Lyft rose more than 2% in premarket trading but later gave up those gains (and then some) after it announced that it bought European ride-hailing app FreeNow for $197 million in an all-cash deal.
The move would mark the first time Lyft has expanded beyond North America. FreeNow operates in 11 countries, predominantly in Europe. Meanwhile, its larger competitor, Uber, is well into its international expansion, with service in Europe, Africa, and South America.
SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.
SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.
Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."
The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.
Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.
