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Like the broader stock markets, gig-economy companies staged a comeback of sorts to close out Monday’s volatile session, but not before DoorDash Inc. shares hit an all-time low and Airbnb Inc. flirted with its steepest drop on record.
Major U.S. stock markets and indexes, which plunged in early trading due to a combination of factors that include the ongoing coronavirus pandemic and a potential Russian invasion of Ukraine, closed in positive territory.
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, closing 0.34% higher at $117.35.
The online-delivery platform’s shares had 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.
Airbnb
ABNB,
had been on track for its biggest drop ever, falling more than 13% in intraday trading and becoming the worst performer in the Nasdaq 100, according to data from Dow Jones and FactSet. Its 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 had dropped in six of the past seven sessions and was on pace for its worst month since May 2021, as COVID-19 infections affect the travel industry around the world. It ended regular trading 5.63% lower at $147.90.
Meanwhile, ride-hailing giants Uber Technologies Inc.
UBER,
and Lyft Inc.
LYFT,
were on track for new 52-week closing lows before recovering Monday. Uber stock had declined eight sessions in a row, its longest losing streak, but ended the day in the green, rising 0.95% to $36.28. Lyft, on pace for its worst month since March 2020, when it fell 29.56% as the coronavirus pandemic spurred a widespread economic shutdown, ended the day 0.9% higher at $37.13. 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.
