Yahoo Finance China vows retaliation if Trump raises tariffs: Morning Brief
Thursday, May 9, 2019
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WHAT TO WATCH
The bar just got lower for Uber’s initial public offering, according to reports Wednesday.
The No. 1 ride-hailing giant is set to price its long-anticipated IPO on Thursday, with shares on track to begin trading on the New York Stock Exchange Friday.
As of Wednesday afternoon, Uber was on pace to price its IPO at or below the midpoint of its target range of between $44 and $50 per share, according to the Wall Street Journal. This band had already been lowered from a previously reported range of between $48 and $55 per share. A separate report from Bloomberg Tuesday had said that Uber had enough demand to price its IPO at the top of its targeted price range.
Assuming a $47-per-share IPO pricing, Uber’s fully-diluted valuation would be about $86 billion — down sharply from the as much as $120 billion valuation floated earlier this year.
Uber has reportedly pared down expectations for its IPO amid signals of a market less amiable to a new entrant — especially one with as high an implied valuation as Uber’s.
TOP NEWS
China vows retaliation if Trump raises tariffs: Ratcheting up tension ahead of talks in Washington, China vowed Thursday to defend its own interests and retaliate if President Donald Trump goes ahead with more tariff hikes in a dispute over trade and technology. [Associated Press]
Also: Trump says China 'broke the deal' in trade talks, will pay through tariffs [Reuters]
Novartis to buy Takeda eye drug assets: Novartis AG (NVS) agreed to pay $3.4 billion for eye-disease medicines that Takeda Pharmaceutical Co. (TAK) is selling to shed debt after its $62 billion acquisition of Shire Plc. [Bloomberg]
Disney's 2Q results top Wall Street expectations: Disney (DIS) reported fiscal second-quarter results that topped consensus expectations, but losses widened in its direct-to-consumer segment as the company continues to invest to become a leader in the streaming space. [Yahoo Finance]
Roku stock jumps after company reports strong results: Roku (ROKU) reported its Q1 2019 financial results on Wednesday beating analysts’ expectations. The streaming device maker reported $207 million in revenue versus analysts estimates of $190 million. [Yahoo Finance]
Walmart says it pays an average hourly wage that's double the federal minimum: Walmart (WMT), the largest U.S. employer, promoted hundreds of thousands of its workers to higher-paying jobs last year — and the average earnings of full-time associates are nearly double the federal minimum wage. [Yahoo Finance]
Also: Walmart hikes age to buy tobacco products, e-cigarettes to 21 [Yahoo Finance]
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