Palantir Stock Debuts, Micron Stumbles

Stocks finished Wednesday mostly higher, but it wasn’t nearly enough to make up the losses accumulated throughout the month of September.

Markets closed with their first monthly losses since the chaotic month of March, as a rally led largely by Big Tech stocks finally let off some steam. The S&P 500 finished with a 4% loss for September.

The Dow Jones Industrial Average added 329 points, or 1.2%, to finish at 27,781.

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A tale of two direct listings. Two long-awaited public debuts occurred on Wednesday, with both data-mining firm Palantir (ticker: PLTR) and workplace collaboration software company Asana ( ASAN) going public via direct listings.

In contrast to initial public offerings, direct listings simply allow insiders to sell existing shares to the investing public; unlike an IPO, no new shares are created and no money is raised for the company itself to grow operations.

Palantir finished the day with a market capitalization around $20 billion, while Asana was worth about $4.4 billion by the close of trading.

Micron dips. Chipmaker Micron ( MU) plunged 7.4% on Wednesday after the company admitted it was facing rougher-than-expected prospects in the quarter ahead. The U.S. ban on sales of semiconductors to Chinese communications equipment behemoth Huawei is soon going into effect, a move that will be a hit to suppliers like Micron.

Analysts also lamented the implied decline in dynamic random-access memory chip prices, a type of chip integral to many servers and PCs.

Micron finished the day as the worst performer in the S&P 500.

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Palantir Stock Debuts, Micron Stumbles originally appeared on usnews.com

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