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Uber sinks below $45 per share IPO price as trading begins
Yahoo ^ | May 10, 2019 | Javier E. David

Posted on 05/10/2019 9:08:26 AM PDT by C19fan

Uber (UBER) officially began trading Friday on the New York Stock Exchange, but stumbled out of the gate as its stock dropped below its $45 initial public offering price.

In Uber’s first test of whether it can transition from Silicon Valley unicorn to a publicly traded company while winning over a skeptical, volatile market, the stock — which priced at $45 on Thursday — gradually drifted lower from the $46-$48 indicated range earlier in the morning.

In its first trade, Uber opened at $42 per share on the New York Stock Exchange (NYSE), effectively crashing out of the preferred range that it listed for its IPO of between $44 to $50.

In an interview with Yahoo Finance, NYSE COO John Tuttle said the first trade would be determined by a list of factors.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: gig; ipo; lyft; nyse; uber
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To: NonValueAdded
Given the fees they charge their drivers you would think they are making money hand over fist.

The good news is that they track all driver expenses including miles when driving passengers....all tax deductable at 53.5 cents a mile

last year I drove 28,000 miles with passengers...so got a $14,980 tax deduction....as well as some miscellaneous fees,

21 posted on 05/10/2019 9:27:37 AM PDT by spokeshave (If anything, Trump is guilty of attempting to obstruct injustice.)
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To: Alberta's Child

ooops....
good point

(solution: make all of them ubber drivers?)

just kidding


22 posted on 05/10/2019 9:38:54 AM PDT by faithhopecharity ( “Politicians are not born; they are excreted.” Marcus Tullius Cicero (106 to 43 BCE))
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To: willyd

It almost seems analogous to the kids that deliver pizzas in their own vehicles.

No one has ever explained the economics of the price per mile cost of driving an automobile to these people.


23 posted on 05/10/2019 9:44:17 AM PDT by ChildOfThe60s (If you can remember the 60s........you weren't really there)
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To: spokeshave

It’s good you got that tax deduction. Of course those are legitimate business expenses. If your take home pay was good, then it’s all good.


24 posted on 05/10/2019 9:44:59 AM PDT by Dilbert San Diego
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To: C19fan
Back when I drove cab as a pup, the company kept 60% to 70% (a sliding scale depending on your hours work) BUT they provided the car, gas and maintenance and (usually) the customer calls.

40% is ridiculous just to provide an app. I understand they don't let drivers know the end destination either, so drive may be forced to take a passenger into a dangerous or unsavory neighborhood at risk of life, limb and car. My sister (retired) does this for spare change. But she lives in Texas where it is legal to pack.

25 posted on 05/10/2019 9:59:41 AM PDT by Vigilanteman (The politicized state destroys all aspects of civil society, human kindness and private charity.)
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To: C19fan

We will see how the stock performs. The market will tell us what investors think of Uber and its future prospects.


26 posted on 05/10/2019 10:02:56 AM PDT by Dilbert San Diego
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To: faithhopecharity

What assets does uber have worth that kind of money?
T


27 posted on 05/10/2019 10:03:48 AM PDT by raybbr (The left is a poison on society. There is no antidote. Running its course will be painful. You)
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To: C19fan

Most drivers would rather be working for Lyft.


28 posted on 05/10/2019 10:24:11 AM PDT by Zathras
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To: C19fan

Uber is losing 750 Million+ every 3 months or more... and the only path to profitability are autonomous vehicles, which no matter what the snake oil salesmen tell you are at least 15-20 years AWAY....

So, UBER is going to lose, at lest 3-4 Billion a year for 15-20 years or more... So that’s a loss of $45 BILLION to $80 BILLION at LEAST before it ever has any shot at profitability.

In the mean time, their losses will not remain static, as regulators will start to require UBER to start behaving like public transportation companies, rather than the wild west behavior they have engaged in to date, and every one of these regs they will not have to follow will burn more capital...

UBER’s basically proof you can sell anything for a loss.


29 posted on 05/10/2019 10:33:49 AM PDT by HamiltonJay
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To: C19fan

When they have AI drivers they will then have to buy and maintain all the vehicles, something the human drivers for them now at no cost to Uber


30 posted on 05/10/2019 10:34:11 AM PDT by over3Owithabrain
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To: C19fan

Uber the new take on the Business of Slavery


31 posted on 05/10/2019 10:36:39 AM PDT by butlerweave
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To: C19fan
It didn't help that LYFT has tanked a bit since its recent IPO.

No reason to believe Uber would do better.

I wonder if this will be a Sirius - XM thing, with a merger in the offing.

32 posted on 05/10/2019 11:10:39 AM PDT by Tanniker Smith (Rome didn't fall in a day, either.)
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To: cicero2k

Since I don’t drive; I personally love both Uber and Lyft. I used to use Uber exclusively but ever since last Sunday; I have not been able to use my usual payment option. Now i use Lyft.


33 posted on 05/10/2019 11:12:04 AM PDT by Jean2
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To: over3Owithabrain

They’ll need an AI drivers Union ,LOL


34 posted on 05/10/2019 11:12:04 AM PDT by butlerweave
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To: Mouton

35 posted on 05/10/2019 11:17:47 AM PDT by Larry Lucido
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To: C19fan; Gamecock; SaveFerris; PROCON
John Tuttle


36 posted on 05/10/2019 11:20:31 AM PDT by Larry Lucido
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To: C19fan

$37.10 today


37 posted on 05/13/2019 6:20:42 PM PDT by SMGFan ("God love ya! What am I talking about")
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