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Uber shares fall for second day after ill-fated IPO; Lyft follows


Added 05-13-19 10:03:01am EST - “Uber Technologies Inc shares were set to fall another 7% on Monday, doubling los...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Uber shares fall for second day after ill-fated IPO; Lyft follows”. Below is an excerpt from the article.

(Reuters) - Uber Technologies Inc shares were set to fall another 7% on Monday, doubling losses since its poorly-received Wall Street debut on Friday and raising more questions about investors’ faith in its ability to make profits.

The move, which came in a wide-ranging sell-off on global financial markets spurred by more U.S.-China trade tensions, pointed to shares opening at $38.54, valuing the company at almost $11 billion less than Friday’s debut price of $45.

Before going public, Uber lowered its valuation expectations twice in two months to address investor concerns over the company’s mounting losses, and priced its initial public offering at the low end of the targeted range.

Rival Lyft Inc, which went public at $72 a share on March 29, has lost a third of its market value since and was down 3% at $49.50 in trading before the bell.

Both IPOs took place against a backdrop of renewed concerns on Wall Street over global growth due to the trade tensions, although U.S. stock markets are all currently far higher than they were at the end of last year.

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