Wall Street’s joyride with Lyft’s market debut comes to an abrupt stop via ReutersTV
- Shares of ride-hailing company Lyft Inc crashed below their initial public offering price in just their second day of trading on Monday, matching the speed at which Facebook Inc gave up its IPO price after a rocky debut nearly seven years ago.
Lyft touched a session low of $67.78 on Monday before closing down 11.8 percent at $69.01, well below the company’s IPO price of $72. Come Monday, that support was no where to be found and Facebook opened at $36.53. The social media company would not regain its IPO price for 14 months. Whether Lyft can deliver the turnaround Facebook managed is a top question for investors. After hitting a lifetime low about three months after its IPO, Facebook shares have gained more than 800 percent to become the “F” in the vaunted FANG group of tech high flyers.
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