Lyft's IPO dominated headlines on Friday, with its successful debut likely to impact the timing of other tech firms waiting in the wings, including Lyft's arch-rival Uber.
Lyft Forcing Uber's Hand?
Well, maybe. Lyft's first trade was at $87 a share, 21% above the offer price of $72. "What we're seeing with Lyft is high demand right now -- high demand for these high-growth companies, and that's really the story here," Alejandro Ortiz, principal analyst at Sharespost, a liquidity and research provider for investors in private companies, told TheStreet.
Perhaps equally important is the fact that the Nasdaq is up 16% year-to-date, despite the economy weakening and risk of a recession rising. As a result, Uber might need to get going on its IPO soon. "The Nasdaq is performing better than any time in the same time period over the past six years." Ortiz said. "I don't think Uber should wait ... We don't know where we'll be six months from now, so while sentiments are up, it's a good time to go public."
Related.Lyft and the IPO Casino
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Apple News is emerging as one of the best services Apple now has to offer. Morgan Stanley analysts have anecdotal evidence from users that suggests Apple News Plus could perform incredibly well. "We anecdotally heard from Apple users that the inclusion of content like WSJ on Apple News+, even a lite/skinny version, sets up for a near immediate uptake of new services given attractive pricing," Morgan Stanley wrote in a note out Thursday evening. Apple News Plus costs just $9.99 per month and offers access to over 300 publications, versus the Wall Street Journal's direct subscription price of $32.99 per month.
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