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  • Lyft Is Sliding As Uber Makes Its Stock-Market Debut

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  • Lyft was sliding Friday morning, down more than 5%, as ride-hailing rival Uber made its stock-market debut.

    Uber on Thursday evening priced its initial public offering at $54 a share, giving it a valuation of $75.5 billion.

    That’s well below the $120 billion valuation that Wall Street banks were floating in October.

    Uber’s lowered valuation comes after Lyft has experienced a brutal six weeks as a publicly traded company.

    Shares priced at $72, but put in a record low of $52.78 on Wednesday after the company’s underwhelming first-quarter results.

    The sell-off in Lyft’s stock has been accompanied by looming worries about competition from Uber and the company’s uncertain path to profitability.

    This video was produced by YT Wochit Business using http://wochit.com


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