Monday was a bullish day for Wall Street, but that didn’t trickle down to everyone as Lyft dropped below its IPO price. Our call of the day deals with that...
With equities set to take a breather after a sizzling start to the quarter, the action appeared to be most definitely elsewhere on Tuesday.
While Wall Street chalked up another win for the bulls on Monday, including a 1.2% gain for the Nasdaq, shares of ride-sharing service Lyft LYFT, -11.85% fell below their IPO price on the first full day of trading. Shares are down more than 2% in premarket for Tuesday. Investors should also take heart from the fact they’ll get another chance soon to bet on the future of mobility and transportation, with the IPO of rival Uber expected not too far down the road, said Ives. And Lyft shares will likely see limited upside, as investors wait for publication of Uber’s full financial data. With that, investors will also see a more balanced battle for market share down the road.
Europe stocks SXXP, +0.31% are also struggling for traction. Asian equities saw modest gains, but New Zealand stocks NZ50GR, +1.06% rallied with a 1% gain. The buzz BlackRock BLK, +2.58% , the world’s largest money manager, is undergoing a massive overhaul aimed at boosting growth, reshuffling sales staff and shifting around responsibilities for its directors.UGI UGI, -0.05% is down after the natural gas and electricity group announced a deal to buy the Amerigas APU, +0.84% shares it doesn’t own for $2.44 billion in cash and stock.
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