One of last year's biggest tech IPOs is getting smoked (PSTG)

Pure Storage, one of the biggest tech initial public offerings last year, is getting smoked on Friday after getting downgraded a week ahead of its earnings.
The flash storage provider's stock is now down over 16% as of Friday afternoon, trading at near lowest levels since going public in October 2015.
That's brought the company's total market cap down to $2.43 billion, a big drop from the $3 billion valuation it drew in the private market pre-IPO, and the $2.9 billion market cap it debuted at.
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