Lyft stock moved down 9% Friday as indications of the debut of Uber on the New York Stock Exchange were lower than the company's IPO price.
Shares of ride-sharing company Lyft were down as much as 9% on Friday morning amid indications of lower and lower debut pricing for major competitor Uber on the New York Stock Exchange. They're currently down about 4%.
div > div.group > p:first-child"> 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 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%. Lyft shares fell more than 10% in after-hours trading on Wednesday after it released its first earnings report as a public company.
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.
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