34.85 -0.06 (-0.17%)
Pre-Market: 5:45AM EDT
|Bid||34.84 x 1000|
|Ask||35.12 x 4000|
|Day's Range||34.75 - 35.83|
|52 Week Range||32.92 - 47.08|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Aug.15 -- Southeast Asian ride hailing company Grab co-founders Anthony Tan and Hooi Ling Tan talk about how they bought Uber's ride-sharing business in Southeast Asia. They talk to Emily Chang on "Bloomberg Studio 1.0."
(Bloomberg) -- John Pipilis, the former head of fixed-income trading at Deutsche Bank AG, is in talks to join SoftBank Group Corp.’s giant investment fund in a senior position.Pipilis’s potential role would be head of financing at SoftBank Investment Advisers, according to two people familiar with the matter who asked not to be named because the talks are private. SBIA manages the $100 billion Vision Fund, the world’s biggest pool of technology investments, which holds stakes in WeWork, Uber Technologies Inc. and Slack Technologies Inc.The talks may not result in Pipilis being hired, the people said. Still, the discussions not only highlight how former traders from Deutsche Bank are reconvening at SoftBank, but also how the Japanese conglomerate is increasingly using financial structuring to help manage its growing tech portfolio.Pipilis, a veteran of the German lender until leaving amid its historic overhaul earlier this year, oversaw one of the world’s biggest fixed-income trading businesses, dealing in everything from derivatives tied to corporate and sovereign debt, currencies and interest rates to junk bonds and leveraged loans.Pipilis declined to comment, as did a spokesman from SoftBank.Deutsche Bank Chief Executive Officer Christian Sewing is cutting 18,000 jobs and retreating from risky trading businesses in the latest revamp of the Frankfurt-based lender, which has struggled over the years with legal and regulatory woes. The various overhauls have prompted the departures of a number of top staff.SoftBank has become home to a number of Pipilis’ former colleagues. Colin Fan, the former co-head of Deutsche Bank’s investment-banking unit, joined SoftBank in 2017, while Rajeev Misra, who built the German lender’s credit derivatives and trading business, is the Japanese company’s head of strategic finance and is in charge of the Vision Fund.Other former Deutsche Bank staff who now ply their trade at SoftBank include Akshay Naheta, Murtaza Ahmed, Munish Varma, Saleh Romeih, Faisal Rahman, Aamir Akram, and Ziyad Al Ashaikh.Unlike traditional tech investors, who buy equity stakes in startups, SoftBank has used a variety of investment strategies to fund its deals, from seeking lines of credit to using billion-dollar collar trades. Pipilis’s role may be to help the Vision Fund manage its debt, but also advise on fixed-income strategies for companies in its portfolio, one person said.\--With assistance from Sonali Basak.To contact the reporters on this story: Giles Turner in London at email@example.com;Donal Griffin in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Keith Campbell, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Bolt, the ride-hailing service formerly known as Taxify, said it has begun operating a food-delivery business in its native Estonia, and will launch in other European and African countries next year.Bolt Food will deliver meals from about 80 restaurants in the country’s capital of Tallinn, using the company’s existing network of thousands of drivers, the company said in a statement Wednesday. Bloomberg reported in March that Chief Executive Officer Markus Villig would consider bringing a food-delivery service “anywhere we have a market-leading position.”The Estonian company’s expansion follows significant consolidation of the food-delivery market in Western Europe. In August, Takeaway.com NV and Britain’s Just Eat Plc agreed on terms to combine their two businesses. Takeaway also agreed to acquire the German business of Delivery Hero SE for approximately 930 million euros ($1 billion) in December.Bolt has 25 million registered users across the 30 countries where it’s active, and hundreds of thousands of drivers working for its ride-hailing service, according to a spokesman. Villig said in March he’s confident the market will support his ambition to compete in the food-delivery space.The company raised $175 million in May last year at a $1 billion valuation, in a deal led by Daimler AG.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Stefan NicolaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Estonia's Bolt, a popular ride-sharing service in Eastern Europe and Africa, on Wednesday launched food delivery service in its home town of Tallinn, the nation's capital, and said it plans to roll out Bolt Food this year in South Africa, Latvia and Lithuania as well. Bolt, which until early this year was called Taxify, has grabbed business from Uber mostly in major African cities and Eastern Europe. Bolt is a late entrant to the food delivery market, where a number of start-ups and other ride-sharing firms have operated for years.
It's time to check out 3 tech stocks that came through our screen today that growth investors might want to consider as we move beyond Q2 earnings season...
Estée Lauder, Uber, Google, Tesla, Microsoft and Nvidia are the companies to watch.
(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) -- One of the largest cryptocurrency exchanges is looking to partner with governments and companies to develop new digital currencies as it competes with the Libra project spearheaded by Facebook Inc.To that end, Malta-based Binance said it plans to create an independent “regional version of Libra,” the digital coin being developed by Facebook Inc. and partners, in a Chinese-language statement on its website Monday. The firm run by Chief Executive Officer Zhao “CZ” Changpeng said its open blockchain project, Venus, is intended to “empower developed and developing countries to spur new currencies.’’Developing so-called stable coins like Tether that are pegged to the U.S. dollar or another traditional currency has become a goal for many crypto platforms. Traders have flocked to these lower-volatility coins as they can be used to facilitate transactions and to park funds during wild swings in prices.Unlike Facebook, which announced its Libra coin with 27 partners from Visa Inc. to Uber Technologies Inc. signed up, Binance did not say if any other players have signed up to Venus. Instead the company said it “welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.’’Binance already has experience with stable coins, having issued a token pegged to the U.K. pound earlier in the year. The exchange says it handles an average $1.2 billion of trading volume a day.Crypto firms have not only struggled to maintain stability in coin prices, but also with security in holding the digital assets. In May, Binance said hackers withdrew 7,000 Bitcoins worth about $40 million in a “large scale security breach.”\--With assistance from Shiyin Chen.To contact the reporter on this story: Alastair Marsh in London at firstname.lastname@example.orgTo contact the editors responsible for this story: James Hertling at email@example.com, Todd White, Sid VermaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Uber appointed a new boss for Britain and Ireland on Monday just over a month before its licence expires in London, one of its most important global markets where the regulator has previously stripped it of its right to operate. Transport for London (TfL) rejected the Silicon Valley company's licence renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting court action. Melinda Roylett, former head of Europe at digital payment company Square, begins her new role at Uber on Monday, replacing Tom Elvidge, who moved to co-working space company WeWork earlier this year.
San Francisco is home to hot IPOs like Uber, Lyft, Slack and Pinterest. Big swings in the stock market get less attention than sizeable moves with any of the cities biggest publicly traded names.
WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.
(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.
Jimmy John's is doubling down on its "freaky fast" delivery promise — and is refusing to work with food delivery giants like GrubHub, Uber Eats, and Postmates.