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US shares sink as market sell-off continues

Credit: BBC News- Published on December 6, 2018
Wall Street opens lower after London and other major European stock markets fall more than 2%.
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Credit: The Street
Published on December 6, 2018 -  12:51
'A Comedy of Errors:' Jim Cramer Likens the Market to a Shakespeare Play
Jim Cramer breaks down why he believes the market is having its Macbeth moment. Lyft's Going Public TheStreet contributor M. Corey Goldman reported that the San Francisco-based company announced on Thursday that it has confidentially submitted a registration statement for an IPO of its common stock with the U.S. Securities and Exchange Commission. The move is a first step toward becoming a publicly traded company. Lyft didn't specify how much it is seeking to raise or how much it believes it is worth, though it did state in June that it believes it is worth approximately $15.1 billion. The company also didn't specify the number of shares it plans to offer, or the price range for them. Following a $1.5 billion funding round last year, Lyft brought on board Kristina Omari as its first-ever vice president of corporate development and investor relations - a sign that it was looking to move toward being a publicly traded company. Facebook, Apple and Amazon Still Look Good to Cramer Facebook has had its fair share of drama recently, but Cramer still hasn't soured on it. TheStreet's Martin Baccardax reported on the most recent Facebook drama. Shares of the social media platform extended declines Thursday following the release of documents to British lawmakers that suggest the social media group had offered to sell data on users' friends to select companies as late 2015 and denied other competitors access to key platform information. The documents, which were based on high-level emails between company executives and published Wednesday by Damian Collins, a U.K. lawmaker who chairs Parliament's Culture, Media and Sports Committee, suggest Facebook used user data as a way to both grow its business and restrict rivals from stealing a march on its market dominance. Last month, Collins seized the documents from Six4Three, an app developer that is suing Facebook, after CEO Mark Zuckerberg declined to appear before his Committee's investigation into alleged Russian meddling in foreign elections. In one instance, the documents suggest, Facebook denied 'Friends' List' access to Vine, the video-sharing service, on the same day it was launched on Twitter Inc. (TWTR - Get Report) micro-blogging platform. Cramer also said that Amazon is "the best company in the world."

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