"This Is A Trainwreck" - Uber Opens Below IPO Price

Having IPO'd at $45 (raising around $74 billion), Uber's is the biggest IPO since Alibaba.

But this morning, faced with an ugly market background, Uber's indicative range has collapsed from around $48 to finally open at $42...popped, then traded back below the open...

Not an auspicious start (but of course, the asset-gatherers and commission-rakers will remind everyone that Facebook fell after its IPO before soaring).

"How did the bankers get this so wrong" exclaimed one CNBC anchor...

Cramer warned:  "They have to get it to 46 if UBER does not want to be the end of the unicorn era"

Morgan Stanley has to stabilize UBER IPO at $45 per the agreement; it is facing tens of millions in losses.

As one CNBC guest noted "this is a trainwreck."

Perhaps too many potential buyers took a look at this chart.

Meanwhile, LYFT is collapsing to new record lows...

And as one wit noted: