msid="108474518" hostid="261" sizebytes="81994"></div>Several sectors and industries are starting to break out, Keller said, adding that a handful are especially attractive. The chartmaster also named some stocks that fit the bill he described.Companies tied to the travel and tourism industry, including hotels like Hilton (<a target="_blank" href="https://markets.businessinsider.com/stocks/hlt-stock">HLT</a>) and Marriott (<a target="_blank" href="https://markets.businessinsider.com/stocks/mar-stock">MAR</a>), and rival short-term rental platform Airbnb (<a target="_blank" href="https://markets.businessinsider.com/stocks/abnb-stock">ABNB</a>), are just starting to break out, Keller said. The same is true of several restaurants, including Restaurant Brands International (<a target="_blank" href="https://markets.businessinsider.com/stocks/qsr-stock">QSR</a>), which is the parent company of Popeyes and Burger King.Healthcare stocks have also caught fire lately, specifically those in the biotechnology industry, Keller said. He cited the iShares Biotechnology ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-biotechnology-etf-us4642875565">IBB</a>) as an enticing way to get exposure to that group, though the fund is only up about 1.5% for the year after a 12.3% surge in December.Economically sensitive sectors like industrials and materials also appeal to Keller, as both have charged steadily higher in the last month, besting the red-hot S&amp;P 500 in the process.

6 ways to diversify away from mega-cap growth after a monstrous market rally, according to a veteran chartmaster

<ul class="summary-list"><li><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> plans to raise $2.6 billion in its mid-December <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword>, giving it a <keyword id="51393" type="PERSON" weightage="60" keywordseo="valuation">valuation</keyword> of up to $35 billion.</li><li>The company plans to list about 50 million shares at between $44 and $50 per share, a regulatory filing showed.</li><li> Airbnb will list on the NASDAQ under the symbol "ABNB."</li><li>It was previously eyeing a <a href="https://markets.businessinsider.com/news/stocks/airbnb-ipo-plans-to-file-early-as-november-2020-11-1029771348?utm_source=markets&amp;utm_medium=ingestgest">$30 billion valuation</a>, with $3 billion in proceeds.</li></ul>Airbnb is seeking to raise $2.6 billion in its December IPO, giving it a valuation of up to $35 billion on a fully diluted basis, the company said in a <a href="https://www.sec.gov/Archives/edgar/data/1559720/000119312520306257/d81668ds1a.htm">filing</a> with the Securities and Exchange Commission on Tuesday.The home rental company plans to list about 50 million shares at between $44 to $50 per share, according to the filing. It was previously aiming for a <a href="https://markets.businessinsider.com/news/stocks/airbnb-ipo-plans-to-file-early-as-november-2020-11-1029771348?utm_source=markets&amp;utm_medium=ingestgest">$30 billion valuation</a>.Airbnb will list on the NASDAQ under the ticker symbol "ABNB." The company's investor roadshow is scheduled to begin Tuesday and its IPO for later this month.The company posted a <a href="https://www.businessinsider.com/airbnb-files-s1-public-ipo-paperwork-revenue-losses-covid-19-2020-11">third-quarter profit</a> of nearly $220 million on $1.3 billion in revenue, up from a second-quarter net loss of $575.6 million on $334.8 million in revenue as the company's bookings recovered slightly after the pandemic devastated its home rental business.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-covid-recovery-value-rotation-undervalued-rbc-2020-11">Buy these 10 stocks set to soar and smash Wall Street's expectations in the recovery from COVID-19, RBC says</a>Its profitable third quarter came in the midst of severe cost-cutting measures. For the first nine months of the year, Airbnb posted a drop of 32% in revenue to $2.5 billion, from $3.7 billion in the same period last year. Losses grew to $696.9 million from $322.8 million in this period.Meanwhile, DoorDash <a href="https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207ds1a.htm">plans to raise $2.8 billion</a> in the other most anticipated IPO this month. That would give the food delivery service a valuation of $32 billion. The company said its offering will be priced at between $75 to $85 per share. DoorDash will trade on the NYSE under the ticker symbol "DASH."Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-value-emerging-markets-dave-grecsek-2020-11">Cheap stocks just had their best month ever. A Wall Street expert breaks down why their outperformance is bound to continue over the next 4 to 5 years — and listed 2 bargain stocks to buy to capitalize on the trend.</a>

Airbnb seeks to raise $2.6 billion in its mid-December IPO, giving it a valuation of up to $35 billion

Hello, and welcome to this Wednesday's edition of the Insider Tech newsletter, where we break down the biggest news in tech.<h4><a href="http://newsletter.businessinsider.com/join/4np/insider-tech">Did someone forward this newsletter to you? Get Insider Tech straight in your inbox by subscribing here.</a></h4>Soundtrack: For maximum enjoyment of this newsletter, we recommend <a href="https://www.youtube.com/watch?v=RbMT5-ezHI4&amp;list=PLJ8y7DDcrI_qIDA_4vFS_ocezl8i9ZaGe&amp;index=52index=52">listening to David Bowie's "Starman."</a><h2>This week: <keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword> CEO <keyword id="1550747" type="PERSON" weightage="60" keywordseo="Dara-Khosrowshahi">Dara Khosrowshahi</keyword> pulls the plug on another one of <keyword id="1739133" type="PERSON" weightage="60" keywordseo="Travis-Kalanick">Travis Kalanick</keyword>'s moonshots</h2>It's been more than three years since <a href="https://www.businessinsider.com/uber-ceo-dara-khosrowshahi-have-the-d-memo-2018-6">Dara Khosrowshahi famously got "the D"</a> ("decision-making authority," to Khosrowshahi) at Uber, taking control of the ride-hailing company after a <a href="https://www.businessinsider.com/uber-company-scandals-and-controversies-2017-11">chaotic ride with founder Travis Kalanick</a>. Uber's culture has completely changed since then. Now, Khosrowshahi is cutting loose some of Kalanick's most-high-profile business endeavors.<ol><li>Uber's flying taxi group, Elevate, <a href="https://www.businessinsider.com/joby-aviation-to-acquire-uber-elevate-wins-75-million-investment-2020-12">is being sold to Joby Aviation</a>, the companies announced on Tuesday. Air taxis always seemed a bit far-off as a revenue driver for Uber, even as an Uber exec insisted last year that <a href="https://www.businessinsider.com/uber-insists-will-have-fully-functional-flying-taxis-by-2023-2019-10">the service would be operational by 2023</a>. Uber is investing $75 million in Joby (along with a previously undisclosed investment of $50 million) as part of the deal.</li><li>On Monday, Uber announced <a href="https://www.businessinsider.com/aurora-ceo-chris-urmson-explains-buying-uber-atg-self-driving-2020-12">plans to offload its self-driving car division</a> - known as the <a href="https://www.businessinsider.com/sources-describe-questionable-decisions-and-dysfunction-inside-ubers-self-driving-unit-before-one-of-its-cars-killed-a-pedestrian-2018-10">Advanced Technologies Group (ATG)</a> - to <keyword id="337466" type="ENTERTAINMENT" weightage="60" keywordseo="Aurora">Aurora</keyword>, a startup founded by ex-Googlers. As with the Joby deal, this "acquisition" by Aurora is more of an asset transfer, with Uber investing $400 million in Aurora and getting <a href="https://www.businessinsider.com/aurora-ceo-chris-urmson-explains-buying-uber-atg-self-driving-2020-12">a 26% stake in the company</a>. </li></ol><div type="image" title="Uber Elevate interior flying taxi" height="673" width="1024" msid="79648614" hostid="261"></div>Khosrowshahi's <a href="https://www.businessinsider.com/uber-atg-dara-khosrowshahis-travis-kalanick-aurora-2020-11">jettisoning of the Kalanick moonshots</a> has a bit of a Trump-dismantling-everything-Obama feel to it. And there's no question that Khosrowshahi has a very different vision for Uber than his predecessor.<ul><li>But the real motivation for the divestitures likely has more to do with how Uber has changed. Now that it's a public company with public investors to answer to, Uber has less of a runway to indulge in passion projects (especially since it's <a href="https://www.businessinsider.com/uber-earnings-q3-2020-revenue-eps-slow-pandemic-recovery-2020-11">still losing billions</a> of dollars every year).</li><li>To <a href="https://markets.businessinsider.com/news/stocks/uber-lyft-stock-prices-california-votes-for-prop-22-2020-11-1029764137">satisfy investors</a>, Uber needs to use its gunpowder to fight for its core ride-hailing and food-delivery businesses. Uber recently spent more than $52 million successfully lobbying for <a href="https://www.businessinsider.com/proposition-22-faq-impact-uber-lyft-instacart-doordash-2020-11">California's Prop 22</a>, which allows drivers to be classified as independent contractors rather than employees, skirting costs for Uber. There's a lot more of these high-stakes regulatory threats on the horizon, and the outcomes will impact Uber's business much sooner than flying taxis.</li></ul>As for Kalanick, <a href="https://www.businessinsider.com/cloudkitchens-travis-kalanick-ghost-kitchen-real-estate-new-asset-class-2020-11">he's busy working on a new project</a>: ghost kitchens, the delivery-only restaurants that have thrived during pandemic lockdowns. <h2>After this month's IPO bonanza, the biggest unicorn listings could be banned in the US<div type="image" title="snowflake ipo" height="2000" width="3000" msid="79648617" hostid="261"></div></h2>Three weeks, six unicorns, and billions of dollars. It sounds like the premise for a movie, and perhaps one day it will be - when 2020's strange rush of December <a href="https://www.businessinsider.com/what-is-ipo">IPOs</a> is remembered.<ul><li><a href="https://www.businessinsider.com/doordash-refiles-ipo-date-updates-customer-retention-revenue-gov-returning-2020-12">DoorDash</a> and <a href="https://markets.businessinsider.com/news/stocks/airbnb-plans-higher-ipo-price-range-42-billion-valuation-2020-12-1029868444">Airbnb</a> are on track to make their public market debuts this week. Each company has raised the price of its shares in the run up to the offerings (DoorDash <a href="https://markets.businessinsider.com/news/stocks/doordash-ipo-stock-offering-price-filing-dash-trading-debut-nyse-2020-12-1029875380">priced its IPO at a $34.2 billion valuation on Tuesday</a>), suggesting strong investor demand. Keep an eye on tickers "DASH" and "ABNB" this week as trading begins and <a href="https://markets.businessinsider.com/news/stocks/day-traders-stock-market-euphoria-18-year-high-risks-citi-2020-6-1029296172">hordes of Robinhood users</a> place their orders. </li><li>Also in the December IPO pipeline are Wish, Affirm, <a href="https://www.businessinsider.com/how-much-roblox-executives-cofounders-paid-ipo-filing-s-1-2020-11">Roblox</a>, and C3.ai. As Business Insider columnist Adam Lashinsky writes, <a href="https://www.businessinsider.com/the-shape-shifting-startup-tom-siebel-c3-ipo-2020-12">the C3.ai IPO is a fascinating tale of Silicon Valley "trend surfing,"</a> with tech industry veteran Tom Siebel riding a killer wave.</li><li>One of the big winners here is <a href="https://www.businessinsider.com/sequoia-investor-botha-shares-why-his-firm-stays-on-top-2020-10">Sequoia Capital</a>, the venture capital firm that warned the world in March that <a href="https://www.businessinsider.com/sequoia-capital-coronavirus-memo-to-founders-2020-3">a "black swan" was about to cause a startup apocalypse</a>, but now says the deadly swan decided to spare its own portfolio. According to Bloomberg, <a href="https://www.businessinsider.com/sequoia-capital-recent-fund-returns-2020-12">some of Sequoia's funds have generated returns between 8x and 11x</a> - and that's before the Airbnb and DoorDash IPOs.</li></ul>Amid the <a href="https://www.businessinsider.com/sequoia-capital-vcs-billion-dollar-startups-file-ipos-2020-8">IPO celebration</a> there's a menacing cloud on the horizon for US exchanges like Nasdaq and <a href="https://markets.businessinsider.com/news/stocks/record-ipo-month-october-outlook-nyse-president-cunningham-public-market-2020-9-1029637063">NYSE</a>. A proposed law aims to <a href="https://www.reuters.com/article/usa-china-stocks/house-seen-backing-bill-that-could-block-chinese-firms-from-u-s-securities-markets-idUSL1N2IH2I5">prevent Chinese companies from listing on US stock exchanges</a> unless they agree to have their financial records audited by US regulators. The legislation has sailed through Congress with rare bipartisan support and could be signed into law later this month. Public Chinese companies like Alibaba and Baidu could be forced to delist from US exchanges under the law.<ul><li>More significant, US exchanges could lose out on the next batch of unicorn <a href="https://www.businessinsider.com/what-is-ipo">IPOs</a>, in which Chinese tech startups are heavily represented.</li><li>According to <a href="https://www.cbinsights.com/research-unicorn-companies">CB Insights</a>, the two most valuable private tech companies in the world today today are <a href="https://www.businessinsider.com/tiktok-bytedance-employees-bonuses-working-during-ban-threat-2020-9">ByteDance</a> ($140 billion) and <a href="https://www.businessinsider.com/didi-unveiled-the-d1-electric-vehicle-made-for-ridesharing-2020-12">Didi Chuxing</a> ($62 billion), both based in China. And eight of the world's 20 most valuable private tech companies are Chinese. Those companies would all have to list outside the US under the new rule, and it's unclear what that might mean for the exits of US-based VCs (including, in ByteDance's case, Sequoia) who backed the companies.</li></ul><h2><a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-accelerate-advent-of-sustainable-energy">Quote of the week: </a></h2>"If you're going to be buried somewhere, it would be cool to be born on Earth and die on Mars - just not on impact."- <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>, CEO of SpaceX and Tesla, discussing his wish to be buried on Mars <a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-accelerate-advent-of-sustainable-energy">during an exclusive interview with Mathias Döpfner,</a> the CEO of Business Insider's parent company, Axel Springer.<a href="https://www.businessinsider.com/elon-musk-interview-axel-springer-tesla-accelerate-advent-of-sustainable-energy"><div type="image" title="FILE PHOTO: SpaceX founder and chief engineer Elon Musk attends a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Steve Nesius" height="2716" width="4081" msid="79648619" hostid="261"></div></a><h2>Snapshot: <a href="https://www.businessinsider.com/what-earth-lost-when-the-arecibo-telescope-collapsed-2020-12">Broken intergalactic radio</a></h2>Let's hope the aliens can adjust their transmissions. On December 1, the Arecibo Observatory in Puerto Rico - one of the world's most powerful instruments listening for extra-terrestrial communications - <a href="https://www.businessinsider.com/what-earth-lost-when-the-arecibo-telescope-collapsed-2020-12">suffered a catastrophic and fatal failure. </a><a href="https://www.businessinsider.com/what-earth-lost-when-the-arecibo-telescope-collapsed-2020-12"><div type="image" title="arecibo observatory damage radio telescope receiver platform" height="3640" width="5464" msid="79648624" hostid="261"></div></a>The 1,000- foot-diameter telescope was damaged earlier in the year during a tropical storm and it was already scheduled to be disassembled. But before that could happen, a cable snapped and the 900-ton platform suspended in the air to receive radio waves came crashing down into the disk below. (<a href="https://www.businessinsider.com/video-arecibo-telescope-puerto-rico-collapse-2020-12">You can watch footage of the collapse here</a>.)During its 57-year lifetime, Arecibo mapped planets like Venus, discovered the first-known exoplanet, and tracked potential hazardous asteroids. But most importantly, it was our walkie-talkie with potential alien life.In 1974, Arecibo <a href="https://www.seti.org/arecibo-message">beamed a powerful interstellar message</a> into space. And since then, it has kept a constant ear open for radio signals that could emanate from alien technology in other galaxies. It will take some time to rebuild a telescope as powerful as Arecibo - but there's time. The message it sent in 1974 is still en route to <a href="https://news.cornell.edu/stories/1999/11/25th-anniversary-first-attempt-phone-et-0">a star cluster that's about 25,000 light years</a> away. <h2>Recommended Readings:</h2><a href="https://www.businessinsider.com/google-attempted-quell-unrest-in-meeting-over-ousted-ai-ethicist-2020-12">Google held a meeting to calm rising employee tensions over the ousting of AI ethicist Timnit Gebru. Insiders say it only raised more concerns.</a><a href="https://www.businessinsider.com/sources-poshmarks-ipo-is-back-on-2020-12">Sources: Poshmark's IPO is back on and its S-1 paperwork is expected to become public 'in the next week or so'</a><a href="https://www.businessinsider.com/online-sextortion-attacks-snapchat-social-media-hackers-2020-12">Hackers are breaking into Snapchat accounts and holding nude photos for ransom. One college woman says Snap did nothing to help her for days after her nudes were stolen.</a><a href="https://www.businessinsider.com/tony-hsieh-tragic-final-months-in-park-city-2020-12">Tony Hsieh sold Zappos for $1.2 billion in his 30s. He was dead by 46. Inside his final Park City months, where he hoped to deliver more happiness as he spiraled.</a><a href="https://www.businessinsider.com/apple-airpods-max-release-date-price-specs-2020-12">Here's everything we know about Apple's stylish new headphones, the $549 AirPods Max</a><h2>Not necessarily in tech:</h2><a href="https://www.businessinsider.com/jared-kushner-real-estate-asher-abehsera-cadre-brookfield-kushner-companies-2020-12">Jared Kushner's name is radioactive in real estate right now. Some developers and investors say they're avoiding deals with his family's company, while others report they're getting penalized for past partnerships.</a>Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/insider-tech">tell your friends and colleagues they can sign up here to receive it</a>.And as always, please reach out with rants, raves, and tips at aoreskovic@businessinsider.com- Alexei

You Searched For "abnb stock price" and got 10 results

'It's silly season': Airbnb and DoorDash's IPO rallies signal return of dot-com-era greed, strategists say

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Airbnb prices IPO at $68 per share, will raise $3.5 billion

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Airbnb hikes its IPO pricing range and targets a $42 billion valuation

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