Speculative stocks that went parabolic in December are getting rinsed

December’s market darlings are taking a drubbing.

Some of the smaller, thematically oriented stocks that enjoyed massive gains in the final month of 2024 as volumes traded and retail investors’ interest soared are suffering a severe sell-off on Tuesday.

reAlpha Tech, a real-estate technology company that more than doubled in about a week after announcing it would hold crypto on its balance sheet, fell as much as 15% this morning.

SEALSQ, a Swiss tech firm that more than tripled after touting its ability to protect crypto from quantum computers, is down double digits.

And those quantum-computing upstarts — Rigetti Computing, D-Wave Quantum, and Quantum Computing — are all down at least 5% more than midway through the trading day.

Trading activity is the worst-performing US equity factor on the day as of 12:30 p.m. ET.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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