UBER Falls on Monday Stock Trades Under $39

Uber fell more than 7% Monday, the first trading day after it disappointed investors in the most highly anticipated initial public offering of the year. The stock touched below $39 per share in premarket trading.

Uber began trading at $42 per share but dropped 7.6% on its first day on the New York Stock Exchange on Friday. It closed below $42 per share with a market cap of $69.7 billion. To be sure, the last two days have been volatile for the U.S. stock market amid a breakdown in trade talks with China. Major U.S. indexes dropped more than 2% Monday morning.

Uber priced its shares toward the low end of its target range of $44 to $50 per share on the eve of its debut. This share price gave the company a market valuation of $75.46 billion, which well below the $120 billion it was reportedly seeking when news first broke it was preparing to go public.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza