26.63 -0.08 (-0.30%)
After hours: 6:53PM EST
|Bid||26.73 x 4000|
|Ask||26.75 x 1000|
|Day's Range||26.14 - 26.82|
|52 Week Range||25.58 - 47.08|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov. 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.00|
With Uber still trading below its IPO price and WeWork still reeling from its IPO disaster, could DoorDash be SoftBank's next make or break unicorn?
(Bloomberg) -- With less than two days to go in Illinois’s legislative veto session, Chicago Mayor Lori Lightfoot is running out of time to secure state help this year in closing the city’s biggest budget deficit in recent history.Her 2020 budget proposal, released in October, projected $50 million in revenue from a graduated real estate transfer tax, which needs state approval. She’s also pushing lawmakers to lower the tax structure on a proposed Chicago casino, which could generate as much as $215 million annually. Lawmakers, who are scheduled to adjourn Thursday, are debating that issue in Springfield, the state capital, which Lightfoot visited to make her case on Tuesday.“The situation is fluid, but we continue to be optimistic” on the casino issue, Lightfoot told reporters at City Hall on Wednesday. “It’s obviously a top priority for us to have a structural sustainable revenue solution to help address our long-term fiscal needs.”Lightfoot is working to fill an $838 million budget shortfall as the city’s payments to its four massively underfunded pension plans ramp up in the coming year. Chicago is struggling with a $30-billion shortfall across its retirement system after years of not paying enough to the funds. The city’s mandated contributions to the funds climb to $1.68 billion in 2020, budget documents show. Revenue from a Chicago casino would help shore up the police and fire funds, according to Lightfoot.Without changes, a Chicago-based casino would face an effective tax rate of approximately 72%, according to an Illinois Gaming Board report. Language related to taxes on table games and video gambling as well as extending the term of a so-called reconciliation payment are under discussion, Lightfoot said. There’s “broad agreement” on a Chicago casino proposal, according to Jordan Abudayyeh, Illinois Governor J.B. Pritzker’s spokeswoman.Other Options“The governor has said from the outset that it’s important for all parties to get the Chicago casino right, including maximizing the opportunities for jobs for residents and revenue to address our financial obligations, and if the city’s gaming legislation reaches his desk, he will sign the bill,” Abudayyeh said.If state help doesn’t come through in time, especially in terms of the real-estate transfer tax, Lightfoot is considering spending cuts and hasn’t ruled out raising property taxes more to close the gap. The city is planning to refinance $1.3 billion in debt and is projecting $215 million in savings from such a deal, Chief Financial Officer Jennie Huang Bennett said Tuesday. That’s $15 million higher from the previous savings estimate.With almost two weeks left until council members are expected to vote on the mayor’s first budget, Lightfoot’s spat with ridesharing companies escalated over the spending plan’s proposed fees to ease congestion. The plan would increase costs for single-passenger rides downtown and lower the cost for shared rides in neighborhoods, generating an estimated $40 million, according to city estimates.“This means that people opting for the luxury of riding alone downtown will pay a little more,” Lightfoot said Wednesday.Uber Technologies Inc. emailed Chicago users this week to blast the mayor’s proposal, calling it the “highest ride sharing tax in the country.” Uber has proposed an alternative plan that would raise $54 million for the city, according to Harry Hartfield, a company spokesman. Uber’s plan would expand the kinds of trips that would be subject to fees beyond downtown, according to a copy of Uber’s proposal. Lightfoot dismissed Uber’s plan on Wednesday and said the company will throw “hail Marys” to avoid more regulation.The Civic Federation, which tracks the city finances, said it supports Lightfoot’s proposed fiscal 2020 budget but has “several significant concerns,” according to a report released Wednesday.“The Mayor and her team have identified a number of creative avenues to fill an enormous budget gap,” Laurence Msall, president of the Civic Federation, which tracks the city’s finances, said in a release on Wednesday. “However, this plan leaves very little room for error and does rely on some aggressive assumptions, including state and federal assistance that has not yet been approved.”To contact the reporter on this story: Shruti Date Singh in Chicago at email@example.comTo contact the editors responsible for this story: Elizabeth Campbell at firstname.lastname@example.org, Michael B. MaroisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, NY / ACCESSWIRE / November 13, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine ...
NEW YORK, NY / ACCESSWIRE / November 13, 2019 /Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. If you suffered a loss, you can request that the Court appoint you as lead plaintiff.
(Bloomberg) -- In the four years since it was founded, Convoy Inc. has assembled a lineup of big-name investors that includes Bill Gates, Jeff Bezos and Marc Benioff. It’s adding one more to the list: Al Gore.The former U.S. vice president’s sustainability-focused investing fund, Generation Investment Management LLP, led a $400 million funding round for Convoy, which makes software to connect freight shippers with truck drivers. T. Rowe Price Group Inc. co-led the investment with Gore’s firm, Convoy said Wednesday. The deal values the startup at $2.75 billion.Convoy is often described as “Uber for trucking”—a moniker that took hold before Uber Technologies Inc. set up a competing business. Uber has committed to hire 2,000 people to expand freight operations in Chicago. Another rival business in the United Arab Emirates, Trukker, said Tuesday it received a $23 million investment led by a Saudi Arabian venture capital fund.A big part of Convoy’s pitch is that it can improve the trucking business by making it more efficient, both financially and environmentally. Transportation is the largest source of U.S. emissions today, and heavy-duty trucks represent about 13% of those emissions. Convoy’s service is designed to eliminate unnecessary driving by ensuring trucks can get loads on each trip. The business isn’t yet profitable, but Dan Lewis, the chief executive officer, has said it will be eventually.Customers include Procter & Gamble Co. and Anheuser-Busch InBev NV. Among the investors in the new funding round are Alphabet Inc.’s CapitalG, Baillie Gifford, Durable Capital Partners, Fidelity Investments and Lone Pine Capital. The new funds are expected to help the company accelerate its expansion and fend off competition from upstarts, as well as the likes of J.B. Hunt Transport Services Inc.\--With assistance from Dina Bass and Thomas Black.To contact the reporter on this story: Emily Chasan in New York at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, NY / ACCESSWIRE / November 12, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. Class Period: on behalf of shareholders who purchased shares between May 17, 2018 and August 8, 2019, including, but not limited to, those who acquired Waitr shares in connection with the Going Public Transaction, and those who acquired shares of the Company in the May 2019 Secondary Offering.
(Bloomberg Opinion) -- Your mother probably told you never to get in a car with a stranger. The multibillion-dollar global ride-hailing industry depends on your ignoring her. If they want to earn that trust, though, companies need to rethink the tradeoff they’ve long made between safety and cost.Around the world, passengers are now hailing more than 10.5 billion rides a year. Not surprisingly, some have ended in tragedy. Uber Technologies Inc. came under fire in India after a 26-year-old woman was raped by one of its drivers in 2014, and local rival Ola has faced a similar backlash. In the U.S., Lyft Inc. has been sued by multiple women who say drivers sexually assaulted them.Last year, within the span of three months, two female passengers were murdered by drivers of China’s ride-sharing company, Didi Chuxing Inc. Didi’s Hitch carpooling service once was marketed almost as a cross between Uber and Tinder: a taxi service that let drivers and passengers rate each other by appearance. Didi halted Hitch in August 2018 after an outpouring of anger from state media, regulators and China’s version of deleteuber.Last week, Didi announced plans to restart Hitch on a trial basis in seven Chinese cities by the end of the month. The decision follows a “comprehensive safety review and product revamp,” as well as the introduction of a new women’s safety program that includes better “risk analysis” and an updated in-app security assistant. Didi plans to spend 2 billion yuan ($285.5 million) on safety measures this year, including more frequent use of facial-recognition technology — to ensure drivers are who they say they are — and a deeper review of abnormal driving patterns, as well as more regular safety tests for drivers.But the key to the Hitch relaunch are new restrictions on the program. The service will be limited to trips under 50 kilometers (31 miles) and women can only ride between 5 a.m. and 8 p.m. By contrast, men can keep riding until 11 p.m.While the company’s intentions are good, this is no solution. A sophisticated analysis of high-risk scenarios won’t help you if you’re stuck in the backseat within an inch of your life. And to assume that a woman will only be raped and murdered between the hours of 8 p.m. and 5 a.m. more than 30 miles from her pickup point seems a bit naïve.What the ride-hailing industry in China and elsewhere really needs to do is reexamine who’s allowed to drive in the first place. It’s hard to say whether the measures Didi is now implementing would have screened out Zhong Yuan, the 28-year-old Hitch driver who was executed in August for murdering his 20-year-old passenger. After passing background checks and providing documentation, you can still become a Didi driver in 10 days or less.Instead, companies should be raising the barriers to entry so they’re hiring fewer, better drivers. And if they won’t, governments should step in. In Malaysia, regulators now require aspiring drivers to pass written exams and health checks, and to register for specific permits. Roughly a third of applicants have failed the exam thus far, Transport Minister Anthony Loke said last month, and more than 20% of Grab drivers have reportedly quit to avoid complying with the stricter regulations.Singapore imposed new rules earlier this year to bring ride-hailing companies closer in line with taxi operators. The regulations were proposed less than a week after my Bloomberg News colleague Yoolim Lee wrote about a Grab accident that left her with a broken neck and at risk of stroke. She estimated that, around the time of the incident, nearly half of private-hire drivers in the city didn't have the proper license and shouldn't have been driving. While fewer drivers doesn’t necessarily mean safer drivers, a steeper commitment at least means they have a lot more at stake to protect their livelihoods.The genius of the gig economy is the ability to make money from underutilized, ubiquitous skills. Yet the model may have been taken too far. Just because you can make an omelet doesn’t mean you should run a diner. So why should you drive professionally just because you have a license?Shrinking the supply of drivers will obviously make rides more expensive. But it’s worth judging the prospect of higher prices against the long cycle of the internet economy. The Web has made everything from academic research to air travel cheaper and easier to access. At the same time, quality goods and services can’t be free forever: We’ve seen this in the news business, where websites that once offered unfettered access to their journalism (including Bloomberg.com) have implemented paywalls. If fewer drivers means safer rides, that’s a price most people should be willing to pay. To contact the author of this story: Rachel Rosenthal at email@example.comTo contact the editor responsible for this story: Nisid Hajari at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Rachel Rosenthal is an editor with Bloomberg Opinion. Previously, she was a markets reporter and editor at the Wall Street Journal in Hong Kong. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Uber Technologies, Inc. (UBER) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Uber’s May 2019 initial public stock offering (the “IPO” or the “Offering”) of the important December 3, 2019 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Uber investors under the federal securities laws. To join the Uber class action, go to http://www.rosenlegal.com/cases-register-1650.html or call Phillip Kim, Esq.
NEW YORK, NY / ACCESSWIRE / November 12, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine ...
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 3, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Uber Technologies, Inc. (“Uber” or the “Company”) (NYSE: UBER) investors who purchased securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s May 2019 initial public offering (“IPO”). If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
Following the expiration of Uber's (UBER) IPO lock-up period, its co-founder sells more than 20 million shares. The company incurred huge losses ever since it went public in May 2019.
(Bloomberg) -- Elon Musk might have finally made good on his long-promised “short burn of the century” last month at Tesla Inc., but that doesn’t mean the bears will go wanting.They can just turn to GrubHub Inc. and Uber Technologies Inc. in the wake of the struggling food-delivery app’s historic sell-off and the ride-hailing company’s underwhelming year. They’ve become the most profitable U.S. stocks to sell short. Musk’s electric carmaker Tesla had held that title until its surprise third-quarter profit triggered a 36% rally.GrubHub has now become 2019’s most lucrative short with a mark-to-market profit of around $829 million, according to Nov. 11 data provided by S3 Partners research head Ihor Dusaniwsky. The company is followed by Uber, which shows a $626 million mark-to-market gain for shorts this year.The pair unseated Tesla, which topped the list earlier this year. Now Tesla short-sellers are looking at $709.6 million in mark-to-market losses for 2019, according to S3.Bears gained the upper hand at GrubHub as it plunged a record 43% after its fourth-quarter revenue guidance missed analyst estimates. Some of the company’s largest rivals, Uber Eats and DoorDash, are taking share from GrubHub’s core U.S. market, according to Bloomberg Intelligence analyst Mandeep Singh. Its sales growth is expected to “decelerate meaningfully in 2020,” he wrote in a recent note.Uber has declined 3.1% since its 180-day lock-up period expired last week and is hovering around the lowest level since it went public in May. A regulatory filing showed that the company’s founder, Travis Kalanick, sold 20% of his stake in the company.Below is a list of top 10 most profitable shorts in the U.S. this year:By contrast, the least profitable shorts this year, per S3 data, are Apple Inc. and Alibaba Inc.The S&P 500 Information Technology Index, which includes some of the names in this list, has advanced 39% this year.To contact the reporters on this story: Anisha Sircar in New York at firstname.lastname@example.org;Tatiana Darie in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Richard Richtmyer, Jennifer Bissell-LinskFor 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.Prosus NV Chief Executive Officer Bob van Dijk is on to something big with his bid for Just Eat Plc, and he isn’t going to let it get away easily.The giant Naspers Ltd. spinoff officially filed its hostile offer for Just Eat on Monday, going up against both a unanimous rejection from Just Eat’s board, and a rival bid from Takeaway.com NV that was supposed to close by the end of the year.“In terms of opportunity, the food space is very, very, very large,” Van Dijk said in an interview prior to the bid. It’s “probably the largest opportunity I’ve run into in my lifetime.”Read more about the rival bids for Just Eat here.Just Eat would be a key piece in building out Prosus’s take out empire. Begun in 2013 with a $2 million investment in Brazil’s iFood, since 2016 it has invested about $2.8 billion in the sector. The company also has holdings in India’s Swiggy and Germany’s Delivery Hero SE, but it doesn’t want to stop there.An acquisition of Just Eat would result in a combined presence in more than 50 markets, and a number one position in 40 of those, according to Prosus. In Brazil, the deal would combine with Just Eat’s existing stake in iFood. Prosus is giving investors until Dec. 11 to accept the 710 pence per share deal.Prosus is keen to sell the idea that its food investment companies all get along rather than cannibalize each other. Swiggy CEO Sriharsha Majety said in an interview prior to Prosus’ bid for Just Eat that his team will sometimes hold calls with other Prosus companies if they think they solved a similar problem in a more effective way. Similarly, Fabricio Bloisi, chief executive of Movile, which owns iFood, said he was inspired by how Swiggy built kitchens where restaurants cook meals exclusively for delivery orders.Last year, Prosus sent a task force of as many as 40 people to Brazil to help iFood develop a new artificial-intelligence strategy, helping the company reduce prices by predicting where and when people will want a certain dish.If it succeeds in acquiring Just Eat, Prosus plans to make significant investments in product innovation, technology and delivery capabilities to ensure the delivery company maintains its market position.“Just Eat’s under investment in the sector has lead to them losing market share, and having its share price under pressure,” Van Dijk said in a conference call on Monday. “We have been speaking to shareholders on how the business is doing and what the long-term potential is - and the investment required to take it there.”Read about Just Eat’s latest earnings report here.Takeaway.com’s selling point is that it actually knows how to run a food delivery startup, rather than just owning one. Both the management of Just Eat and Takeaway.com are betting that their combined experience in turning a profit -- in an industry scattered with loss-making startups -- will help convince shareholders that it can fight off sizable rival startups that may also join forces.The fight over Just Eat comes amid an increasingly competitive landscape around the world for services that pick up or prepare meals and deliver them to customers’ front doors. Increased smartphone adoption, as well as innovations in mapping, logistics and other technologies have driven down the costs of online food delivery and helped catapult growth in the sector in recent years.Still, margins can be tight and startups are going up against tech giants including Uber Technologies Inc. to strike deals with the most popular restaurants and keep customers happy.While some Just Eat investors have complained about both the 710 pence-per-share cash offer from Prosus and Takeaway’s all-stock offer, currently valued at about 627 pence, neither company has indicated that they’d raise the bid.For now, it’s down to the shareholders to make up their mind. Aberdeen Standard Investments, which holds about 5% of Just Eat, said that Prosus needs to increase its offer by 20%. The investor also wanted Takeaway to increase its bid. Eminence Capital, which holds about 4%, in September said Takeaway’s bid undervalued Just Eat and that it planned to vote against that deal.“I can fully understand that the current cash values of both our and the competing offer aren’t particularly appealing to the Just Eat shareholders, and seem to be quite far removed from the fair value of Just Eat,” Jitse Groen, CEO of Takeaway.com, said in a statement posted on the company’s website on Monday. “We do however believe that the agreed merger ratio between Just Eat and Takeaway.com is appropriate.”(Updated to reflect time of interview.)\--With assistance from Loni Prinsloo.To contact the reporter on this story: Natalia Drozdiak in Brussels at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Trukker, a digital marketplace for land freight based in the U.A.E, has raised one of the largest initial rounds of capital for a startup in the region.The $23 million financing round, known in the industry as Series A, is being led by STV, a $500 million Saudi technology venture capital fund that previously invested in Careem, the U.A.E.-based ride-hailing company that was acquired by Uber for $3.1 billion in March.The fund raising would be the fourth-largest Series A on record for the Middle East, according to data from research firm MAGNiTT. The average venture investment in delivery and transport projects in the region is $2.9 million year-to-date, according to a MAGNiTT report.“We are already operating in U.A.E and Saudi and moving cargo all over the GCC, Middle East and North Africa,” said Trukker Chief Executive Officer Gaurav Biswas in an interview.Trukker was founded in Abu Dhabi in 2016 and offers services such as cross-border cargo transportation and commercial moves. The company also focuses on collecting data and developing technologies to build an infrastructure that allows the tracking of land freight, according to Pradeep Mallavarapu, Trukker’s chief technology officer.Apps that hook up truck drivers with potential jobs have been led by Convoy and Uber Freight, with the latter outlining plans in September to hire 2,000 people in Chicago over the next three years, and recently expanded into Europe.In the Middle East, Trukker is competing with Dubai-based LoadMe, while Careem has also expanded into using pickup trucks for package deliveries.“Increasing that reach to costumers and truck drivers all across this region is our top priority in terms of using our funds,” Biswas said, adding that Trukker expects to expand into Egypt before year end. The startup raised a total of $4.1 million in past funding rounds, bringing its total venture capital investment to $27.1 million.To contact the reporter on this story: Farah Elbahrawy in Dubai at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Uber Technologies Inc. Chief Executive Officer Dara Khosrowshahi said in an interview on the television show “Axios on HBO” that the murder of journalist Jamal Khashoggi was “a mistake” by the Saudi Arabian government, and compared it to Uber’s accident with a self-driving car that killed a woman.In the interview that aired Sunday, Khosrowshahi said, “It doesn’t mean they can never be forgiven.” The CEO backtracked in a follow-up statement sent to Axios after the interview, saying: “I said something in the moment that I don’t believe.” He called Khashoggi’s murder “reprehensible” and said it “should not be forgotten.”The remarks set off calls for customers to protest the ride-hailing service. The hashtag BoycottUber was trending on Twitter in the U.S. Monday. The response is drawing parallels to a politically motivated boycott from 2017, when Uber’s perceived support of President Donald Trump and his immigration policies led to a DeleteUber campaign. More than 200,000 people removed the app during that movement.Khosrowshahi’s comments came during a discussion about Uber’s relationship with Saudi Arabia, which is the ride-hailing car company’s fifth-largest investor. The Axios interviewer, Mike Allen, asked if Yasir Othman Al-Rumayyan, who heads Saudi Arabia’s Public Investment Fund, should be allowed to remain on Uber’s board. Khosrowshahi called Al-Rumayyan a “very constructive” board member who provides valuable input.As the interview continued, the discussion turned to the Saudi government’s role in Khashoggi’s gruesome murder at the Saudi consulate in Istanbul last year. “I think that the government said they made a mistake,” Khosrowshahi said. “It’s a serious mistake. We’ve made mistakes too with self driving and we stopped driving and we’re recovering from that mistake. So I think that people make mistakes, it doesn’t mean that they can never be forgiven.”In March 2018 one of Uber’s cars testing autonomous driving software struck and killed a 49-year-old woman in Tempe, Arizona, as she was crossing the road. Uber paused tests of all its self-driving vehicles after the incident.(Update with Twitter hashtag in the third paragraph.)To contact the reporter on this story: Molly Schuetz in New York at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Mark Milian, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The latest Tesla earnings release has driven it into one of the strongest and fastest rallies in the stock's history, and it doesn't seem to be slowing. TLSA could be well on its way to surpassing its all-time high.
NEW YORK, NY / ACCESSWIRE / November 11, 2019 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. ...
NEW YORK, NY / ACCESSWIRE / November 11, 2019 /Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. If you suffered a loss, you can request that the Court appoint you as lead plaintiff.
The hashtag #BoycottUber began trending on Twitter (TWTR) Monday morning after CEO Dara Khosrowshahi called the murder of journalist Jamal Khashoggi “a serious mistake” during an interview with Axios.