This is not an ideal time for Uber to float shares, the former president of the NYSE says
Uber Technologies kicked off one of the most ballyhooed offerings of public stock in years, but at least one exchange pro thinks that this isn’t an ideal time to float shares.
Farley’s comments are likely not a surprise, given that all of the major stock indexes were down by at least 1% Friday morning and have been battered all week.The downturn for markets comes in the wake of a nearly relentless rise for those same equity gauges over the past five months, which took the S&P 500 and the Nasdaq to records as recently as last Friday.
Shares of Uber opened midday Friday at $42, 6.7% below its price on Thursday. Morgan Stanley, Goldman Sachs and Bank of America Merrill Lynch are the lead underwriters of the IPO. Separately, Roger McNamee, co-founder of Elevations Partners LP and an early investor in Facebook, also joined the chorus of executives weighing in on the stock offering.
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