The fall in shares comes against the backdrop of a global stock market selloff sparked by renewed trade tensions between the United States and China.

The stock hit a low of $36.58, valuing the company at about $14 billion less than the IPO price of $45. Shares of smaller rival Lyft Inc, which went public at $72 a share on March 29, were down 7.3% at $47.38.

Uber’s stock “did not trade as well as we had hoped post-IPO”, Chief Executive Dara Khosrowshahi wrote in a memo to employees that was seen by Reuters.

“Sentiment does not change overnight, and I expect some tough public market times over the coming months. But we have all the capital we need to demonstrate a path to improved margins and profits,” Khosrowshahi added.

Bloomberg first reported the news based on the memo.

Uber lowered its valuation expectations twice in the past two months to address investor concerns over its mounting losses, and finally priced its IPO at the low end of the targeted range in a bid to avoid Lyft’s stock market struggles.

Uber’s market capitalization has fallen to about $61 billion since its IPO on Thursday, still larger than Wall Street heavyweights including General Motors and FedEx.

tesla:

https://markets.businessinsider.com/news/stocks/tesla-stock-price-tumbles-lowest-level-since-january-2017-2019-5-1028195505

Heavy selling on Monday morning pushed shares down 4.44% to $229 apiece, their lowest level since January 2017. The stock is on track for a fifth straight day of losses.

{...}

Tesla shares have been under pressure throughout 2019 but have plunged 22% since the company reported disappointing first-quarter deliveries on April 3. Also weighing on shares was a huge Q1 loss and a capital raise that underwhelmed some Wall Street analysts.

Tesla is down 32% this year.

Edited by Chthonic_Goat_666 (May 14, 2019 08:58:06)

I cannot overstate what a scam this whole deal has been. https://t.co/Ss5o77OxQo

— Aaron W. Gordon (@A_W_Gordon) May 25, 2019

Morgan Stanley threw the biggest blow, declaring that in a worst-case scenario, Tesla’s shares could sink to a shocking $10. A Wedbush analyst said the carmaker is facing a “code red situation” and cast doubt on whether Tesla can sell enough of its electric cars to make a profit. And Citigroup and Robert W. Baird & Co. analysts, among others, slashed their target prices, citing concerns about cash flow and consumer demand.

The stock has fallen almost 10% this week, leaving it down a staggering 43% on the year. Some $23 billion in shareholder value has been wiped out, sinking the company’s market cap back below that of General Motors and Ford. Even Tesla’s benchmark bonds now trade at just 81 cents on the dollar, pushing their yield north of 9%.

Chthonic_Goat_666 posted:

tesla shares continue to fall. down over 40% compared to the start of the year.

I'd consider assessments of Tesla's share price from Morgan Stanley, etc. to be at least in part a prediction from their perspective of whether Trump will be reelected in 2020, given Tesla's traditional sources of government largesse.

Not that I think Tesla will pull success out of their ass somehow, but rather that the truly dire assessments suggest the big investment houses/analysts don't think Tesla's going to be getting a public-sector injection from a Democratic executive anytime soon.

Edited by cars (May 31, 2019 17:53:40)

In Q2, Lyft beat on revenue with $867 million for the quarter, compared with $505 million in Q2 of last year, but Lyft also had net losses of $644 million for Q2 compared to $179 million in the same period of 2018. The company pinned their adjusted net loss (which accounts for amortization of intangible assets and stock-based compensation expenses among other expenses) even lower, at $197 million versus $177 million in 2018 Q2.

uber tomorrow.

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms.

Here is the video pic.twitter.com/JhtTwYl41J

— Paul Smith (@GreatPaulSmith) August 10, 2019

Truly one of the wildest and most underplayed numbers on the WeWork S-1 filing is the $47.2 BILLION in future lease payments pic.twitter.com/ZvmdrkRWLi

— Rebecca Baird-Remba (@thecitywanderer) August 15, 2019

another tidbit I found amusing: In January, WeWork announced it was rebranding as The We Company. It bought trademarks for "we." From whom? We Holdings LLC, an entity controlled by WeWork CEO Adam Neumann

"we" cost $5.9 million https://t.co/zn9PlSjKiQ pic.twitter.com/QrbzEALOq5

— Ellen Huet (@ellenhuet) August 14, 2019

Wow Teslas are finally smart enough to realize they’re Teslas and hate it.

— Ace Bentura: Ben Nature Calls (@Hooraydiation) August 29, 2019