Jim Cramer reveals that the coupling of an escalating trade war with China and Uber's IPO fiasco led to the market's dip.
"Whenever there's a huge, highly visible initial public offering that implodes, it discredits the entire asset class," thehost said. "That's exactly what happened after the failed Facebook IPO in 2012. It's happening again right now."
"You're supposed to come public when your business is red hot. But Uber waited too long," he said. "The ride-sharing company's growth has been slowing for a while now, and they just had another decelerating quarter." IPOs are usually tailored toward big institutions where money managers buy most of the shares in the actual deal. That's followed by individual investors, who bid up the sock in the aftermarket, Cramer said.
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