Uber shares continue sliding in first full day of trading, dipping below $38 after the opening bell.
Uber shares sunk even further after its disappointing stock market debut as doubts lingered over the company's ability to turn a profit and trade tensions dragged down the overall market.
The mounting losses followed Uber's disappointing initial public offering. On Friday, it took a $617 million hit — the largest loss on the first day of trading by a U.S.-based company in recent history, according to Renaissance Capital. Among the recent big investors — and perhaps losers — is PayPal, which had disclosed plans to buy $500 million in Uber stock at the IPO price of $45.
"It's clearly a high-risk, high-reward scenario. You're betting on something that may happen 10 years down the road," said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO exchange traded funds."Public investors are looking at profits and not seeing any, and the company's growth in the last quarter was relatively strong, but I don't think it blew anyone away.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Uber tanks more than 10%, falling below $38 per share, after disappointing debutUber is down again on only its second day as a publicly traded company. It's not the first 'unicorn' to have a rough entry to the public markets this year.
Baca lebih lajut »
Beyond Meat gets first buy rating as Bernstein sees 'alternative meat' industry worth $40 billionThe alternative meat industry could be worth $40.5 billion in the next decade Bernstein said in a note on Tuesday.
Baca lebih lajut »
Big Banks Push to Free Up $40 Billion From Postcrisis RestrictionsThe biggest U.S. banks are ramping up efforts to secure a regulatory reprieve they believe will give them access to a nearly $40 billion pot of money tied up by restrictions.
Baca lebih lajut »
Hackers steal over $40 million worth of bitcoin from one of the world's-largest cryptocurrency exchangesBinance warned that 'hackers may still control certain user accounts and may use those to influence prices' but said it would cover the incident 'in full,' meaning users' funds would not be affected.
Baca lebih lajut »
Hackers Swipe More Than $40 Million of Bitcoin From Cryptocurrency ExchangeBinance, one of the world’s largest cryptocurrency exchanges, said hackers stole more than $40 million worth of bitcoin from its platform in what it called a “large scale security breach.”
Baca lebih lajut »
Binance CEO 'CZ' Reports $40 Million Bitcoin HackCryptocurrency exchange Binance has reported what appears to be its largest bitcoin hack to date.
Baca lebih lajut »
Binance hacked: Huge cryptocurrency exchange loses $40 million as mystery cybercriminals take 7,000 bitcoin'While it is a very expensive lesson for us, it is nevertheless a lesson,' the company CEO responded.
Baca lebih lajut »
Binance CEO 'CZ' Reports $40 Million Bitcoin HackCryptocurrency exchange Binance has reported what appears to be its largest bitcoin hack to date.
Baca lebih lajut »
Hackers stole $40 million of bitcoin from one of the world's largest crypto-exchangesHackers stole $40 million of bitcoin from one of the world's largest crypto-exchanges. The exchange said it would cover all losses.
Baca lebih lajut »