Tech Stock Plunge Affects Local Companies (BBJ Story)
Tenable Inc. — the newly public Columbia cybersecurity company — experienced its first major market slump this week and got battered along with the rest of the tech industry. Tenable saw a 12.8 percent drop in its share prices Wednesday amid a drop that dragged down the entire Nasdaq. The downward slide continued on Thursday.
This was one of the first truly bad days the cybersecurity firm has seen in the market since it did its initial public offering in July. That first day, Tenable closed up 24 percent overall. Tenable isn't alone in its current suffering. Until this week, tech stocks have been the best performers overall this fiscal year. But Wednesday was the worst day for tech stocks seen in more than seven years.