Happy Fri-yay!
No Rest for the Markets
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 top U.S. and Chinese officials, Cramer breaks down how investors need to approach the tariffs and what to expect from the market going forward. Will we see another “hell week?”
Uber’s Going Public
Uber (UBER) priced its offering at $45 per share, 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, which will be the biggest for a U.S.-based company since Facebook’s Inc. (FB – Get Report) flotation in 2012. The 180 million shares will earn Uber $8.1 billion — an amount that nearly matches the ride-sharing group’s losses over the past three years — and gives it a market value of $82.4 billion.
Friday’s debut, however, could give Uber investors a rough ride, given both the current global market volatility linked to the U.S-China trade war, which has pushed domestic stocks into their worst weak of the year, and the troubling sell-off in shares of ride-sharing rival Lyft (LYFT) , which debuted on March 29, rose to $87 a share in the opening minutes of trading before plunging 40% over the following weeks, reported TheStreet’s Martin Baccardax.
Cramer explains what it would take to make Uber a buy.
Cramer took a deep dive into the trade talks and Uber’s IPO during his May Action Alerts Plus call. Hear what he only told members of his investing club here.
Watch Jim Cramer’s Daily NYSE Show and Replays Below
