As Morgan Stanley’s wealth management clients grumble about being saddled with allotments in the Uber IPO that lost value immediately after the company’s market debut on Friday, the ride-hailing giant was on track to open lower for a second day on Monday after an embarrassing 7% drop on Friday, making it more difficult for Uber’s underwriters to blame the drop on difficult market conditions.
Uber shares dropped below $40 in pre-market trading on Monday, more than $5 below their IPO price of $45 (which was already near the low end of its revised price range). Though the main US benchmarks looked set to open lower on Monday, Uber still closed deep in the red on Friday despite a late-day rebound in the broader market.
via ZeroHedge News http://bit.ly/2E1zwc7 Tyler Durden