Lyft stock plunges to new low ahead of Uber IPO filing

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Lyft Inc. shares dipped below $60 for the first time in Wednesday trading and posted a nearly 11% decline during the session. The stock recorded a new closing low of $60.12. Lyft priced its initial public offering at $72 a share on March 29 and opened trading that day at $87.24. The company announced on Wednesday that it would deliver its first quarterly earnings report as a public company on May 7. The stock plunge comes as rival Uber Technologies Inc. is expected to release its IPO prospectus, which could come as soon as today. The Wall Street Journal reported that the company is aiming for a valuation of up to $100 billion, which would be below prior estimates. Lyft shares have dropped 23% so far this month, while the S&P 500 has climbed 1.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.