Thirty Madison and Talkspace join forces to expand mental health access for women
Talkspace will be the therapy partner for femtech brand Nurx and migraine treatment platform Cove
Read more...Red, red, red.
Across the board, companies on Wall St. took a beating Monday as investors reacted to Standard & Poor’s pre-weekend downgrading of the U.S. credit rating from AAA to AA-plus.
It was a manic day of selling, selling and selling some more, as the S&P 500 fell 79.92 points (-6.6 percent), Dow Jones fell 634.76 points (-5.55 percent) and NASDAQ fell 174.72 points (-6.90 percent).
Matching the losses of those stock market heavyweights, new technology-based entrants to the public markets also suffered rapidly declining value in their shares.
Professional social networking service LinkedIn saw the worst losses, dropping $15.89 to $75.47 per share (-17.39 percent). It’s the second dark day of trading in a row for LinkedIn, which on Friday saw its shares dip $4.16 (4.36 percent).
Every other tech company that went public this year saw its shares drop, though none experienced as bad a drop as LinkedIn.
Demand Media, which kicked off the 2011 firestorm of IPOs in January, saw its shares fall a not insignificant $0.90 to $8.36 (-9.72 percent). HomeAway, which raised $216 million in its late June IPO, experienced a $0.57 drop (-1.77 percent) to $31.67 a share. Pandora, one of the first companies to capitalize on the new tech/music wave, experienced a $1.03 loss (-7.62 percent). Finally, Zillow’s shares are down $2.07 to $26.09 (-7.35 percent).
International companies trading on U.S. exchanges also saw their shares dip. Chinese social networking site Renren shares fell $0.87 (-11.42 percent) and shares in Russian search giant Yandex fell $3.79 (-12.29 percent).
"Markets will rise and fall," said President Barack Obama on Monday, in an attempt to inject some seriously-needed optimism into the economy. "But this is the United States of America. No matter what some agency may say, we have always been and always will be a Triple-A country."
I guess we have a whole week to see if investors agree with that sentiment.
Talkspace will be the therapy partner for femtech brand Nurx and migraine treatment platform Cove
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