Tenaris SA
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Based in Luxembourg
Company profile

Tenaris S.A. is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products. It operates in geographical areas, such as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Its products and services include OCTG, Premium Connections, Rig Direct, Offshore Line Pipe, Onshore Line Pipe, Hydrocarbon Processing, Power Generation, Sucker Rods, Coiled Tubing, Industrial and Mechanical, and Automotive.

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Lyft's stock falls to record low

5:34 pm ET March 2, 2023 (MarketWatch)

By Levi Sumagaysay

Ride-hailing company's market cap is now almost sixfold less than what it was when it went public almost three years ago

Lyft Inc.'s stock closed at a record low Thursday, after also hitting its lowest intraday trading level ever.

The ride-hailing company's market capitalization is now almost sixfold less than what it was when it went public almost three years ago.

Less than a month ago, Lyft (LYFT)reported fourth-quarter results and an outlook that fell short of Wall Street expectations, causing its shares to tank 36%. Since then, the ride-hailing company's stock has closed lower in regular trading more times than it has closed higher.

Lyft shares closed the day down 1.2% to $9.78. They traded as low as $9.52 Thursday, an all-time low. Their previous record low, reached on Dec. 27, 2022, was $9.87.

Though the company last month reported record fourth-quarter revenue for the second quarter in a row, its first-quarter revenue forecast fell below the $1 billion analysts expected, and its executives signaled they would need to increase spending to remain competitive with the company's bigger rival, Uber Technologies Inc. (UBER).

Several analysts downgraded Lyft's stock and cut their price targets after the company's earnings call, with Wedbush analyst Daniel Ives calling it a "top 3 worst call we have ever heard."

This week, Bernstein analysts wrote: "Uber continues to take market share, with healthy incremental margins; investors worried about price competition from Lyft but for now we think risk is low, and view Lyft's actions as more of an effort to close the gap to Uber."

Lyft's stock is down 11% year to date and is off 75% from its 52-week closing high of $40.16 on March 29, 2022. Uber's stock is up about 34% so far this year.

Lyft, whose market capitalization after its initial public offering in March 2019 was $21 billion, now has a market cap of $3.57 billion.

-Levi Sumagaysay


(END) Dow Jones Newswires

March 02, 2023 17:34 ET (22:34 GMT)

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