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Uber (UBER) made its first transaction at $ 42 per share on its New York Stock Exchange debut on Friday at about $ 3 from the IPO price that valued the carpool group at $ 82.4 billion. in a volatile market environment and persistent controversy over its business practices.
The opening of the 32 million shares was a disappointment for the book writers, who had set the stock price at $ 45 last night and watched the market decline, with a broader reference to US stocks, worries about the fate of a trade deal with China.
Uber shares were quoted at between $ 46 and $ 48 each at the opening bell, after setting the price of the offering of 180 million shares at $ 45, which is at the lower end of the range of $ 44 to $ 50. Wall Street had been marketing to investors in previous weeks. announcement of the day, reported The streets Martin Baccardax.
So what should investors do now?
"I mean, you know, again, I'm aware that it's the middle of the day, if Morgan Stanley is using my strategy of letting all weak hands go out and then come in with a blitz." Order, so I think you're going to say, well, you know, why did Jim not say buy it now? It's now that people have to understand and I have not done a lot of outsourcing work, "said Jim Cramer. "This is not about manipulation.You are allowed to do some things a day like today.If you are a broker that you usually can not do and what he has to do , it's wait a little longer, make sure that was worried, then gone, so I do not mean that it's over, okay, I do not mean that it's 39 is over, it's too early, I will say that this is the only part of the game book that remains and this must be done to ensure that we do not have a day really ugly, ugly. "
Related. The cantilever caused by this giant Uber IPO is now largely out of the way
Watch Jim Cramer's daily show at the NYSE and his replays below
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