Beyond Meat, Pinterest Shrug Off Tariff Threat to Resume Gains
Beyond Meat, Pinterest Slide as Mood on Street Slaps Recent IPOs
(Bloomberg) -- Shares of recently listed companies including Beyond Meat Inc. and Pinterest Inc. shrugged off the market slump as a hot IPO market overshadowed concerns about the potential for an escalating trade war between the U.S. and China.
Wall Street darling Beyond Meat rose 3.5 percent at 11 a.m. in New York, erasing earlier declines to extend a three-day gain since last week’s initial public offering. The stock has nearly tripled from its listing price. Pinterest also bucked a broad rout in tech stocks to rise 3 percent after earlier trailing as much as 5.2 percent.
Shares in Zoom Video Communications Inc., another high-flying newcomer, fluctuated between gains and losses in morning trading. The video-conferencing company has more than doubled in less than three weeks of trading.
Lyft Inc., however, hasn’t been able to throw off the market concerns. Shares of the ride-hailing service tumbled as much 4.2 percent ahead the company’s first earnings report on Tuesday. The sour mood may bode poorly for key competitor Uber Technologies Inc. when its IPO prices on Thursday. The world’s top ride-hailing company is expected to raise as much as $9 billion in what would be the year’s largest listing.
To contact the reporter on this story: Cristin Flanagan in New York at cflanagan1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper
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