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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 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 gemini horoscope cufflinks 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 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 gemini horoscope cufflinks 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 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.

“For Lyft to have that many shares on loan with that fee is notable,” IHS Markit analyst Sam Pierson said, “For an IPO there’s a lot of demand up front, but even within that framework this is fairly high.”, Still, short sellers did not appear to be the gemini horoscope cufflinks dominant force on Wednesday, The stock closed at $70, after earlier touching its $72 IPO price, It remained well below $88.60, its highest price so far, which it hit during Friday’s session, Lyft shares pared gains on Wednesday after The Wall Street Journal reported that billionaire investor Carl Icahn sold his roughly 2.7 percent stake in Lyft ahead of the IPO..

(Reuters) - Constellation Brands Inc said on Wednesday it would sell about 30 of its low-end wine and spirits brands to E. & J. Gallo Winery for $1.7 billion, as the Corona beer maker focuses on more profitable brands. In early February, the brewer said it was looking to sell some of its low-end wine brands, as it doubles down on more profitable high-end segment and shift towards beer and cannabis products that target a younger demographic. The deal primarily includes Constellation’s brands priced at or below $11 a bottle such as Clos du Bois, Ravenswood and Mark West and the related facilities. The company expects the deal to close at the end of the first quarter of fiscal 2020.

(Reuters) - Boeing Co said on Wednesday its chief executive, Dennis Muilenburg, had joined a test flight on a 737 MAX 7 jetliner for a demonstration of updated MCAS anti-stall software, The software is at the center of investigations in the crash of Ethiopian Flight 302 last month and a Lion Air accident in Indonesia five months earlier, Both involved the slightly larger 737 MAX 8 model, which features the same cockpit, During Wednesday’s test flight, gemini horoscope cufflinks the flight crew performed different scenarios to test failure conditions, Boeing said..

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