Friday, May 10, 2019
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WHAT TO WATCH
The public is about to get a piece of Uber.
The ride-sharing company is set to begin trading on the New York Stock Exchange on Friday, under the symbol “UBER.” The offering gives retail investors their first chance to buy shares of the ride-hailing market’s leader.
On Thursday, Uber priced its initial public offering at $45 per share, at the low end of its targeted range of between $44 and $50 per share. This implies a market valuation of about $82.4 billion on a fully diluted basis. However, it’s down sharply from the as much as $120 billion valuation reportedly floated earlier as the company sought a public listing.
Uber’s offering has arguably been the most hotly anticipated in this year’s wave of major tech IPOs – but it’s also been one of the most divisive.
U.S. hikes tariffs on $200B of Chinese goods: President Donald Trump boosted tariffs Friday on $200 billion in goods from China and was preparing more in his most dramatic steps yet to extract trade concessions, further roiling financial markets and casting a shadow over the global economy. China immediately said in a statement it is forced to retaliate, though hadn’t specified how. [Bloomberg]
Also: Why trade tariffs aren’t likely to sink the U.S. into a recession [Yahoo Finance]
Brexit stockpiling and consumer spending boost UK economy: The UK’s economic growth accelerated at the start of the year, according to new data. GDP grew by 0.5% in the first quarter of 2019, an initial estimate from the Office for National Statistics (ONS) published on Friday showed. The figure was in-line with economists’ consensus forecast for quarter-on-quarter growth and marks an acceleration from the 0.2% GDP growth registered in the final three months of 2018. [Yahoo Finance UK]
AOC, Bernie Sanders introduce plan to cap credit card rates: Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez introduced on Thursday a plan to rein in the profit banks can collect from consumers, proposing to cap credit card interest rates at 15%. [Yahoo Finance]
Also: Why AOC, Bernie Sanders are missing the mark on credit-card rates [Yahoo Finance]
Etsy CEO shrugs off 'rocky' start to Q1: The online retailer recorded $169.3 million of revenue, less than $1 million shy of analyst expectations, according to Refinitiv consensus estimates, and earnings of 24 cents per share, 10 cents above Wall Street expectations. Etsy (ETSY) CEO Josh Silverman shrugged off the decline, telling CNBC's Jim Cramer that the mixed first quarter results were better than he had projected in March. [CNBC]
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