• Breaking News

    Lyft shares plunge more than 7% after middling Uber market debut

    Shares of ride-sharing company Lyft fell 7.4% on Friday morning after larger rival Uber had a disappointing debut on the New York Stock Exchange, closing down 7.6%.

    Throughout the morning, indications of Uber's opening trade price dropped from an initial estimate of $46 to $48, until it opened at $42 per share. That's below the $45 price of shares being sold in its initial public offering, and even below the $44 low point of the company's estimated pricing range last week. Uber closed at $41.57.

    Uber is becoming a public company during a week of back-and-forth tensions over trade discussions between the U.S. and China. On Friday morning the major indices were all down at least 1%, though they turned around later in the day and all finished up.

    Lyft was having a rough week already. The shares fell more than 10% on Wednesday after the company released its first earnings report since going public.

    Lyft had a stronger opening than Uber when it started trading on March 29. The company priced shares at $72 each, then shares began trading at $87.24. Shares moved lower, and the closing price on the first day of trading was $78.29, but that was still above the IPO price.

    WATCH: Lyft co-founders are focused on offering the best service, not just a cheaper one

    Niciun comentariu