“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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