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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.
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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.
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