53.61 -0.04 (-0.07%)
After hours: 6:19PM EDT
|Bid||53.55 x 2200|
|Ask||53.74 x 2200|
|Day's Range||51.11 - 54.42|
|52 Week Range||47.17 - 88.60|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||75.13|
Cars, bikes. scooters and now electric Mopeds. The latest shared mobility play is Revel which has a fleet of electric Mopeds in Brooklyn, Queens, and Washington D.C.. Frank Reig, CEO and Co-founder of Revel, joined The Final Round to discuss
The San Francisco e-hailing company joins GrowNYC to improve access to healthy foods for certain New Yorkers.
Uber (NYSE:UBER) vs. Lyft (NASDAQ:LYFT). Which is the better buy? It's a question that lots of investors are asking themselves these days. I asked myself that very same question back in April just before Uber stock went public and soon after Lyft's March 28 IPO. Source: Shutterstock I recommended investors avoid the stocks of both ridesharing apps because the pathway to profitability was extremely uncertain. After Uber's latest Q2 2019 earnings report, where the issue of it accepting cash in some parts of the world came up, it seems possible that Uber may never become profitable. InvestorPlace - Stock Market News, Stock Advice & Trading TipsDoes Uber accepting cash in some parts of the world worry you? It should. Here's why. Brazil, Cash and Uber StockProps go out to MarketWatch's Francine McKenna for writing about this subject August 19. Without her article, I'm not sure I would have taken a look at this angle of Uber's business. It turns out that 13% of the company's global gross bookings in 2018 were cash-paid trips (you can find the note on page 73 of its 10-Q in the section discussing how some consumers pay for rides and meal deliveries using cash) and that amount could increase in the future, especially where Careem operates, the Dubai-based ridesharing company it acquired at the end of March for $3.1 billion. * 10 Cheap Dividend Stocks to Load Up On I don't know about you, but one of the selling features about apps like Uber and Lyft is that there's no cash involved. If you're a criminal, you're not going to rob a driver if you know he's not carrying a big wad of cash from customer fares. Now, it seems as though the Uber is willing to sacrifice driver and passenger safety to attract more business, to heck with the consequences. What's Brazil got to do with this discussion?Brazil accounted for approximately 10.4% of Uber's $5.4 billion in revenue in the first six months of fiscal 2018. Sao Paulo, Los Angeles, New York, San Francisco, and London, accounted for 24% of the ridesharing apps gross bookings in 2018. Without Sao Paulo, Uber isn't nearly as successful a global business. Brazil also happens to be one of the areas where Uber allows drivers to take cash -- India and Mexico are two other countries accepting cash -- which creates several regulatory, operational, and safety concerns (I already mentioned these). Also, Brazil's volatile currency makes the operational nightmare of collecting cash hardly worth it. That's especially true when Uber is losing $878 million per quarter. If I'm considering the risks of using cash in Brazil, that alone would make me think twice about buying Uber stock. After all, the beauty of Uber has always been the technology and how clean it made the pick-up, drop off, and fare and tip payment. Cash throws that simplicity out the window. The Bottom Line on Uber StockAccording to McKenna's article, the Uber app won't allow you to order a car from certain areas in Sao Paulo at certain times on certain days to protect users against potential safety challenges. However, by allowing drivers and passengers to interact using cash, Uber is potentially providing a way for itself and its drivers to avoid paying taxes. When you're talking about a company that's expected to lose billions in 2019, I can find no reason why accepting cash would be good for the long-term health of Uber stock. Aren't we becoming a cashless society? Uber, desperate for revenue, is taking itself back into the stone age. That's not the kind of innovation investors ought to be excited about. For this reason, as they say on Shark Tank, I'm out. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post This New Cash Initiative Is Just One More Reason to Avoid Uber Stock appeared first on InvestorPlace.
(Bloomberg) -- WeWork’s IPO prospectus lacks the information needed to create a financial model of the company, according to an analyst who specializes in new listings.The We Co., which is expected to raise about $3.5 billion in what would be 2019’s second-biggest initial public offering, must have put in a great effort to conceal the unit economics underlying the coworking space provider, said Triton Research Inc. Chief Executive Officer Rett Wallace.“The prospectus is a masterpiece of obfuscation,” he said in an interview. “If the underlying facts were positive, why would a company go to so much trouble to prevent you from understanding them?”Using what it calls an obfuscation index as one component of its ratings, Triton has built a strong track record predicting the winners and losers among technology IPOs. Since January 2018, listings that won an above-average score from Triton have risen about 92% from their offering prices, nearly triple the return of those scoring below average.IPOs with the highest Triton scores include standouts Elastic NV, Smartsheet Inc. and Anaplan Inc., while post-listing duds such as Sonos Inc., Dropbox Inc. and Lyft Inc. rank among the low scorers.Triton sees high levels of obfuscation in WeWork’s filing. For example, the company stops counting sales and marketing expenses at a given location once it’s been open for two years -- but the spending doesn’t actually stop after that. Instead, it counts as an operating expense, Triton said.A representative for New York-based WeWork declined to comment.Opening DatesWeWork’s filing doesn’t disclose the dates of when its locations opened or when the spending at a given location will switch into the operating expense bucket, according to Wallace. Like some government agencies, WeWork labels some compensation as investments.“When you make it impossible for people to have data-driven conviction, then everything is just sentiment,” Wallace said. “Sentiment can come and go, especially in a volatile tape like this.”Read more: WeWork IPO May Polarize Wall Street Into Warring Camps, MKM SaysThe lack of disclosure becomes even more apparent when contrasted with other IPO filings that are more direct, he added.“When companies fight you on understanding the basic proposition of the mousetrap, it’s always bad. People who have good mouse traps say, ‘This is the thing: You put the cheese in, the trap is designed to never break your thumb, and it catches mice nine times out of ten.’”Read more: WeWork IPO Shows It’s the Most Magical Unicorn: Shira OvideTo contact the reporter on this story: Drew Singer in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Lyft Inc. shares dropped sharply at the market open on Monday, but then quickly recovered, as some early investors got their first opportunity to sell the stock.Shares of the ride-hailing operator fell as much as 3.7% to $50.51, before gaining as much as 2.1% in New York. A block of 1.04 million in Lyft Class A shares, or about 2.6% of float, traded at a market value of $53.7 million at 9:30 a.m., according to Bloomberg data. The performance compares to the S&P 500, which rose more than 1%. The company had estimated that about 258 million Class A shares may become eligible for sale at the market open on Monday.To contact the reporter on this story: Esha Dey in New York at email@example.comTo contact the editor responsible for this story: Brad Olesen at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(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 email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Vincent Bielski, Melissa KarshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Happy Monday... Jim Cramer weighs in on Lyft's lock-up, Trump and China and his Real Money column. President Trump and China President Donald Trump was tweeting about China over the weekend. Trump tweeted about China, saying that things were going well.
For meal-delivery service Blue Apron (NYSE:APRN), I'm going to loosen my usual uptight writing style and address this matter frankly: I have a love-hate relationship with APRN stock.For starters, you'd expect the underlying company to do well in this environment. Indeed, I'd argue that in this app-crazy world we're living in, you'd expect Blue Apron stock to skyrocket. In my opinion, the company combines the best of technology and tradition. It gives you the convenience of meal deliveries, while encouraging the family dinner custom.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFurthermore, millennials love eating out. In my last write-up about Blue Apron stock, I questioned management's previous focus on targeting retirees. And it's not just an age thing. As I pointed out, millennials "have different expectations and desires."A prime example is the car culture. In every other generation, getting a car was a rite of passage. With millennials and the younger Generation Z, it's just not as important. Moreover, there's a reason for this trend. Companies like Uber Technologies (NYSE:UBER) and Lyft (NASDAQ:LYFT) are maximizing the potential of the on-demand sharing economy. * 10 Stocks Under $5 to Buy for Fall Logically, this dynamic should greatly benefit APRN stock. Millennials eschew cars but love wining and dining. Plus, they're big on delivery services. These points bolster the "love" part of my relationship with Blue Apron stock.So, what's the "hate" part? Just open up a chart of the Blue Apron stock price and you'll quickly see for yourself. On a year-to-date basis, shares have lost nearly 52% of their market value. And with the panicked situation we have in the markets, this service company just doesn't have the legs to compete.By way of comparison, another millennial food favorite -- Chipotle Mexican Grill (NYSE:CMG) -- has seen its shares skyrocket almost 90% in the same period. The Invesco Dynamic Food & Beverage ETF (NYSEArca:PBJ) has added almost 19% in 2019. CMG is the 10th-largest holding in the exchange-traded fund's 31 stock portfolio. APRN has yet to attract ETF interest. Bad Timing May Hurt Blue Apron StockAlthough APRN stock levers some fundamental advantages regarding consumer demographics and behaviors, their biggest problem is converting those advantages. This mismatch was on fully display for their second-quarter earnings results.On paper, it was a mixed report. Per-share profitability for Blue Apron stock came in at a loss of 59 cents. This was far better than consensus estimates calling for an earnings per share loss of $1.08.However, Q2 was really a devastating blow for the company. That's because revenue delivered badly missed the consensus target by more than 14%, at $119.2 million. Furthermore, the year-ago sales haul was $179.6 million. Unsurprisingly, management reported steep subscriber losses.However, what is surprising is that APRN stock took the bad news quite well. It jumped after the disclosure, although it has since declined. Still, after such poor results, APRN is "only" down about 12% since the Q2 disclosure.Under normal circumstances, that might give contrarians some confidence in Blue Apron stock. Because this is an incredibly volatile name, a 12% loss isn't too bad, relatively speaking.On another angle, the fact that millennials love the on-demand sharing economy suggests that this contrarian play is rational. And I'll be blunt: it would get me excited, too.However, we have one little problem. I just don't like the volatility that we saw in the broader markets. Most of that came about because of U.S.-China trade war tensions, which of course is a major worry. But I'm a bit more concerned about the tension between President Trump and the Federal Reserve. * 10 Best Dividend Stocks to Buy for the Rest of 2019 and Beyond Of course, Trump wants the Fed to do more. But I don't think the Fed can do anything. That signals to me that we're really headed toward a recession. And a recession does zero good for Blue Apron stock. A Very Limited Trading OpportunityBut with everything that I just said, it's not all bad news for APRN stock. As I discussed in my last article, Blue Apron brought in Linda Findley Kozlowski to head the company. Previously, Kozlowski was the COO of Etsy (NASDAQ:ETSY), another millennial and Gen Z fave.We have two takeaways here. First, Kozlowski knows e-commerce. She's also adept at engaging millennials, which is crucial for Blue Apron stock. And to top it off, she's proven capable of taking seemingly irrelevant markets -- Etsy specializes in homemade arts and crafts -- to the forefront.This should be a big advantage to Blue Apron. As far as I know, eating is a necessity. And cutting the time to prepare it is itself worth a premium.Perhaps this is the reason why Blue Apron stock apparently found a bottom in late June of this year. But as I mentioned above, we have macro-headwinds that can quickly sour consumer sentiment. Therefore, if you're going to gamble, do so in a narrowly defined period.For everyone else, it's time to shutter this investment. APRN badly missed both revenue and subscriber targets, which represent the lifeblood of a delivery-service company. And even if they didn't miss, we have a potential fiscal tsunami about to crash down on us.As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post Macro-Headwinds Risk Ruining the Recipe for Blue Apron Stock appeared first on InvestorPlace.
So-called stock lockup agreements will soon expire for many of this year’s high-profile IPOs, bringing a wave of new shares to the market. What happens when insiders are finally able to sell their stock? We’re about to find out.
U.S. stock futures rise after Donald Trump says the U.S. and China are 'talking' but also said he didn't want to do business 'at all' with China's Huawei Technologies because it's a national security threat; earnings reports are expected Monday from Estee Lauder and Baidu; the Federal Reserve will be in the spotlight this week; Lyft's lock-up period ends Monday.
Aggressive price-cutting won’t disappear with autonomous vehicles, so gross margins will remain wafer-thin.
(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 email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Jennifer Bissell-LinskFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Renaissance Capital took a jab at the shared office space giant in a recent blog post. The newly named We Co. shows a trailing operating loss of about $1.7 billion on the IPO prospectus it filed this week. Uber showed an operating loss of about $1.8 billion before it went public in May. Until WeWork's listing in September, there are no other New York companies going public in August.