Friday, January 27, 2023


Last updated Tuesday, January 10, 2023 20:05 ET , Source: NewsService

The stock market's faltering performance in 2022 erased billions in value from what had been some of the economy's top performers, but there was still some businesses that shined during an uneven year on Wall Street.

That's according to an analysis of stock price and market capitalization data by The Business Journals. Among the 100 largest companies analyzed, the average decline in market cap was 11% or $67 billion.

Overall, the S&P 500 finished the year down nearly 20%, while the Dow Jones Industrial Average ended down by about 10%.

Among the approximately 200 Silicon Valley-based public companies — a group that includes some of the world's biggest and best-known entities — three-quarters of them ended 2022 with less market cap than they started last year.

The local company with the single biggest market cap decline was Kodiak Sciences Inc. a Palo Alto-based bipharma company focused on retinal diseases. Kodiak (NASDAQ: KOD) lost more than $4 billion in value last year, a 92% decline in its market cap.

One other company, Upstart Holdings Inc. in San Mateo (NASDAQ: UPST), lost 90% percent or more of its value while 15 local companies declined by 80% or more. Among that group were AppLovin Corp., Codexis Inc., Velodyne Lidar Inc., Roku Inc., Lucid Group Inc., Ring Central Inc. and Hippo Holdings Inc.

On the flip side, San Carlos-based Vaxcyte Inc., a vaccine innovation company, saw its stock value increase by 102% in 2022 — a gain of more than $2.5 billion to close the...

Read Full Story: https://news.google.com/__i/rss/rd/articles/CBMiYmh0dHBzOi8vd3d3LmJpempvdXJuYWxzLmNvbS9zYW5qb3NlL25ld3MvMjAyMy8wMS8xMC9zdG9jay1tYXJrZXQtZW5lcmd5LWhlYWx0aGNhcmUtY292aWQtMjAyMi5odG1s0gEA?oc=5

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