“We Have Lyft Off” – Vista Partners Daily Market Recap 3/28/2019

By John Heerdink LinkedIn

After starting out with gains, U.S. equities fell into a bit of a rut mid-session on Thursday but climbed back out of it before the end of the day. The S&P 500 rose 0.36% (10.07 points) today while the Nasdaq increased 0.34% 25.79 points). After a brief dip into the red, the Dow finished out the session up 0.36% (91.87 points).

The widely anticipated unicorn IPO of No.2 US ride-sharing giant Lyft was priced today at $72/share well above the $62-$68 that was originally expected giving it an approximate $25 Billion valuation as it raised approximately $2.34 Billion.  The JPMorgan Chase, Jeffries, Stifel Nicolaus & RBC Capital Markets led the offering and are sharing the bulk fees of in this silicon valley banking bonanza. Shares are expected to begin trading at tomorrow’s open on the NASDAQ under the ticker LYFT.

Next unicorn IPO’s to watch will be for Uber Technologies, Inc (rumored to bring a $120 billion value), Pinterest & Slack Technologies, Inc. as the IPO market, at least for now, has been ignited!

Overall, most components of the Dow saw gains today. Verizon (VZ) was one of the few that didn’t as it tumbled 2.96%. NIKE (NKE) was on the other side of the spectrum with gains of 1.14%. JPMorgan (JPM) was close behind as it rose 1.13%.

Shares of Facebook (FB) ended the day at $165.55 off .19% after being sued by the Department of Housing and Urban Development today. The HUD is taking issue with what it seeds as Facebook “encouraging, enabling, and causing housing discrimination through the company’s advertising platform.” The tech giant denies those claims.

There were some mixed messages about the ongoing U.S. – China trade negotiations today. A Reuters report signaled that China was offering to make concessions on several points of contention that have arisen during the talks, boosting investors’ confidence. On the other hand, Larry Kudlow, White House economic advisor, depleted some of that hope when he said in a speech that the current negotiations could last for months and that they are “not time dependent.”

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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Stocks, Treasury yields rise

Stocks rose as investors considered reports of a more comprehensive trade deal with China and a mixed set of domestic economic data…

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