NEW YORK: Shares of recently listed companies like Beyond Meat Inc and Lyft Inc are getting hit after sentiment on Wall Street soured over the weekend as investors weighed the prospect of a US trade war with China.
With S&P 500 index down 1.3% at 9.50am, Wall Street darling Beyond Meat – the maker of plant-based burgers that more than doubled its IPO price of US$25 after only two days of trading late last week – is underperforming, falling as much as 6.4% in Monday’s trading.
Shares in Zoom Video Communications Inc. drop as much as 5.9% while ride-hailing service Lyft tumbles 4.2%. If the mood doesn’t change soon that may bode ill for key competitor Uber Technologies Inc when Uber’s IPO prices on Thursday.