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Boeing Co capped gains on the Dow, with its shares dropping 1.5% after Baird said it expects Wall Street to cut earnings estimates “considerably” after the company reports delivery numbers next week. The numbers could reflect the 737-MAX groundings following the Ethiopian crash, Baird said. Advancing issues outnumbered declining ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored advancers. The S&P 500 posted 57 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 33 new lows.
OSLO (Reuters) - Boeing’s new MCAS flight control system for its 737 MAX aircraft appears foolproof, Norwegian Air Chief Executive Bjoern Kjos said on Wednesday after visiting the plane maker in Seattle, Kjos, a former fighter pilot, said in a series of tweets he had tested the old system versus the new one in a MAX simulator, More than 300 Boeing 737 MAX jets have been grounded worldwide after two fatal crashes best cufflinks in india in the past five months in Ethiopia and Indonesia killed nearly 350 people, Boeing said on Monday it planned to submit a proposed software enhancement package for the MAX in coming weeks, after previously saying it planned to deliver the fix for government approval by last week..
Kjos said he had tested the old and the new MCAS software “under a malfunction”, saying the new system seemed foolproof. “I hope the regulators will have safety in focus as always and not be directed by politics. I will gladly take my family on board a Norwegian MAX,” he added. Norwegian has 18 Boeing 737 MAX aircraft in its fleet and dozens more on order. The budget carrier has said it would seek compensation from the aircraft maker for the cost of leasing replacement planes while its own are grounded.
NEW YORK (Reuters) - What a difference a week makes, Lyft Inc has gone from IPO darling to short sellers’ best friend, Investors have ramped up bets against Lyft, which went public in an IPO priced on Thursday at the top of its already-elevated target range, even as borrowing fees became the most expensive in the market for shares in the ride-hailing service, More than 38 percent of Lyft’s 32.5 million publicly listed shares, valued at $856 million, were sold short by the end of Tuesday’s session, according best cufflinks in india to data from S3 Partners, S3 did not disclose Wednesday’s levels, Lyft raised $2.34 billion in its IPO..
In comparison, short-selling in Snap Inc, which was famously popular among shorts after its 2017 market debut, did not exceed 20 percent of its float until 10 weeks after its initial public offering. After rising as much as 23% on Friday in its first trading day, Lyft finished up 8.7 percent. Ahead of the offering, Lyft, which has warned it may never be profitable, had faced criticism for its dual-class share structure and its strategy for autonomous driving. Investor worries also include new laws aimed at increasing driver pay.
On Monday, Lyft’s second trading day, the stock opened lower and quickly lost ground, ending down 11.9 percent and below its $72 per share IPO price, “The shorting started on Friday, but once the stock dropped 10% in the first 15 minutes of trading on Monday, it became a momentum and technical short because it was such a quick and savage move,” said Ihor Dusaniwsky, head of predictive analytics at S3, Investors who sell securities short borrow shares and then sell them, in a bet that the best cufflinks in india stock price will fall, allowing them to buy the shares back at a lower price, return them to the lender and pocket the difference..
Tuesday was the first day short sellers could borrow shares in Lyft, the same day the company received its first “sell” rating from Wall Street. By Tuesday’s close, the cost of borrowing Lyft stock had risen to 101.4 percent of the amount borrowed on an annualized basis, according to S3. With a 39.9 percent borrow cost, MiMedx Group boasted the second biggest borrow fee for U.S. stocks with more than $50 million sold short, according to S3. By Wednesday afternoon, borrowing fees for Lyft shares had more than halved, but it was the most expensive stock to short in that group.
Lyft’s initial short interest outshone that of another recent market debutant, Levi Strauss, which went public on March 21, Short interest in Levi grew steadily for several days after the IPO but never reached the same best cufflinks in india level as Lyft’s, By April 2 about 2.4 percent of Levi shares were sold short, About 6.61 million Lyft shares with a market value of $455 million were reported as on-loan on Tuesday, according to IHS Markit Securities Finance issued on Wednesday, That firm sees borrowed shares as the best proxy for short selling..