UBER - Why Uber Stock Was Thrown Into Reverse Today
Even the fastest-moving cars have to stop or back up once in a while. That's what happened to Uber Technologies (NYSE: UBER) stock on Thursday, one day after it reported investor-pleasing fourth-quarter results. The rideshare company subsequently saw its price skid to a 2.6% decline, a worse showing than the 0.9% slump of the S&P 500 index.
Oftentimes stocks will see a bit of a pullback following the euphoria of an estimates-beating quarter . Recent investors buying in will often book a quick profit on the resulting bullishness, engendering a counter-reaction the following trading session.
That was part of the mid-week dynamic with Uber, which showed impressive growth in quite a few financial and operational metrics in the period. CEO Dara Khosrowshahi described it as Uber's "strongest quarter ever," and that was hardly an exaggeration.
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Why Uber Stock Was Thrown Into Reverse Today