Jim Cramer Breaks Down Uber's Disappointing Earnings, China's Tariffs
It's been quite the Friday... Between Uber's disappointing IPO and President Donald Trump's tweets, it's been quite a busy day.
If the Markets Ain't Happy... Following a week of uncertainty, the U.S. rose tariffs on Chinese goods to 25% from 10% at midnight Friday.
The tariffs will impact over 5,700 items, but will not affect products already in shipment.
As the market digested the news, President Trump took to Twitter early Friday morning.
Your all time favorite President got tired of waiting for China to help out and start buying from our FARMERS, the greatest anywhere in the World!
— Donald J.
Trump (@realDonaldTrump) May 10, 2019 With negotiations continue with the top U.S. and Chinese officials, Cramer broke down what investors need to know when approaching the tariffs and what to expect from the market going forward.
Uber Disappoints Uber made its first trade at $42 a share on its New York Stock Exchange debut Friday, some $3 shy of the IPO price that valued the ridesharing group at $82.4 billion, amid a volatile market backdrop and ongoing controversy over its business practices.
The opening trade of 32 million shares was a disappointment for the bookrunners, who had priced the shares at $45 each last night and watched the market retreat, along with broader U.S. equity benchmarks, amid concerns over the fate of a U.S. China trade deal.
Uber shares were indicated at $46 to $48 each at the opening bell, after it priced the 180 million share offering at $45 each, near the bottom of the $44 to $50 range its Wall Street advisors had marketed the stock to investors in the weeks prior to today's listing, reported TheStreet's Martin Baccardax.
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