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An Uber IPO
Car ride service Uber went public today and it was anything but a smooth ride for investors. The stock went public at $45 per share, at the low end of the range. The stock opened at $42, climbed back to $44.85, before closing at $41.57, a drop of almost 8 percent from the IPO price. Uber's first day of trading mirrors that of competitor Lyft, although Uber's price drop wasn't as bad as Lyft's. Of course, neither company has turned a profit to date and both are burning cash at a high rate. Even with these concerns, Uber is still valued at about $76 billion.
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