Airbnb Inc. was headed for its biggest decline on record and DoorDash Inc. hit a new all-time low as gig-economy stocks joined markets in plunging Monday due to a combination of factors that include the continuing coronavirus pandemic and a potential Russian invasion of Ukraine.
Airbnb
ABNB,
is on track for its steepest drop on record, falling more than 13% in intraday trading and becoming the worst performer in the Nasdaq-100, according to data from Dow Jones and FactSet. Shares have never declined more than 9.1% in a single session, with that record set nearly a year ago, on Feb. 25, 2021. The stock of the lodging-booking company has dropped in six of the past seven days and is on pace for its worst month since May 2021, as COVID-19 infections affect the travel industry around the world.
DoorDash
DASH,
stock reached an all-time intraday low of $106.28, the closest shares have come to the $102 price charged in the company’s initial public offering since beginning trading. Shares appeared to be headed for a closing record low of $112.99 before rallying during the session.
The online-delivery platform’s shares have declined in seven of the past eight trading days. DoorDash, which has thrived during the pandemic because of stay-at-home orders and shutdowns, remains the leading food-delivery app in the U.S. as restaurants have reopened but continue to see changing conditions and restrictions.
For more: The pandemic has more than doubled food-delivery apps’ business. Now what?
Ride-hailing giants Uber Technologies Inc.
UBER,
and Lyft Inc.
LYFT,
could both see new 52-week closing lows as shares trade well short of their IPO prices. Uber stock has declined eight days in a row, its longest losing streak on record. Lyft is on pace for its worst month since March 2020, when shares fell 29.6% as the coronavirus pandemic spurred a widespread economic shutdown. While the companies have seen a resurgence in demand for rides, they had not fully recovered in all markets before the Omicron variant of COVID-19 brought new uncertainty.
