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How the Promise of a $ 120 Billion Uber I.P.O. Missing



The company is easily subject to other obstacles. Earlier this month, President Trump said he wanted to raise the tariffs to $ 200 billion of Chinese goods, which did not interfere with the world stock market. On Wednesday Wednesday, the day before Uber's price to IPO, Lyft reported $ 1.14 billion loss for its first quarter, changing questions about the health of the business on board.

Uber's executives, board and bankers discussed the final stock sale last Thursday. Many board members pushed for a price at a higher end of the range of $ 44- to $ 50-a-share, people said to explain the situation.

But Morgan Stanley, Goldman Sachs and others agreed that it must be lower, they say. The list of orders from potential investors, known in the Wall Street clothing as "book," has shown that the most desirable investor – the major asset managers who are likely to handle the shares, even that in difficult times – was only interested in Last night, Mr. Khosrowshahi and his management team gathered in Manhattan at Daniel, a Michelin star restaurant of some blocks east of Central Park, in a "pricing dinner."

Hosted by Morgan Stanley The mood rose, according to two people who were familiar with the night.

But the next morning, that mood changed. Uber overseers arrived at New York Stock Exchange, where the company is listed. Before the first trading, monitors lined outgoing shows showing how Uber's stock is likely to fall – flashing up $ 45, $ 44, before the end opening at $ 42. The silent is silent.

The rest of the day is smaller. Uber's stock has never been close to the price that offers $ 45. As the so-called stabilization agent, charged with helping to trade in Uber stocks, Morgan Stanley made some moves to support shares, according to people who have knowledge about the matter. But at the end of the day, while the S & P 500 Index closed, the stock of Uber remained. [19659002] On Wednesday, Uber concluded $ 41.29, more than 8 percent below its offering price.


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