What does it mean when a Lyft stock trader says ‘the market is in the hands of God’?
Lyft stock is trading down about 17% this morning, after the firm said it expects its earnings to be higher this year than expected and said it plans to make more money than it did last year.
The stock fell as much as 12% in the last trading day, according to data from FactSet.
Lyft’s stock plunged after President Donald Trump signed an executive order that suspended the U.S. refugee program for 120 days, and the company is looking to cut back on its workforce.
Lyft shares have lost about $100 billion this year.
Lyft stock was trading up about 2% this year, but the stock fell to a record low at $8,600 last week.
Lyft’s stock fell about 2%.
Lyft stock dropped in 2016 when the company said it would stop accepting ride-sharing applications.
The company has been trying to diversify its revenue stream with new services and products, including a new app, a virtual private jet and new autonomous vehicles.
Lyft stock also has been struggling with a high cost of doing business and an increase in customer dissatisfaction.
Lyft has been losing money since 2017, when it reported losses of $6.6 billion.