Mexican Media Brands
Uber Shares Slide in First Day of Trading
Shares in Uber Technologies Inc. slumped nearly 8% to $41.57 from a launch price of $45 on Friday, their first day of trading on the New York Stock Exchange.
#economics
Share
Shares in Uber Technologies Inc. slumped nearly 8% to $41.57 from a launch price of $45 on Friday, their first day of trading on the New York Stock Exchange.
The ride-hailing service’s initial public offering on Thursday sold 180 million shares at $45, thereby valuing the company at $82 billion. But the stock opened the next day at $42 and skidded as low as $41.06 in intraday trading.
Analysts blame the market’s cool reception for Uber to last week’s 16% drop in the share price of rival Lyft Inc., combined with a general selloff on Wall Street last week on worries about the deepening U.S.-China trade war.
RELATED CONTENT
-
Choosing the Right Fasteners for Automotive
PennEngineering makes hundreds of different fasteners for the automotive industry with standard and custom products as well as automated assembly solutions. Discover how they’re used and how to select the right one. (Sponsored Content)
-
GM Seeks to Avert U.S. Plant Shutdowns Linked to Supplier Bankruptcy
General Motors Co. says it hopes to claim equipment and inventory from a bankrupt interior trim supplier to avoid being forced to idle all 19 of its U.S. assembly plants.
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
