Other well-known tech brands, from Facebook to Snap to Alibaba to Lyft, all rose on their initial trades. Since 2000, only 18 companies valued at more than $1 billion and listing on American exchanges had opened below their IPO price. What began as a buzzy morning shifted to anxiety as the numbers on the monitors that line the exchange floor began sinking — $44, $43 and finally $42, which was what Uber’s stock eventually opened at. “There’s the old Ben Graham adage: ‘Short term, the stock market is a voting machine, and long term, it’s a weighing machine,’” Khosrowshahi said. To “Uber” somewhere meant to catch a ride, even as competitors with identical offerings popped up across multiple continents.

Source: Economic Times May 11, 2019 01:07 UTC