Tech companies are having a quiet stock bonanza
Consumer-focused businesses (Pinterest) have more cachet, but tech startups (Zoom) that cater to companies are the hotter stock offerings, The Wall Street Journal's Rolfe Winkler writes.
What's new: "50 U.S. business-software companies have gone public since 2016, including Twilio Inc., MongoDB Inc. and Zscaler Inc. That compares with 13 consumer-technology companies, such as Dropbox Inc. and Snap," the WSJ reports.
Why it matters: Zoom capped off their market debut on Thursday with a market value of $18 billion, while Pinterest was at $16 billion the same day. The business-software stock not only performs better, but the median shares also rose nearly 126% from where they opened, per WSJ. Winkler also writes that large consumer tech companies such as Apple and Facebook have dominated the market almost entirely which makes it hard for many startups to get off the ground.