UBER - Uber Technologies, Inc.

NYSE - NYSE Delayed Price. Currency in USD
-0.20 (-0.70%)
At close: 4:00PM EST
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Previous Close28.69
Bid28.56 x 1200
Ask28.58 x 4000
Day's Range28.27 - 28.84
52 Week Range25.58 - 47.08
Avg. Volume21,220,384
Market Cap49B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-2.95
Earnings DateNov. 4, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est43.79
  • Uber Files U.K. Court Appeal Over Loss of London License

    Uber Files U.K. Court Appeal Over Loss of London License

    (Bloomberg) -- Uber Technologies Inc. appealed a U.K. regulator’s decision to revoke its license in London, fighting back against a move that could put its biggest market in Europe at risk.Transport for London last month denied Uber a new operating license, saying the firm had failed to adequately verify drivers’ identities and safeguard the service for passengers. The ride-hailing app’s appeal could take years and it will be able to continue operating in the meantime.“We are committed to Londoners and are working closely with TfL to address their concerns and requests, as we have since 2017,” Jamie Heywood, Uber’s regional general manager, said Friday in a statement.“When it comes to safety on our platform our work is never done and we will keep listening, learning and improving,” he said.At least 14,000 trips involved drivers who weren’t who they said they were, the regulator said in a statement last month. One driver found exploiting Uber’s app had already had a private hire license revoked by the regulator after it discovered the person had received a caution for distributing indecent images of children, it said.Chief Executive Officer Dara Khosrowshahi had called the decision to revoke the license “just wrong” on Twitter. Heywood had said Uber discovered a flaw in its app in May that allowed 43 people to make unauthorized trips and immediately informed regulators. Uber has since fixed the issue.\--With assistance from Amy Thomson.To contact the reporter on this story: Ellen Milligan in London at emilligan11@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: Alibaba, Beyond Meat, Cortexyme, Revolve and Uber

    The Zacks Analyst Blog Highlights: Alibaba, Beyond Meat, Cortexyme, Revolve and Uber

    The Zacks Analyst Blog Highlights: Alibaba, Beyond Meat, Cortexyme, Revolve and Uber

  • Uber submits appeal to regain London taxi licence

    Uber submits appeal to regain London taxi licence

    Uber submitted an appeal on Friday against a decision by London's transport regulator to strip the taxi app of its right to operate in one its most important markets, setting up a potentially lengthy legal process during which it can continue to take rides. Last month, Transport for London (TfL) refused to grant the Silicon Valley-based company a new licence due to what it called a "pattern of failures" on safety and security, the latest stage of a long-running battle with the authorities. Uber, which was also denied a licence by TfL in 2017 before a judge restored it on a probationary basis, said it had changed its business model over the last two years and would go further, as it lodged its appeal at Westminster Magistrates' Court.

  • Lyft launches rental option on app

    Lyft launches rental option on app

    Lyft Inc on Thursday launched a rental option on its app that will allow certain riders in San Francisco Bay Area and Los Angeles to rent cars, the ride-hailing company said on a blog post. The loss-making company and its larger rival Uber Technologies Inc have over the years relied on heavy subsidies to attract riders, and are also spending to expand into other areas. As rental companies gobble up more and more cars at discounted prices, margins of carmakers like General Motors are imploding, particularly in Sao Paulo, Uber's busiest city in the world.

  • GlobeNewswire

    SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Uber Technologies Inc. - UBER

    Pomerantz LLP is investigating claims on behalf of investors of Uber Technologies Inc. (“Uber” or the “Company”) (NYSE: UBER). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. The investigation concerns whether Uber and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

  • Bloomberg

    How’s Your Driving? If You Use an App Insurers Could Be Watching

    (Bloomberg) -- Apps that let you book a ride to work or borrow a car for your next vacation are feeding into a revolution in auto insurance -- while also raising some privacy red flags.Data on everything from how frequently a car is booked, the type of vehicle rented, the destination, the amount of time between making a reservation and the trip, how hard the driver slams on the brakes to how punctual and friendly a person is on the drive could all be fair game for the industry.Startups like Turo Inc. and BlaBlaCar believe they can take this information and use it to find new ways to assess risk and create new businesses tied to auto insurance.“It’s not so much about an individual’s story there, but at an aggregate level across millions of trips, patterns exist that actually predict risk,” Turo’s U.K. head Xavier Collins said in an interview.The famously staid and risk averse auto insurance industry is slowly finding ways to use new types of data analysis to help it make decisions about who to cover, how much to charge and which customers are most likely to leave for a competitor, said Ingo Blöink, a consultant in Germany who was previously the European director of Daimler Insurance Services.Sleeping BeautyA mix of telematics that measure a car’s performance and other publicly available records together with privately garnered “soft data” can be fed into a program to discern patterns. That can create a “microsegment” risk analysis that more finely slices who’s most likely to get into an accident or commit fraud, which could eventually replace most actuaries, Blöink said.“The industry is a sleeping beauty slowly waking up; they’ve not realized that there’s huge potential,” he said. “It will completely change the way risk will be underwritten in the next 10 years.”San Francisco-based Turo and France’s BlaBlaCar already have specialized arrangements with insurers -- Allianz SE, Liberty Mutual and Axa SA -- that offer tailored products to cover drivers who’ve borrowed another person’s car or used the service to transport someone else in their own car.The companies are part of a ride-sharing industry, led by the likes of Uber Technologies Inc. and Lyft Inc., that’s challenging traditional car ownership and rentals. Turo’s platform lets users lend personal cars to others. BlaBlaCar arranges carpools between cities.Privacy QuestionsAt an aggregate level, this type of data is “definitely something that’s of interest to us and we are exploring,” said Martin Hoff, Allianz Automotive’s head of product management and innovation, noting, however, that it isn’t being used currently. A record of good driving from such companies could help new drivers applying for auto insurance, he said.Still, sharing data with the insurance industry, which may already have a lot of information about a user, raises privacy issues, said Ioannis Kouvakas, a legal officer at Privacy International, a British charity that lobbies for privacy rights.It’s difficult to truly anonymize data, and companies could potentially reconstruct identities and use that information in invasive ways. Another big concern is whether customers are aware that they’re sharing data, he said.“There’s a lot of potential for abuse,” Kouvakas said in an interview, adding that people can rarely ever be sure of how their data is used.Consent NeededAllianz’s Hoff said the insurance industry is constrained by regulations on information they can use when assessing applicants, particularly in Europe.That’s largely thanks to the General Data Protection Regulation legislation that requires companies to inform people when their personal data is being used, letting them opt out or object, said Ian De Freitas, a partner at law firm Farrer & Co. who specializes in privacy law.But when identifying markers are stripped out and the data become anonymous, it’s no longer considered private, he said.Turo’s users currently consent to share data that lets the firm determine their likelihood of getting into an accident or making an insurance claim, identify unsafe driving behavior and conduct investigations and risk assessments.The firm’s privacy policy says that the company might collect aggregate data about its users to consider new features. Customers share their drivers’ license information, reviews, street address, employers, schools and location.Smarter InsuranceSimilarly, BlaBlaCar collects details about cars, biographical information, replies to surveys and reviews, and location.Last year, BlaBlaCar announced BlaBlaSure, an insurance product with Axa SA that targets ride-sharers. It’s been rolled out in France, with plans to make it Europe-wide, BlaBlaCar Chief Executive Officer Nicolas Brusson said in an interview. Eventually, this product will use data collected from BlaBlaCar users to help determine rates for new customers.“It seems pretty basic but when you get hundreds of data points from drivers saying a person is a great driver,” Brusson said. “It’s pretty powerful in terms of insurance pricing.”The company is collecting data and finding correlations between data points such as how someone’s driving is rated by other users, and the number of accidents. Customers must opt in to sharing their data with the insurance product, which is combined with information from other users and anonymized, he said.Drawing conclusions from the research to sell insurance is a few years off, Brusson said.“Long term, all these car-insurance products will be smarter because we have lots of data from the community,” he said.To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Vidya RootFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 5 Hottest IPOs of 2019

    5 Hottest IPOs of 2019

    2019 was one of the busiest years for IPOs, and the calendar was packed with big tech unicorns and popular consumer brands. Here are some of the hottest market debuts we saw this year.

  • Uber Freight to investors: 'There's a very clear path to profitability'
    Yahoo Finance

    Uber Freight to investors: 'There's a very clear path to profitability'

    Uber Freight has succeeded in modernizing trucking, but traditional companies are quickly adjusting to the competition.

  • Uber guarantees space for skis and snowboards with Uber Ski feature

    Uber guarantees space for skis and snowboards with Uber Ski feature

    Uber is launching a new feature aimed at skiers and snowboarders. The ride-hailing company said Wednesday that beginning December 17 an Uber Ski icon will pop up on the app that will let customers order a ride with confirmed extra vehicle space or a ski/snowboarding rack. Uber is launching the feature in 23 U.S. cities located in areas near mountain resorts, such as Anchorage, Boise, Boston, Eastern Washington, Flagstaff, Ariz., Grand Rapids, Mich., Green Bay, Wis., Lehigh Valley, Minneapolis-St. Paul, New Hampshire, Portland, Ore., Portland, Maine, Salt Lake City, Seattle, Upstate New York, Vermont, Wilkes-Barre, Scranton and Worcester, Wyo. Riders living in Colorado cities such as Colorado Springs, Denver, Fort Collins and the front range of the Rockies where numerous resorts are located will also have the feature.

  • Bloomberg

    Amazon’s Deliveroo Deal May Get Extended Antitrust Probe

    (Bloomberg) -- Amazon.com Inc.’s purchase of a minority stake in Deliveroo may get an extended review by U.K. antitrust regulators, who said the purchase could hurt competition by discouraging the American company from re-entering the British food-delivery market on its own.The Competition and Markets Authority will continue to review Amazon’s investment in the fast-growing startup unless they offered remedies to address competition concerns within five days. The investigation, which began in October, may go into a second phase and could eventually result in the blocking of the investment of around $500 million.Over the next four years, the food-delivery business is estimated to increase 12% a year, to $76 billion in 2022, according to investment firm Cowen Inc. While the U.K. market is competitive, Amazon’s size makes it a major force in any sector. The CMA said the deal might end Amazon’s interest, discussed in internal documents, in re-entering the British market through the purchase of another platform. It shuttered its Amazon Restaurants delivery unit in 2018.“Evidence examined in the CMA’s investigation indicated that Amazon has a strong continued interest in the restaurant delivery sector,” the regulator said Wednesday. “The CMA believes that Amazon’s investment in Deliveroo was strategic and that offering rapid food delivery is important to Amazon, and so it may have looked to invest in an alternative business absent the merger.”The original decision to investigate the deal was unusual for the CMA as it doesn’t typically review minority acquisitions. Fears of damage to competition may have been fed by previous mergers by tech giants that were let through by regulators, such as Facebook Inc.’s acquisition of messaging service WhatsApp.Amazon’s British Takeout Leaves an Unpleasant Taste: Alex WebbThere is a “real risk” that Amazon’s investment “could leave customers, restaurants and grocers facing higher prices” because of reduced competition, CMA Executive Director Andrea Gomes da Silva said in the statement.A spokesman for Deliveroo said the company is “confident” it can persuade the CMA the investment will “add to competition,” while an Amazon spokesman said Deliveroo should have “broad access to investors and supporters.”The decision may cause concern for the internet giant, which has already faced European hurdles.It closed its own U.K. food-delivery service in December 2018, with the U.S. unit following the same path several months later. Amazon was among the five big businesses singled out in December by the Labour Party, which said they “exploited, ripped off and dehumanized” their workers, just after regulators in Europe said over the summer that they would start looking into how tech companies protect customers’ privacy.Difficult DecisionsThe CMA has offered Amazon and Deliveroo the chance to avoid an extended probe if they offer changes to its competition worries. Alan Davis, a competition lawyer at Pinsent Masons, said it is “difficult to see immediately what remedies they could offer at Phase 1 to resolve the concerns.”The U.K. food delivery sector is dominated by three players, Just Eat Plc, Uber Technologies Inc.’s unit Uber Eats and Deliveroo. Competition between them is considered fairly fierce, making it difficult to make money. Deliveroo has never made a profit, losing 232 million pounds ($305 million) last year.Meanwhile, Just Eat, the U.K.’s biggest food deliverer by market share, has been in talks with Prosus NV about a possible bid for the firm. The company advised shareholders to reject Prosus’s latest 740 pence-per-share offer Tuesday, preferring them to stick to an all-share combination with Netherlands-based Takeaway.com NV.The CMA decision also puts the undisclosed rights that Amazon acquired as part of the acquisition in the spotlight.“The nature of the CMA’s concerns seems the rights that come with the minority holding,” said Josh Buckland, a competition lawyer at Linklaters. “One potential solution could be to relinquish those rights and stay on board as a minority shareholder.”It’s very likely that the deal would be referred to an in-depth investigation, Buckland said.The CMA also expressed concern about how Amazon’s investment might change the online convenience grocery delivery market outside food. Deliveroo is focused on food delivery, and supermarket chains may rely on it to deliver “ultrafast” groceries because their own logistics providers can’t meet the tight deadlines, the CMA said.“The CMA believes that both parties have major expansion plans in this area which would bring them in closer competition in the future,” the regulator said. “The merger would result in the combination of two of the largest and best established suppliers of online convenience groceries. Most competing grocery retailers that are trialing propositions in this market are reliant on a single logistics supplier” without the scale of either Deliveroo or Amazon.(Updates with comments and detail from seventh paragraph onwards.)To contact the reporter on this story: Eddie Spence in London at espence11@bloomberg.netTo contact the editors responsible for this story: Christopher Elser at celser@bloomberg.net, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • How Uber drains carmaker profits in Latin America's biggest market

    How Uber drains carmaker profits in Latin America's biggest market

    Like many Uber drivers in Sao Paulo, the ride-hailing app's busiest city in the world, Augusto Caio Pereira does not actually own or lease the car he nudges through the city's notorious traffic jams every day. Instead, he rents Brazil's best-selling car, the Chevrolet Onix hatchback, for 390 reais (£72.44) a week from Localiza Rent a Car, the country's largest rental company. Pereira lost his job at a law firm a few months ago, joining Brazil's 12 million unemployed.

  • Business Wire

    Uber CEO to Participate in a Keynote at the Barclays 2019 Global Technology, Media and Telecom Conference

    Uber Technologies, Inc. (NYSE: UBER) announced today that Dara Khosrowshahi, chief executive officer, will participate in a keynote at the Barclays 2019 Global Technology, Media and Telecom Conference on Wednesday, December 11, 2019. Mr. Khosrowshahi is scheduled to appear at 3:30 p.m. Eastern Time.

  • Bloomberg

    Uber Eats Veteran Joins OMERS Venture Capital Team in Europe

    (Bloomberg) -- OMERS Ventures, the venture capital wing of the Canadian pension plan, has hired former Uber Technologies Inc. executive Jambu Palaniappan to become a managing partner in its London office.Palaniappan spent nearly six years at Uber, most recently leading the expansion of Uber Eats in Europe, the Middle East and Africa, according to his LinkedIn page, and recently joined the board of Just Eat Plc. After an intense few years at the Silicon Valley startup, Palaniappan said he moved to London and began mentoring startups as he decided what to do next.The Ontario Municipal Employees Retirement System expanded its venture capital operations into Europe this year, setting up a 300 million-euro ($332 million) fund for early stage European technology companies. It’s part of a global expansion strategy for the Toronto-based pension giant and the firm opened a Silicon Valley office earlier in the year.“This isn’t about making rich people richer. This is about helping to build a retirement plan and provide access to venture returns to a larger group of people,” Palaniappan said in an interview. OMERS Ventures was started in 2011 in response to a dearth of startup funding in Canada following the last recession. It’s known for being among the first to invest in a resurgent wave of Canadian tech startups, including Shopify Inc., Hootsuite Inc. and Hopper Inc. The fund has invested more than 76 million euros in Europe so far in companies including WeFox, Resi, FirstVet, and Quorso.Investments in European tech companies are surging, helped by an influx of venture capital from North America and Asia, according to a report from Atomico last month. European tech companies are set to raise a record $34.3 billion in 2019, up from $24.6 billion last year. About $10 billion of that is coming from North America, up 72% from last year.OMERS’s European fund is led by Harry Briggs, who was previously a principal at Balderton Capital and founding partner at BGF Ventures. It also hired Turo Inc. co-founder and former LocalGlobe partner Tara Reeves this year.(Updates with commnets from Palaniappan in fourth paragraph.)To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.netTo contact the editor responsible for this story: Giles Turner at gturner35@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Former Uber exec Jambu Palaniappan joins Omers Ventures in Europe

    Former Uber exec Jambu Palaniappan joins Omers Ventures in Europe

    Earlier this year, Omers Ventures, the venture capital arm of Canadian pension fund Omers, outed a new €300 million fund aimed at European technology startups, having recruited local VCs Harry Briggs, Tara Reeves and Henry Gladwyn. Palaniappan joined Uber in 2012 when it was a 75-person startup focused primarily on the U.S. market.

  • Just Eat Rejects New Bid, Sticks With Takeaway.com

    Just Eat Rejects New Bid, Sticks With Takeaway.com

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Just Eat Plc has rejected Prosus NV’s higher bid saying that the latest offer still significantly undervalues the company.Prosus raised its offer for the U.K. food delivery firm by 4.2% to 740 pence-per-share offer on Monday. Just Eat advised shareholders to stick with an all-share combination with Takeaway.com NV in a statement on Tuesday.Just Eat’s stock has been trading above the offer price as shareholders hold out for a bigger premium. It closed at 781 pence in London trading on Monday valuing the company at about 5.3 billion pounds ($7 billion).Analysts at Liberum said that the offer undervalued the company and was likely to be rejected by shareholders, while other analysts said Prosus’s bid could put pressure on Takeaway to bump. Cat Rock Capital Management, which owns shares in both Takeaway and Just Eat, has said a Prosus cash bid would need to be 925 pence to compete with the merger.Read more about what analysts are saying here.The Just Eat board recommends the Takeaway offer, which is “based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group and, based on its own analysis, will deliver greater value creation to Just Eat Shareholders than the Prosus Offer of 740 pence per share in cash,” the company said in the statement.What Bloomberg Intelligence SaysProsus’ unsurprising increased hostile cash offer for Just Eat of 7.4 pounds a share from 7.1 pounds, still doesn’t make it irresistible to shareholders, as it denies the potential growth of a combined Just Eat-Takeaway.com. Sweetening from both sides is possible, even after Dec. 27, in our view, with the new offer 5% below the U.K. online food-delivery leader’s last share price.\-- Diana Gomes, BI technology analystJust Eat May Get Sweeter Combo Takeaway.com Offer to Defy RivalsWhile the Takeaway.com deal values Just Eat shares at about 694 pence, the merger would create a sizeable European food-delivery company to compete with the likes of Uber Eats. Just Eat shareholders would own about 52% of the newly combined company.Shareholders have until Dec. 27 to accept Prosus’s new offer. Prosus needs investors with more than 50% of shares to agree to the deal for it to go through.(Updates with analyst comments from the fourth paragraph)To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.netTo contact the editor responsible for this story: Giles Turner at gturner35@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Just Eat Investors Deserve a Bigger Slice of the Pie

    Just Eat Investors Deserve a Bigger Slice of the Pie

    (Bloomberg Opinion) -- Prosus NV’s latest bid to acquire food delivery specialist Just Eat Plc was still little more than an appetizer.The Amsterdam-based technology investment firm raised its offer a measly 4.2% to 740 pence-per-share, while lowering the acceptance threshold to 50%. It had little alternative but to increase the value of its proposal: the recent recovery in shares of counterbidder Takeaway.com NV meant that company’s all-stock offer had closed the gap to Prosus’s cash bid, while offering the potential for more upside from the combined entity. The new bid, which was unanimously rejected by the Just Eat board on Tuesday, nonetheless increases the pressure on the Takeaway.com bid as it nears its Dec. 11 deadline for investors to tender their Just Eat stock.Just Eat shares have been trading above 780 pence, higher than both offers. Investors are still expecting a main course — in the form of more generous bids — and they’re right to do so. Takeaway.com’s initial offer back in July looked mightily opportunistic. It could think about giving Just Eat shareholders more of the combined company, up from the current offer of 52%. Prosus’s net cash position means it has plenty of scope to return with a higher bid.Even with the new bid, Just Eat still looks cheap. The Prosus offer values it at just 22 times predicted 2020 Ebitda. Takeaway.com and U.S. peer GrubHub Inc. are valued at 60 times and 32 times forward earnings respectively. Both of Just Eat’s suitors should be able to offer more without riling their own investors.For sure, the British firm has its problems. It faces heightened competition in its home market from Uber Technologies Inc.’s food delivery arm and Deliveroo, which is seeking regulatory approval for a massive cash injection from Amazon.com Inc. It’s also been slow to build out captive delivery networks, which can help attract new restaurants and foster growth (albeit at the cost of short-term profitability).But there’s a reason that the bun fight is over Just Eat, rather than Deliveroo, which has been up for sale at various times over the past 18 months. Just Eat enjoyed an operating profit of 124 million pounds ($163 million) on sales of 780 million pounds last year, while Deliveroo endured a 257 million-pound loss on revenue of just 476 million pounds. Yet the smaller firm was still seeking a valuation of more than 4 billion pounds in its most recent private fundraising round.With each passing month at the center of the takeover scrap, Just Eat risks losing out to its rivals, not least because it has yet to appoint a permanent CEO after the departure of Peter Plumb in January. If neither bidder emerges victorious by their respective deadlines (Dec. 11 for Takeaway.com; Dec. 27 for Prosus), then perhaps the U.K.’s Takeover Panel will step in to create a formal auction and seek final bids.As it stands, Just Eat investors have good reason to ask for a bigger sweetener.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • SoftBank May Sell Alibaba Stock to Fund Buyback, Jefferies Says

    SoftBank May Sell Alibaba Stock to Fund Buyback, Jefferies Says

    (Bloomberg) -- The slump in SoftBank Group Corp.’s shares could prompt Masayoshi Son to play an ace card -- cashing in part of his stake in Alibaba Group Holding Ltd.Son is likely to sell Alibaba stock to help pay for another buyback in an attempt to bolster SoftBank shares, according to Jefferies Group analyst Atul Goyal. It’s a surprise the Japanese technology giant’s shares are “languishing” despite its large stake in Alibaba, Goyal wrote in a note. The shares have become “decoupled,” and SoftBank is seeing little upside from its holding, he said. SoftBank’s stock is up 16% this year, while Alibaba’s has surged 45%. SoftBank’s market cap is about $82 billion, though its Alibaba shares alone are worth about $128 billion.SoftBank’s February announcement of a record 600 billion yen ($5.5 billion) buyback sent its shares to a peak in April, but the stock has since lost most of the gains. Investors have been spooked by the one-two punch of Uber Technologies Inc.’s plunge after an initial public offering in June and WeWork’s meltdown that forced a bailout by SoftBank. The poor performance of Son’s two marquee investments called into question the billionaire founder’s deal-making approach just as he’s trying to raise a successor to his $100 billion Vision Fund.As the current stock price is “well below” the average price paid in the stock repurchase earlier this year, “we will not be surprised if SoftBank Group funds yet another buyback, perhaps in February 2020, by selling some more stake in Alibaba,” Goyal said.SoftBank’s sale of part of its stake in the Chinese e-commerce giant earlier this year and using Alibaba shares as collateral for a loan indicate Son’s willingness for such a move, Goyal said. In addition to buybacks, proceeds could be used for investment in the second Vision Fund, the analyst said.Responding to criticism about his reluctance to exit successful investments, Son in June 2016 unveiled a plan to sell 73 million American Depositary Shares in the online mall operator. The complex transaction, structured so that he could retain some upside if the stock rose, took three years to complete. SoftBank booked 1.2 trillion yen in pre-tax profit from the deal and still holds about 26% of Alibaba.To contact the reporters on this story: Kurt Schussler in Tokyo at kschussler1@bloomberg.net;Pavel Alpeyev in Tokyo at palpeyev@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, ;Edwin Chan at echan273@bloomberg.net, Peter Elstrom, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Uber nears deal for self-driving car simulation startup - The Information

    Uber nears deal for self-driving car simulation startup - The Information

    The report did not mention the deal terms but said the price mainly covered the cost of hiring the team behind the Silicon Valley-based company that makes the software used in autonomous driving. Uber's simulation software has suffered from various deficiencies and still has trouble predicting how its self-driving car prototypes will handle the real world, the report said, citing the source. Foresight did not immediately respond to Reuters request for comment.

  • Company News for Dec 9, 2019

    Company News for Dec 9, 2019

    Companies in the news are: ULTA, TSLA, UBER, YEXT

  • Amazon Faces U.K. Antitrust Decision to Allow Stake in Deliveroo

    Amazon Faces U.K. Antitrust Decision to Allow Stake in Deliveroo

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Amazon.com Inc.’s bid to buy into one of the U.K.’s most successful startups may get caught up in antitrust authorities’ fear that they made mistakes in the past.The Competition and Markets Authority has until Wednesday to decide whether to continue a two-month-old probe that froze Amazon’s bid of around $500 million for a minority stake in food-delivery service Deliveroo.“The CMA is very interested in tech giants extending their tentacles into other markets,” said Alan Davis, a competition lawyer at Pinsent Masons in London. Antitrust regulators “are paranoid about it at the moment because they are concerned they have not looked at these mergers enough in the past, like Facebook-WhatsApp.”Authorities were put off over Facebook Inc.’s change of position on how it handled data from WhatsApp, prompting EU officials to accuse the company of misleading them to win approval for the takeover in 2014. Big Tech is a flash point now for antitrust across the globe. In the U.S., there are probes into Google, Facebook and Amazon over allegations they unfairly hinder competition. The CMA is investigating how Google plans to use Looker Data Sciences Inc. data before approving that $2.6 billion takeover.While the CMA’s mission is in part to ensure big deals won’t hamper competition, it doesn’t usually investigate bids for minority stakes. It may have been moved to act this time because of Amazon’s access to an unending reservoir of data from its many businesses. And CMA’s Chief Executive Officer Andrea Coscelli has said that it was a mistake to allow deals like Facebook’s purchase of Instagram.“U.K. regulators may have some antitrust concerns with the proposed investment,” said Bloomberg Intelligence analysts Aitor Ortiz and Diana Gomes. “One of them could be whether Amazon could get access to Deliveroo’s user data, leveraging the delivery giant’s position in other markets besides on-demand restaurant delivery, such as online groceries.”Amazon, Deliveroo and the CMA declined to comment on the matter.Cut-Throat CompetitionThe food-delivery business is no stranger to the regulator’s attention. Two years ago the agency began investigating Just Eat Plc’s merger with a smaller rival Hungryhouse, eventually allowing it to go through because of the competition in the sector.Since then the delivery business has seen a wave of acquisitions and international expansion. Just Eat agreed to a 5 billion-pound merger ($6.6 billion) with Dutch firm Takeaway.com NV in July, while Uber Technologies Inc. was reported to be showing interest in Spanish startup Glovo. However, according to food-service consultant Peter Backman, competition in the sector remains strong.“It’s getting more intense because the pressure to get scale is becoming more intense,” said Backman, a former director of Horizons FS. “Although the market has gotten bigger, they are under huge pressure to become profitable.”Deliveroo has never turned a profit, losing 232 million pounds last year despite a 72% increase in global sales. A ruling against Amazon would be a setback for the U.K. company, which has already raised $1.53 billion in investor funding.In August, it was forced to make an abrupt retreat from Germany after struggling to get a grip on the market.For Amazon, the stakes aren’t as high, but if the CMA decision goes the wrong way, it faces yet another embarrassing exit from a market it has found difficult to crack. It closed its own U.K. food delivery unit Amazon Restaurants U.K. in December 2018, with its American counterpart following suite last summer.To contact the reporter on this story: Eddie Spence in London at espence11@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.