[By Jessica Bursztynsky]
Shares of Uber fell to fresh lows Thursday as investors continued to grapple with the rapid spread of COVID-19.
The stock dropped 12.35% to $23, falling below its previous intraday low of $25.58 on Nov. 6. The intraday low came amid a broader market sell-off, after a speech from President Donald Trump failed to ease concerns over a possible economic slowdown. The S&P 500 traded down 8.3%, while the Dow Jones Industrial Average slid 9.2%.
The World Health Organization on Wednesday declared the new coronavirus a global pandemic, after the deadly virus spread to more than 121,000 people from Asia, the Middle East, Europe and the United States.
“We’re deeply concerned both by the alarming levels of spread and severity, and by the alarming levels of inaction,” WHO Director-General Dr. Tedros Adhanom Ghebreyesus said at a press conference at the organization’s headquarters in Geneva. “We have rung the alarm bell loud and clear.”
Uber warned last week in an annual financial filing that “a pandemic or an outbreak of disease or similar public health concern, such as the recent coronavirus outbreak, or fear of such an event” could post a material risk to its business.