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Investors reassess the hope-and-hype business model, causing stocks like GrubHub to plunge

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There is a stark reassessment of businesses that purport to be software companies and aspire to software valuations, Michael Santoli writes.

Which is to say it remains a discerning, uneven market. The equal-weighted version of the S&P 500 has trended lower over the past year versus the standard market-cap-weighted index - a sign the "average stock" is fading relative to the mega-caps.Jeff deGraaf of Renaissance Macro Research says, this pattern "is not necessarily bearish.

Before this year, the oncoming rush of unicorn IPOs was viewed as having two-sided risk. On one hand, a breathless and heedless stampeding into these brand-name startups might have generated a speculative froth and overconfidence in easy money - as in the later 1990s.

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