Cathie Wood’s Ark Battered by Selloff, Worst Run of Outflows

Bloomberg2021-05-06

(Bloomberg) -- The selloff that’s tearing through high-valuation tech shares has battered Cathie Wood’s flagship ETF.The ARK Innovation exchange-traded fund (ARKK) dropped for a seventh straight day ...

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Comments

IanLee
2021-05-06
IanLee
Inflation coming, stimulated consumer demand by government cannot be permanent, world starting to see Covid will persist. Optimistic valuation will see even more market corrections in weeks to come.
Veldora
2021-05-06
Veldora
Bad week but future is the key to profit.
- Firework peh:
  look to future
mad276
2021-05-06
mad276
OMG
SamuelNg
2021-05-06
SamuelNg
oh no

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After surging roughly 150% in 2020 thanks to a string of prescient bets on Tesla Inc. and stay-at-home tech darlings, the negative stats are starting to add up.ARKK, which edged lower in early trading on Thursday, is down more than 10% for the year and investors are piling into protection against more losses. Put volume hit 190,000 Tuesday, the most in six weeks and the fourth-most on record. The latest data show outflows for a sixth consecutive day, the longest streak since the fund launched in 2014.The slide comes with many of the fund’s top holdings caught up in a rotation out of highly-valued tech companies. Investors have turned on the likes of Zoom Video Communications Inc., Roku Inc. and Teladoc Health Inc. -- all top 10 holdings in ARKK. 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Ark Investment Management didn’t immediately respond to a request for comment.“This thing was a hot hot, go go momentum play,” said Mike Zigmont, head of research and trading at Harvest Volatility Management. “It’s not like everyone is in the poor house all of a sudden,” he added. But “you have a lot of shareholders who don’t think it’s as wonderful as the prior generations, and that’s going to represent a sentiment shift.”The speculative corners of the market kept bleeding on Wednesday, with newly minted shares and unprofitable technology firms slumping. A seven-day selling streak has driven the Renaissance IPO ETF below its March trough, reaching the lowest level since November.Meanwhile, a basket of unprofitable tech firms suffered a similar stretch of losses. 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Optimistic valuation will see even more market corrections in weeks to come.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105615998","repostId":1133919573,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":105635476,"gmtCreate":1620296845395,"gmtModify":1704341503516,"author":{"id":"3580473686930895","authorId":"3580473686930895","name":"Veldora","avatar":"https://static.tigerbbs.com/2c60768e017f3418615cd7dea3a291ec","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":4,"crmLevelSwitch":0},"htmlText":"Bad week but future is the key to profit.","listText":"Bad week but future is the key to profit.","text":"Bad week but future is the key to profit.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/105635476","repostId":1133919573,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4241252,"gmtCreate":1620299546044,"gmtModify":1680787284085,"authorId":3557460658824677,"author":{"id":3557460658824677,"authorId":3557460658824677,"name":"Firework peh","avatar":"https://static.tigerbbs.com/9873e8ddb08004279796752daf19a999","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":105635476,"type":1,"supId":0,"prevId":0,"content":"look to future","text":"look to future","html":"look to future"}],"langContent":"EN"},{"id":105636025,"gmtCreate":1620296582867,"gmtModify":1704341498983,"author":{"id":"3575548858399731","authorId":"3575548858399731","name":"mad276","avatar":"https://static.tigerbbs.com/1a9a58ce8db8a0e8a73026ea18b28fcc","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"OMG","listText":"OMG","text":"OMG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105636025","repostId":1133919573,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":105609373,"gmtCreate":1620294109292,"gmtModify":1704341467397,"author":{"id":"3572761324363640","authorId":"3572761324363640","name":"SamuelNg","avatar":"https://static.tigerbbs.com/758b132d63959927e156935f0c64d8e9","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"oh no","listText":"oh no","text":"oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105609373","repostId":1133919573,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":18,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1133919573"}