Exactly four years ago, Groupon Inc’s initial public offering was priced at $20, valuing the company at $13 billion. The stock fell 30 percent on Wednesday to as low as $2.79, giving the operator of daily deals website groupon.com a market value of less than $2 billion.
Wall Street edged lower after Federal Reserve Chair Janet Yellen signaled a possible rate hike in December. Yellen’s comments boosted the dollar and shorter-dated Treasury yields, while gold prices dropped. Oil fell on tumbling gasoline prices.