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With Uber Technologies Inc.'s shares plunging nearly 20% below its IPO price on Monday, the stock might be fast approaching a "white knuckle" territory, according to one Wall Street analyst. After closing down 7.6% on Friday in its trading debut, Uber's stock dropped as much as 13% on Monday in New York, before closing down 11% at $37.10. The initial public offering was priced at $45. "From a stock perspective, if Uber breaks $35, that is where it starts to get even more white knuckles," Wedbush analyst Daniel Ives said in a phone interview. "Right now the bears are winning, and there is nothing to stop these stocks from moving down, especially in a risk-off environment," the analyst added, noting the weakness in ride-sharing peer Lyft Inc., which is also down as much as 7.3%.
After closing down 7.6% on Friday in its trading debut, Uber's stock dropped as much as 13% on Monday in New York, before closing down 11% at $37.10. The initial public offering was priced at $45.
"From a stock perspective, if Uber breaks $35, that is where it starts to get even more white knuckles," Wedbush analyst Daniel Ives said in a phone interview. "Right now the bears are winning, and there is nothing to stop these stocks from moving down, especially in a risk-off environment," the analyst added, noting the weakness in ride-sharing peer Lyft Inc., which is also down as much as 7.3%.
BREAKING: The federal labor board has just released an opinion saying Uber employees are contractors, not legal employees, i.e. they're not entitled to union membership, can't file complaints if Uber retaliates for organizing, etc. https://t.co/1MzKGmqP2B— Hassan Ali (@hassankanu) May 14, 2019
BREAKING: The federal labor board has just released an opinion saying Uber employees are contractors, not legal employees, i.e. they're not entitled to union membership, can't file complaints if Uber retaliates for organizing, etc. https://t.co/1MzKGmqP2B
archived Taft-Hartley will rise again Diversity is the key to economic and political evolution.
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