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...

(Click on image to enlarge)

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 wins underwriter of the year award for screwing its clients out of the gate

— zerohedge (@zerohedge) May 10, 2019

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."

How long til $UBER sues short sellers

— Quoth the Raven (@QTRResearch) May 10, 2019

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

The biggest money-losing companies to IPO haven’t fared well in public markets

Uber will be #1 - biggest money-loser ever at the time of its IPO -when it debuts tomorrow. $LYFT is #2

Via @IPOtweet IPO pro pic.twitter.com/vekqlR4BQP

— Deirdre Bosa (@dee_bosa) May 9, 2019

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

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And as one wit noted:

Maybe people aren’t buying the Uber IPO because they’re waiting for the WeWork IPO

— Hipster (@Hipster_Trader) May 10, 2019