Why Lyft Stock Is Falling Today
Shares of the ride-hailing company Lyft (NASDAQ: LYFT) were hitting the brakes today after an analyst threw cold water on speculation that Lyft may be the target of a takeover bid yesterday.
Bank of America analyst Michael McGovern said that "recent speculation may be more hype than substance" concerning any automakers wanting to buy Lyft, and investors responded by pushing Lyft's stock down by 5.2% as of 11 a.m. ET today.
Speculation that Lyft might be acquired appeared to have started on Twitter, with an account saying that Ford Motor Company and General Motors were considering purchasing the company.
Source Fool.com
