Uber No Show

The much anticipated Uber IPO turned out to be a bust.  Touted as the IPO of the year the shares closed down more than 7% from their offering price.  To be sure, I wasn’t surprised.  Perhaps after working more than 30 years on the Street some semblance of common sense surfaced in my old brain.  Guess I’m an believer in actual fundamentals for stock evaluation.  For instance earnings are a good thing and Uber has nothing but losses.  Assets are also a good thing.  Uber as none.  Indeed, the stock market in general mystifies this senior citizen by maintaining a loft level of valuation given the horrible prospects for the economy.  Cash should be king right now and maybe the reception of the Uber IPO will give investors ample warning.