Uber Stock Drop 9%

Credit: Wochit News
Published on May 10, 2019 - Duration: 00:32s

Uber Stock Drop 9%

Reuters is reporting that shares of Uber Technologies Inc’s fell nearly 9% in their debut on Friday.

The stock’s opening at $42 undermined Uber’s strategy to price its oversubscribed IPO conservatively at $45 per share.

The prices was delibertly set lower to avoid a repeat of rival Lyft Inc’s stock market struggles following a strong debut in March.

The lackluster market response comes against the backdrop of a spike in trade tensions between the United States and China.

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