(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC’s Evening Brief, click here.)
Investors lately have been heeding that classic bit of advice for writers: “Kill your darlings.”
Rather than a writer deleting his most cherished but overwrought passages, investors are ditching some of the most hyped, unproven and aggressively priced growth stocks with ambitions of outmaneuvering the giants of consumer technology.
While the S&P 500 churned to a new record high for the week, a broad sampling of name-brand e-commerce upstarts had their shares shredded.