Americas: Lyft-off!

Author: John Crabb | Published: 23 Apr 2019
Lyft listed at $72 per share in early April

It has been a confusing couple of months in the US markets. The Treasury bond market suffered the largest selloff of the year at the beginning of April, as widespread concern about the lack of global growth concerned investors. The yield curve turned negative mid-March, prompting fretting across the financial markets. The last two times this happened for a meaningful length of time, recession soon followed. There has also been a global bond rally as yields fall – which has been good for hedge funds.

Into this melee came tech unicorn Lyft with its long awaited IPO. Its Nasdaq offering priced at $72 per share with a valuation of $24 billion, but came crashing down the following week as secondary investors got stung by overly high, volatile share prices. Next up, Uber.

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