Zoom Video’s stock set to suffer biggest-ever weekly drop

Zoom Video’s stock set to suffer biggest-ever weekly drop

Zoom Video Communications Inc. ZM, -5.84% fell 6.6% in afternoon trading Friday, to end a volatile week on a sour note. The selloff puts the stock on track to suffer the biggest weekly loss since it went public in April 2019. The stock started the week by plunging 17.4% on Monday and 9.0% on Tuesday, as hopes for a COVID-19 vaccine triggered a selloff in companies that benefited from stay-at-home trends due to the pandemic.

The stock then bounced 9.9% on Wednesday and 3.7% on Thursday before falling again on Friday. In all, the stock has dropped 20.0% this week. The next biggest weekly percentage decline was 15.8% for the week ended Dec. 6, 2019. In comparison, the Nasdaq Composite COMP, +1.02% has slipped 0.9% this week while the S&P 500 SPX, +1.36% has gained 1.9%.

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