|Bid||15.90 x 2200|
|Ask||19.19 x 1800|
|Day's Range||18.86 - 19.35|
|52 Week Range||1.40 - 19.58|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov. 04, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||21.11|
(Bloomberg) -- Travis Kalanick sold 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake, bringing the total offloaded to $711 million this month.The 43-year-old entrepreneur sold $164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he disposed of stock worth about $547 million.The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with $300 million. A $400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at $5 billion, the Wall Street Journal reported last week.His remaining 4.2% stake in Uber is valued at $1.9 billion, or less than two-thirds of his $3.4 billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a 6% stake at the time of its May initial public offering.Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.Uber shares fell 3.9% on Nov. 6 when its lockup expired. Beyond Meat Inc. has done even worse, falling 22% since its lockup ended. Shares in Avantor Inc., Fastly Inc. and Luckin Coffee Inc. all rose Wednesday when their restrictions were lifted.To contact the reporter on this story: Tom Metcalf in London at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Goldman Sachs Group Inc.’s bets on four companies delighted investors a quarter ago. This time around, they’re inflicting about $260 million of pain.Those losses are driven by investments made for its own account in Uber Technologies Inc. and Avantor Inc., which both slumped in the third quarter. The ride-hailing company has seen a third of its market value erased after a woeful public-market debut, while Avantor lost 23% in the same period. That led to hits of more than $100 million each for Goldman.Goldman was barred from selling its holdings in the companies immediately after they went public, as is typical for private investors. The size of the positions was derived from filings and company disclosures. A spokeswoman for Goldman Sachs declined to comment.Gains from investments with its own money are sometimes Goldman Sachs’s biggest profit driver, and executives have argued they showcase a core skill of the firm that should be valued by shareholders. But some analysts and investors have pointed to quarterly volatility in its Investing & Lending division as a reason to discount those profits. The swings in these marquee holdings may add to that perception.“The ‘I’ in the I&L can still be chunky and difficult to forecast,” said Mike Mayo, a senior bank analyst at Wells Fargo & Co. “It’s certainly a headwind in the quarter.”Mayo recently lowered his estimates and is now forecasting a 30% drop in investing and lending revenue from the second quarter. Goldman Sachs is unique among banks in the scale of its principal investments, with a $22 billion equity portfolio. Executives have said they plan to move their merchant banking units more toward managing client money and away from making bets with the firm’s money.The investment bank credited Uber and Avantor, along with Tradeweb Markets Inc. and online recruiter HeadHunter Group Plc, with lifting results in the second quarter. The firm said its positions in companies that went public in the second quarter generated about $500 million dollars in gains. That was mostly driven by a special one-time gain from Tradeweb.Tradeweb also declined 16% in the period, but that loss was mitigated by a similar advance in HeadHunter.The four holdings made up 55% of the company’s $2.6 billion public investment portfolio as of June 30, Chief Financial Officer Stephen Scherr said in July. Banks sometimes discount a holding’s value if the stake is large or would prove difficult to quickly divest.Goldman got in early on Uber, investing when the venture was just starting to expand. That allowed the bank to ride big gains as the company’s valuation exploded in recent years. It holds roughly 10 million shares of Uber.Avantor, a chemical maker for the life-sciences industry, has also been a big money spinner for Goldman. The bank and its client scored more than $400 million in proceeds from Avantor’s initial public offering in the second quarter, as well as merger advisory work before that.Goldman isn’t alone in facing pain from investments in newer companies after years of gains. Jefferies Financial Group Inc.’s third-quarter earnings took a hit from WeWork’s dropping valuation as the investment bank had to mark down its stake.To contact the reporter on this story: Sridhar Natarajan in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Dan Reichl, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- WeWork Cos. is close to naming JPMorgan Chase & Co. and Goldman Sachs Group Inc. to lead its initial public offering next month, while sweetening the fees it pays banks, according to people with knowledge of the talks.The office-sharing venture is expected to award JPMorgan the coveted first -- or lead left -- position in its syndicate of banks handling the deal, according to the people, who asked not to be identified because the negotiations are private. The terms and the hierarchy of the full banking group involved aren’t yet formalized and could change, the people said.The fee pool for WeWork’s IPO -- which at a target of roughly $3.5 billion would be the year’s second-largest offering -- has inched higher in recent days as the company sets up a $6 billion debt-financing package that would fall into place only if the listing is a success. That unusual pairing of transactions is designed to diversify the funding sources of WeWork’s global expansion.Earlier this week, WeWork was poised to carve out 2.5% to 3% of the total money raised via the IPO to pay underwriter fees. That portion under discussion has since climbed to 3.5%, according to the people -- though that, too, is in flux.Representatives for WeWork, JPMorgan and Goldman Sachs declined to comment.The New York-based venture, which rents furnished office space to companies and freelancers, has been looking for ways to grow, potentially investing in a broad array of businesses and properties. Its push for billions of dollars in additional financing is likely to prove more lucrative for WeWork’s bankers than just handling its stock sale, people with knowledge of the lending terms have said.The firm is seeking to borrow $2 billion through a letter-of-credit facility and $4 billion with delayed-draw term loan, those people said. Banks will have to make good on their commitments only if at least $3 billion is raised in the IPO. The lenders would receive upfront fees equal to about 3% of their final commitment.Uber Technologies Inc.’s $8.1 billion IPO in May ranks as 2019’s largest globally, followed by Avantor Inc.’s $2.9 billion listing that month.\--With assistance from Michelle F. Davis and Eric Newcomer.To contact the reporters on this story: Sonali Basak in New York at email@example.com;Gillian Tan in New York at firstname.lastname@example.org;Sridhar Natarajan in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;Alan Goldstein at email@example.com, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- WeWork Cos. is looking to go public in September, people familiar with the company’s plans said, in what’s expected to be the second-biggest initial public offering of the year.The company is targeting a share sale of about $3.5 billion, though that amount may change, said one of the people, who asked not to be identified because the plans were private.The New York-based company, which rents office space to workers, has said it submitted its paperwork confidentially to U.S. regulators in December. WeWork plans to to discuss its business with analysts on July 31, the person said.WeWork declined to comment on the plans. The intended timing of the IPO was reported earlier by the Wall Street Journal.SoftBank Group Corp. is WeWork’s largest backer and has valued the unprofitable business at $47 billion.WeWork has been in talks to secure a credit facility, originally $2.75 billion -- a figure that was expanded to as much as $4 billion, people with knowledge of the discussions said this month. The company is now in talks to increase that amount to as much as $6 billion in what would be an asset-backed and highly structured financing, one of the people said.Uber Technologies Inc.’s $8.1 billion IPO in May ranks as the biggest of 2019. A WeWork offering of $3.5 billion would put it ahead of diagnostic equipment maker Avantor Inc.’s $2.9 billion listing in May, currently the second-biggest for the year globally.(Updates with IPO target amount in second paragraph)To contact the reporters on this story: Ellen Huet in San Francisco at firstname.lastname@example.org;Gillian Tan in New York at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, ;Alan Goldstein at email@example.com, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.