|Bid||0.00 x 1000|
|Ask||0.00 x 900|
|Day's Range||81.96 - 83.23|
|52 Week Range||49.55 - 83.54|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||13.04|
|Earnings Date||Nov. 30, 2016 - Dec. 05, 2016|
|Forward Dividend & Yield||3.30 (3.97%)|
|Ex-Dividend Date||Oct. 23, 2020|
|1y Target Est||88.28|
(Bloomberg) -- Oil erased earlier losses with OPEC+ seeking more time to reach a deal on production policy after a meeting broke down without an agreement.Futures were 0.7% higher in New York, buoyed by a weaker dollar and a rally in equity markets. OPEC+ ministers will now meet on Thursday rather than Tuesday to allow more time to deliberate on whether to delay a planned increase in output from January. While some see the market as too fragile to absorb additional barrels, others are keen to pump more to take advantage of higher prices following Covid-19 vaccine breakthroughs.Asia’s recovery, meanwhile, gathered pace. Factory activity in some of the region’s biggest export-led economies including South Korea and China surged in November. The rebound highlights the uneven global demand picture OPEC+ is facing, with Europe and the U.S. grappling with a resurgent outbreak.OPEC+ talks have been complicated by oil’s biggest monthly gain since May and cracks have appeared in the alliance. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman signaled his dissatisfaction with the situation on Monday by telling others he may resign as co-chair of a committee that oversees the output deal.There had been some consensus building between ministers around keeping cuts for another three months, but friction has emerged with the United Arab Emirates on quotas, while Kazakhstan wavered on an extension. OPEC+ will probably have to make concessions that could be in the form of a shorter extension and then a gradual increase in production, Bob McNally, president of Rapidan Energy Advisors, said in a Bloomberg television interview.“Some kind of compromise is still very, very likely to be reached,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “The market doesn’t seem to be too worried about the whole thing. And the reason is of course that we are getting increasingly closer to the Covid-19 endgame.”OPEC+ is likely to agree on a face-saving compromise, with a short extension the probable outcome followed by a phased return of production, RBC Capital Markets analysts including Helima Croft wrote in a report. However, if cuts are eased, Brent oil prices are at risk of dropping back toward $40 a barrel and the market faces an oversupply of as much as 2 million barrels a day next quarter, Wood Mackenzie Ltd. said.See also: OPEC+ Needs to Keep Covid-19 Mask On a Bit Longer: Liam DenningGlobal fuel demand, meanwhile, still remains shaky. Indian diesel sales in November dropped year-on-year after a festive boost in consumption proved fleeting, while a slow Thanksgiving for U.S. gasoline demand is foreshadowing what will likely be a tough season for fuel producers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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(Bloomberg) -- DoorDash Inc., the biggest U.S. food delivery company, is seeking to raise as much as $2.8 billion in an initial public offering that’s part of an end-of-year U.S. listings rush.The San Francisco-based company said in a filing Monday that it plans to sell 33 million shares for $75 to $85 each. At the top end of this range, the company could be valued at about $32 billion, taking into account the outstanding shares listed in its filing, as well as employee stock options and restricted stock units.This valuation is an increase from when private investors valued DoorDash at about $16 billion in June. The company’s IPO price range could still change depending on demand for its stock on its roadshow with investors over the next week.DoorDash is currently planning to hold the IPO on Dec. 8, with its trading debut on the New York Stock Exchange the following day, said a person familiar with the matter who asked not to be identified because it wasn’t public. A representative for DoorDash declined to comment on that timing.DoorDash is part of a cadre of consumer-oriented, web-based companies led by home-rental platform Airbnb Inc. that have lined up IPOs for December. The group includes video-game company Roblox Corp., installment loans provider Affirm Holdings Inc. and ContextLogic Inc., the parent of online discount retailer Wish Inc.Pandemic BoomDoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO.When the company filed its prospectus earlier this month, it revealed a sharp jump in revenue this year and more surprisingly, a profitable quarter.For the first nine months of the year, DoorDash had $1.9 billion in sales, more than triple the $587 million during the same period last year. Its net loss narrowed to $149 million, compared with $533 million for the period in 2019.DoorDash was briefly profitable in the second quarter of this year -- at the height of the stay-at-home orders in major U.S. cities -- posting $23 million in profit.Co-Founders’ ControlAfter the listing, co-founder and Chief Executive Officer Tony Xu will hold almost 42% of DoorDash’s Class B super-voting shares, which have 20 votes each. He also has voting control over the rest of the 20-vote shares, which are split between his co-founders, Stanley Tang and Andy Fang. They will control about 79% of the voting power, according to the filing.SoftBank Group Corp.’s Vision Fund will be the largest outside investor, with 25% of the Class A shares. Venture capital firm Sequoia will own more than 20% and Singapore’s GIC Pte will own 10.5%, according to its filings. That will add up to less than 16% of the voting power because of the Class B shares held by the founders.DoorDash’s listing plans -- along with the entire app-based service industry -- got a boost in November, when California voters approved a ballot measure setting aside a state law requiring gig-economy companies to treat their drivers more like employees than contractors. Despite that victory, the company indicated in its filing that it could face further regulation or litigation that would affect its ability to keep its workers as less costly independent contractors.DoorDash’s offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Barclays Plc, Deutsche Bank AG, RBC Capital Markets and UBS Group AG. DoorDash is planning to list its shares under the symbol DASH.(Updates with planned date of DoorDash’s IPO in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.