The IPO market sees another disappointing debut as Peloton skids in its first day of trading. Two recent IPOs could be about to pop, though, says Miller Tabak's Matt Maley.
"It's hard to look at the charts because they haven't been around that long, but there are two on a trading basis that look pretty good," Maley said on CNBC's "" on Thursday. "Last time I was on, talking Beyond Meat [at the end of July], I thought it was way overbought and extended, and sure enough the stock fell 44%."
"It's oversold, it's held its summer lows. So it looks like [Thursday's] bounce will last a little while," said Maley."Here's a stock that again got oversold, held its summer lows and tried to bounce back," said Maley."These are more trading vehicles than they are kind of long term investments, and again when smart guys sell their companies I don't know if I want to jump in with both feet," he said.
"I think the IPO trade this time around with these very mature companies … is a sucker's trade for the most part. Beyond Meat is the exception, surely, and a few others, but look at Uber and Lyft. These companies have no pathway to earnings," Tengler said during the same segment.
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