Stock Market News: Uber Co-Founder Sells 20 Million Shares; Is Apple Card Biased?
The stock market was open on Veterans Day, but investors had to deal with anxiety about whether hoped-for progress on the trade front between the U.S. and China will lead to any firm resolution. Protests in Hong Kong highlighted the ongoing tensions between the two countries, making it even more difficult to anticipate a solution in the near term. As of 11:30 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 116 points to 27,565. The S&P 500 (SNPINDEX: ^GSPC) fell 11 points to 3,082, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) moved lower by 25 points to 8,450.
In other the news, Uber (NYSE: UBER) co-founder Travis Kalanick reported a huge sale of the ride-hailing service's stock shortly after the company's post-IPO lock-up expiration had occurred. Meanwhile, Apple (NASDAQ: AAPL) faced criticism over the weekend about whether its Apple Card credit card product is discriminating against customers on the basis of gender.
Shares of Uber sank 2% as investors learned about sales of stock that the company's co-founder made last week. Following the company's lock-up expiration on Wednesday, Kalanick reported four different sale transactions, selling a total of more than 20.26 million shares. Based on weighted average prices that ranged from $26.65 to $27.40 per share, the sales would've generated proceeds of almost $547 million.
Source Fool.com
