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“This Is A Trainwreck” – Uber Opens Below IPO Price

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Having IPO’d at $45 (raising around $74 billion), Uber’s is the biggest IPO since Alibaba.

But this morning, faced with an ugly market background, Uber’s indicative range has collapsed from around $48 to finally open at $42…popped, then traded back below the open…

Not an auspicious start (but of course, the asset-gatherers and commission-rakers will remind everyone that Facebook fell after its IPO before soaring).

“How did the bankers get this so wrong” exclaimed one CNBC anchor…

Cramer warned:  “They have to get it to 46 if UBER does not want to be the end of the unicorn era”

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Morgan Stanley has to stabilize UBER IPO at $45 per the agreement; it is facing tens of millions in losses.

As one CNBC guest noted “this is a trainwreck.”

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Perhaps too many potential buyers took a look at this chart.

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Meanwhile, LYFT is collapsing to new record lows…

And as one wit noted:

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About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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