|Bid||48.82 x 1400|
|Ask||49.00 x 800|
|Day's Range||48.23 - 51.56|
|52 Week Range||47.17 - 88.60|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
A major sell-off in Lyft (LYFT) stock was expected after its lock-in period ended on August 19. However, the stock fell just 1.5% on Monday.
A Yahoo Finance investigation reveals a lobbying campaign on behalf of big tech to stop data privacy bills this year in at least 13 states.
Cars, bikes. scooters and now electric mopeds. The latest shared mobility play is Revel, which has a fleet of electric mopeds in Brooklyn, Queens, and Washington, D.C.
(Bloomberg) -- WeWork’s IPO prospectus lacks the information needed to create a financial model of the company, according to an analyst who specializes in new listings.The We Co., which is expected to raise about $3.5 billion in what would be 2019’s second-biggest initial public offering, must have put in a great effort to conceal the unit economics underlying the coworking space provider, said Triton Research Inc. Chief Executive Officer Rett Wallace.“The prospectus is a masterpiece of obfuscation,” he said in an interview. “If the underlying facts were positive, why would a company go to so much trouble to prevent you from understanding them?”Using what it calls an obfuscation index as one component of its ratings, Triton has built a strong track record predicting the winners and losers among technology IPOs. Since January 2018, listings that won an above-average score from Triton have risen about 92% from their offering prices, nearly triple the return of those scoring below average.IPOs with the highest Triton scores include standouts Elastic NV, Smartsheet Inc. and Anaplan Inc., while post-listing duds such as Sonos Inc., Dropbox Inc. and Lyft Inc. rank among the low scorers.Triton sees high levels of obfuscation in WeWork’s filing. For example, the company stops counting sales and marketing expenses at a given location once it’s been open for two years -- but the spending doesn’t actually stop after that. Instead, it counts as an operating expense, Triton said.A representative for New York-based WeWork declined to comment.Opening DatesWeWork’s filing doesn’t disclose the dates of when its locations opened or when the spending at a given location will switch into the operating expense bucket, according to Wallace. Like some government agencies, WeWork labels some compensation as investments.“When you make it impossible for people to have data-driven conviction, then everything is just sentiment,” Wallace said. “Sentiment can come and go, especially in a volatile tape like this.”Read more: WeWork IPO May Polarize Wall Street Into Warring Camps, MKM SaysThe lack of disclosure becomes even more apparent when contrasted with other IPO filings that are more direct, he added.“When companies fight you on understanding the basic proposition of the mousetrap, it’s always bad. People who have good mouse traps say, ‘This is the thing: You put the cheese in, the trap is designed to never break your thumb, and it catches mice nine times out of ten.’”Read more: WeWork IPO Shows It’s the Most Magical Unicorn: Shira OvideTo contact the reporter on this story: Drew Singer in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Lyft Inc. shares dropped sharply at the market open on Monday, but then quickly recovered, as some early investors got their first opportunity to sell the stock.Shares of the ride-hailing operator fell as much as 3.7% to $50.51, before gaining as much as 2.1% in New York. A block of 1.04 million in Lyft Class A shares, or about 2.6% of float, traded at a market value of $53.7 million at 9:30 a.m., according to Bloomberg data. The performance compares to the S&P 500, which rose more than 1%. The company had estimated that about 258 million Class A shares may become eligible for sale at the market open on Monday.To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Brad Olesen at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Midwestern money manager O’Brien-Staley Partners acquired hundreds of New York City taxi medallion loans, becoming a major player in an industry upended by Uber and Lyft.O’Brien-Staley, founded by two former Cargill Inc. executives, bought performing loans secured by more than 400 medallions from Signature Bank, according to regulatory filings and interviews. That equals roughly 3% of the 13,587 medallions that are either in use or storage, according to the New York City Taxi and Limousine Commission.Lenders such as Signature and Capital One Financial Corp. have suffered losses on medallion loans as taxi ridership and revenue plummeted in the face of competition from ride-hailing services Uber Technologies Inc. and Lyft Inc. That has left many cab drivers swamped by debts they can’t repay.With regulators investigating allegations of predatory lending, medallion prices have fallen as low as $110,000 from roughly $1 million at the start of the decade. Banks that haven’t budged on price may become more willing to sell their loans to private equity and hedge fund firms.“There are other players resurfacing,” said Matthew Daus, an attorney at Windels Marx who formerly served as commissioner of New York’s taxi and limousine bureau. Some banks “may cut their losses once and for all.”Unloved CreditsSusan Turkell, a spokeswoman for New York-based Signature, confirmed in an email that the bank made a bulk sale of performing loans to O’Brien-Staley earlier this year, representing more than 400 medallions. Signature’s second-quarter financial report disclosed the sale of about $46.4 million in loans tied to medallions and $4.6 million in repossessed medallions.E. Gerald O’Brien, chief investment officer at O’Brien-Staley, declined to comment. The former head of global loan portfolios at CarVal Investors, a credit investment unit at Cargill, O’Brien co-founded the firm in 2010 with Warren Staley, a former Cargill chief executive officer.O’Brien-Staley’s website says it specializes in “unloved” credits. The firm had about $1.3 billion of regulatory assets under management at the end of last year. It now ranks as one of the largest lenders against medallions, said Andrew Murstein, president of Medallion Financial Corp., which originates and services taxi loans.“It is another positive sign for the industry that another fund with a successful track record believes that medallions are a good investment,” Murstein said in an email.To contact the reporter on this story: Miles Weiss in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Mirabella at email@example.com, Vincent Bielski, Melissa KarshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Some early investors in the ride-hailing company Lyft Inc., one of the most anticipated yet disappointing IPOs of the year, will get their first opportunity to sell shares on Monday.The lockup expiry was brought ahead from Sept. 24, as the original date would have fallen within Lyft’s blackout period ahead of third-quarter earnings.Lyft estimated that about 258 million Class A shares may become eligible for sale at the market open on Aug. 19. The company had 280 million Class A shares outstanding as of July 31, according to Bloomberg data. Including Class B shares, equity award plans and restricted stock units, the total diluted number of shares stood at about 341.5 million. The company’s shares gained as much as 1.8% in New York on Friday.In a report published after Lyft’s earnings on Aug. 7, DA Davidson analyst Tom White said the company’s co-founders Logan Green and John Zimmer will not be selling shares at the time of the lockup expiry.Lyft’s latest quarterly results, which surpassed expectations, outshone larger rival Uber Technologies Inc., which reported a “messy” quarter, analysts said. Lyft shares have fallen 12% since reporting earnings on Aug. 7, while Uber shares have dropped 20% since reporting its earnings a day later.(Adds details in third paragraph, updates shares in fourth paragraph.)To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- I confided to a colleague that the WeWork Cos. IPO filing on Wednesday reminded me of a lower-stakes Mueller report. Truly.It was good for WeWork, as it was for President Donald Trump, that the public had a chance over years to process in small doses the wild events described in those very different tomes.Without the history of WeWork reporting from Bloomberg’s Ellen Huet and many others, it would have been stunning to see for the first time the massive growth and losses of an office-leasing company on steroids, its Russian-nesting-doll corporate structure, the string of WeWork’s eyebrow-raising financial arrangements with its CEO, the company’s outlandish mission statements and its history of questionable spending and investments.We had time to digest WeWork in all its WeWork-iness, and for the shock to settle in.Let’s be clear, though: This company is profoundly shocking, and odd. It is at once perhaps the most controversial member of the last decade’s “unicorn” era of richly valued startups, and the one that perfectly encapsulates this moment in financial history. WeWork is so unicorn, it hurts.Historically, brand new tech companies tended to follow an established pattern. They created something or found ways to make a niche product accessible to the masses. The pioneers of Silicon Valley created computer chips first for government or military purposes and then for more widely useful equipment such as radios and smartphones. Bill Gates and others made computers useful and cheap enough for everyone. Google made software that organized the sprawling digital world. For the most part, these companies were treading on terra incognita. The big change in the last decade was that new companies started busting into established industries with the aid of unprecedented amounts of cash, at least a little technology and a spin on a conventional strategy.Uber Technologies Inc., Lyft Inc. and others took the idea of matching people with drivers for hire and added the twist of letting just about anyone become an ersatz professional driver. A boatload of companies are creating brands of sneakers, mattresses and luggage and trying to cut out the retail store middlemen. Young companies are buying houses for resale as a replacement for the inefficient home-buying process. Technology changes make all these ideas possible, although in many cases tech isn’t the point of differentiation. What’s new is the freedom, and mountains of cash from outside investors, to try shaking up old ways of doing things. It doesn’t usually matter if businesses are run on the knife’s edge of irrational in the short term, or if corporate conventions are cast aside, as long as the opportunity is big enough.WeWork’s “superpower,” to use a term apparently favored by its CEO, is taking those hallmarks from the unicorn era to their absolute extreme. It rents office space under long-term contracts, gussies it up and charges a markup for flexible, shorter-term rentals. It’s not a new idea, but WeWork does this to the max, to the point where its revenue barely exceeds its basic expenses to serve tenants. At the same time, it is lavishing cash on buying buildings and expanding into every country it can. Adam Neumann, WeWork’s co-founder and CEO, once said his company’s valuation was based on “energy and spirituality,” but the mystics won’t help pay the $47 billion in cold cash that WeWork owes its landlords in coming years.WeWork also takes up a notch the Silicon Valley habit of empowering founder-CEOs. Neumann runs the company, controls it through a special type of stock, has leased to the company several buildings he has owned, borrowed hundreds of millions of dollars backed in part by WeWork shares, seems to be lowering his taxes through a recent WeWork reorganization, and his wife will have a significant say in his successor if he dies or is incapacitated. Take that, Mark Zuckerberg. WeWork, Uber, Airbnb Inc. and other young companies founded in the last decade or so have absolutely helped shift what people and businesses expect of their products and services and forced every conventional industry to change what it does or risk death. The unicorn disruption is real and mostly healthy, although it remains unclear how many of the unicorns will thrive beyond the shake-ups they sparked. WeWork is the inevitable outcome of the last decade of technology and financial development. The unicorn era could only have led to this. A version of this column originally appeared in Bloomberg’s Fully Charged technology newsletter. You can sign up here.To contact the author of this story: Shira Ovide at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Kathleen Smith, Renaissance Capital Manager of IPO ETFS, talks to Yahoo Finance’s On The Move about the upcoming WeWork IPO.
WeWork parent The We Company shares some unflattering financial characteristics with Lyft that were revealed in its prospectus this week and could damp appetite for the IPO. That's according to IPO Edge Editor-in-Chief John Jannarone, who spoke to Cheddar TV about the workspace company's deepening losses and poor corporate governance. After reviewing the filing with […]
If you heard that Lyft had a monster quarter and Uber a dud last week, you may be surprised to learn that both stocks traded essentially flat for the week. It won't always be that way.
(Bloomberg) -- Uber Technologies Inc. shares, which have spent more time below their recent IPO price than above it, fell to a record low Wednesday, as market sentiment broadly soured on fears of a global slowdown and amid lingering disappointment with last week’s second-quarter report, according to analysts.The stock dropped as much as 6.5% to $34.10, the lowest price since its May debut, as major averages slumped 2%. Uber has lost 24% of its value since it began trading, with much of that slide occurring in the week since its earnings, which came on the heels of a better-than-expected report from ride-hailing competitor Lyft Inc. Uber, by contrast, missed revenue expectations and posted a $5.24 billion net loss, its biggest ever.“Frustrations with limited details surrounding forward-looking guidance and questions on how currencies pressure top and bottom line in the future” are also weighing on the stock, Cross Research analyst Steven Fox said in an email. He has a hold rating on Uber.Still, analysts remain broadly bullish on the company’s prospects. At current levels, Uber is trading about $17 below the $52 average price target from analysts surveyed by Bloomberg, suggesting it could climb 50% in the next year. For Lyft, which fell 5.3% Wednesday, analysts see a potential gain of 34% in the next year, according to data compiled by Bloomberg.To contact the reporter on this story: Tatiana Darie in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.