Snowflake and Palantir Slump Into 2021 With Worst Week on Record

(Bloomberg) -- Snowflake Inc. and Palantir Technologies Inc., two of the best performing technology stocks to debut in 2020, ended the year with a whimper as investors locked in profits.

The stocks both fell more than 6% Thursday, wrapping up the worst week on record for both companies since listing in September. Cloud-computing company Snowflake declined 13% this week. Palantir, which makes data-mining software, shed 15%.

Despite the dismal week, shares of both companies have still produced triple-digit gains. Snowflake has gained 135% since its Sept. 16 initial public offering, while Palantir is up 225% since its Sept. 30 direct listing.

©2021 Bloomberg L.P.