Top News

The Wall Street Journal: Ride-hailing stocks reverse after recent rally

Ride-hailing firms Uber, Lyft and Grab have recovered some of their lost market value over the past month, but a selloff this week has undermined the rally.

The shares of Uber Technologies Inc.

and Lyft Inc.

have risen more than 35% since mid July, aided by their stronger-than-expected results earlier this month. Singapore-based Grab Holdings Ltd.
which is set to report its second-quarter performance on Aug. 25, has jumped 41%.

But the three companies’ shares have all fallen heavily this week. By Thursday’s U.S. market close, Lyft and Grab were down around 9% this week, and Uber had fallen about 7%.

“We are likely in a bear-market rally,” said Eli Lee, head of investment strategy at Bank of Singapore. He added that the recent strength in ride-hailing stocks could wane over the near term, as macroeconomic conditions remain highly challenging.

The three companies’ shares are still well down this year, losing more than $43 billion in market value. Japanese conglomerate SoftBank Group Corp., whose Vision Fund made big bets on Uber, Grab and Chinese ride-hailing firm Didi Global Inc., has seen the value of those investments plummet, although it recently made a $1.5 billion profit from selling its Uber stake.

An expanded version of this stock appears on

Popular stories from

If Your Co-Workers Are ‘Quiet Quitting,’ Here’s What That Means

Americans Are Breaking Up With Their Work Friends

Judge Says He Will Unseal Parts of Affidavit That Led to Mar-a-Lago Search

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Top News