46.30 -0.13 (-0.28%)
After hours: 7:30PM EDT
|Bid||46.37 x 3200|
|Ask||46.37 x 3100|
|Day's Range||45.91 - 47.50|
|52 Week Range||43.41 - 88.60|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||73.06|
A woman who says she was sexually asaulted after getting in a Lyft is now blaming the ride-hailing giant for allegedly mishandling her report. Alison Turkos claims she was kidnapped at gunpoint by her Lyft driver in 2017 and sexually assaulted by at least two men. She is among five people who filed lawsuits against Lyft earlier this week. Nikki Battiste reports.
The ride-sharing company Lyft is facing five more sexual assault lawsuits. One of them was filed by Alison Turkos, who alleges she was kidnapped and raped during a Lyft ride in 2017. She spoke with Nikki Battiste.
It’s tough to make money as an Uber or Lyft driver. But there could be a better way to do better as a driver by reducing the cost of car ownership.
Fears of congestion and a powerful taxi lobby have long kept ride-hailing apps out of transit-friendly Vancouver, British Columbia. That’s about to change.
Enormous losses, conflicts of interest, a puzzling business model, irrational exuberance and an ill-advised voting structure: They're all thwarting the IPO of office-sharing startup WeWork.
The ride-sharing companies are subsidizing rides and overspending on technology, and soon their very business model may be upended in California.
China Tariffs Up to 100%? Pillsbury Says Maybe Yes Is President Donald Trump just playing bad cop, or is he really going to raise tariffs again on China? Nobody knows, probably not even Trump himself. However, according to a report from some guy named Michael Pillsbury, not to be confused with the glutinous consumer-oriented baking […]The post Market Morning: Pillsbury 100% Tariff Threat, Oracle Says Uber Worthless, Panetta War Warning appeared first on Market Exclusive.
On Thursday, the vacation rental company issued a simple, one-sentence press release saying it intends to go public in 2020. Datadog (DDOG) lets businesses monitor their software in an online dashboard.
Bay Area activist Shannon Coulter announced the campaign, Force the Issue, on Tuesday in order to pressure 900 large, publicly traded companies to stop requiring their employees to sign off on arbitration clauses agreeing not to sue.
(Bloomberg) -- Payments platform Stripe Inc. became one of the most highly valued startups in the world on Thursday, after it announced a new funding round at a $35 billion valuation. In the U.S., only vaping giant Juul Labs Inc. and the troubled We Co. are more valuable.Stripe raised $250 million in funding in the new round, which the company said will be used to continue to expand around the world and launch new products. In September alone, it launched a new lending product as well as a corporate credit card. General Catalyst, Sequoia Capital and Andreessen Horowitz are among the participating investors in the round. Stripe’s previous valuation was $23 billion. “Our investors sense that we are still in the early stages of our opportunity,” said John Collison, Stripe’s co-founder and president. “We’re now processing hundreds of billions of dollars a year.” The San Francisco-based company counts both startups and tech giants among the customers for its core payments processing services, with Uber Technologies Inc. and Amazon.com Inc. using it for some transactions. Stripe has also continued to add more products, including fraud protection, billing and credit card services. It makes money by taking a portion of each transaction. Stripe was founded in 2010 by John and Patrick Collison, 29 and 31, who immigrated to Silicon Valley to pursue careers in technology after growing up in Ireland. The company’s latest round dramatically increased Stripe’s value to $35 billion, not counting the more than $1 billion investors have poured into the company. Its valuation jump comes as some of the highest profile tech startups have struggled in the public markets. Uber and Lyft Inc., which both listed shares publicly this year, are trading below their IPO price, and the We Co. delayed its public offering. Recently, WeWork’s market value has been called into question by investors. John Collison said that the company was not planning an IPO in the near future. “We’re very happy as an independent company,” he said. “We’re very fortunate to have investors that bring a pretty long-term mindset to this.” Stripe’s fundraising was earlier reported by the Wall Street Journal. (Adds comments starting in the third paragraph.)To contact the author of this story: Julie Verhage in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Anne VanderMey at email@example.com, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Delivering Alpha 2019 conference took place Thursday in New York, and this year’s event included a number of Wall Street heavy hitters. Benzinga Pro reported from Delivering Alpha all day long. Here’s ...
A fast-growing Montreal tech company has chosen Brentwood for its U.S. headquarters. Neuvoo, a job search platform operating in 77 countries, opened operations in Middle Tennessee in April 2018 and is now searching for permanent office space, Vice President of U.S. Operations Michael O’Dell said. The company has three Brentwood employees, but expects to hire 50 people in the next year across the U.S., about 15 of whom would be based locally.
Airbnb intends to become a publicly traded company next year, the vacation rental company said in a news release Thursday. Airbnb hasn’t released full-year results for 2018 but has previously said its 2017 revenue was over $2.5 billion—more than 50% higher than its 2016 revenue. A number of highflying, private technology companies and other startups have made their mark on Wall Street in 2019—just not always as they intended.
(Bloomberg Opinion) -- Many of us have been fixated on WeWork’s struggle to go public and the disastrous post-IPO stock performance of high-profile startups Uber Technologies Inc. and Lyft Inc. But as has often been true in the last few years, the tale is different for the unglamorous tech companies that are running circles around their cool peers.The latest example is Datadog Inc., which helps companies monitor the health of their apps and computing infrastructure; it sold its first batch of public stock late Wednesday. If you fell asleep reading the description, let me wake you up by saying that the company’s most recent pre-IPO investors(1) have a nearly 1,100% gain on their shares in less than four years,(2)according to figures from EquityZen, a marketplace for private stock sales. The earliest Datadog stock buyers from 2011 have a nearly 50,000% gain.In a non-systematic look at more than a dozen other tech companies that have gone public in the past couple of years, the stock gain for Datadog’s pre-IPO investors is at or near the top of the leader board. Repeatedly, the less-buzzy startups like Datadog that sell cloud-subscription software to businesses have been the ones that deliver the goods for early backers. There have been exceptions, but companies like Zoom Video Communications Inc. and Slack Technologies Inc. — the coolest of the Zzzz crowd — have tended to produce strong returns for pre-IPO investors, and their public shares have typically done well, too.Investors, both public and private, love these software-as-a-service companies. Generally their technology is better than anything that came before — if there was an old-guard technology with similar functions — and once businesses use the software and stitch it together with email, calendars, information databases and other corporate systems, it can be tough to ditch. If they’re managed properly, these business software companies can grow fast and predictably.Among the tech companies that have gone public on U.S. stock exchanges since the beginning of 2018, nine of the top 10 by stock gains from their IPO price are software companies that sell to businesses, according to data compiled by Bloomberg. (No. 1 is Zscaler Inc., whose share price has more than tripled since its March 2018 IPO, despite a recent drop.)What are the lessons here? Well, not surprisingly, it may be that the consumer-oriented tech companies with lots of attention as startups may be great companies but not necessarily great investments if the hype leads to overvaluation. That’s particularly true — as in the cases of Uber, Lyft and WeWork — when public company investors are far more dubious than private investors about companies with unproven business models and unsteady financial metrics. The other lesson may be that you’re in luck if you founded a company in a sector like business software that, at least for now, is the apple of investors’ eyes. I have my doubts about how long these software-as-a-service companies can stay viable. When there is an economic downturn and companies take a hard look at what they’re spending on technology, there are going to be software bills they can live without. That swings the advantage to the big software supermarkets like Oracle, Microsoft and Amazon, which can offer companies discounts on a range of technologies. Some young business software companies are also spending big to grow in a way that may not be sustainable, and their corners of the market may not be as big as optimists expect. These young cloud software companies are also priced for growth to the point where they are vulnerable to any hiccup in customer acquisition numbers or revenue gains. That has happened recently, when companies like Zscaler, Alteryx Inc., PagerDuty Inc., CrowdStrike Holdings Inc. and New Relic Inc. reported wobbly financial results, changes in management or were just infected by worries from other companies in their sector. Still, Datadog shows the benefit of being the right kind of business at the right time. Bloomberg News reported Wednesday that Cisco Systems Inc. approached Datadog recently with a takeover offer significantly higher than the $7 billion valuation it had been shooting for in an IPO. (As of Thursday’s early stock market trades, Datadog is valued at about $11 billion, excluding the value of shares held by employees and others.)Datadog was apparently confident enough in its prospects to turn that down and opt to go public. The uncool companies truly are that cool.A version of this column originally appeared in Bloomberg’s Fully Charged technology newsletter. You can sign up here.(1) Those investors include Iconiq Capital, the investment fund that has managed money forMark Zuckerberg of Facebook and other affluent people and institutions in Silicon Valley and beyond. Other stock buyers included Index Ventures, OpenView Ventures, Amplify Partners and Contour Ventures, Datadog announced in early 2016.(2) I will say that it's unusual for tech startups these days to go public without selling stock or doing other cash collections in the four years before an IPO. Some startups can't go four weeks without needing fresh cash.To contact the author of this story: Shira Ovide at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Analyst Eric Sheridan views the “disconnect” between the headlines and an improving fundamental picture as a buying opportunity for long-term investors in Lyft stock.
Despite my Type A personality toward my professional pursuits, outside the office, I'm incredibly lazy. For instance, although we live in a world of profound digital technologies, I don't advantage them. I like my routine. However, I'll make a big exception for ride hailing. Many others share my enthusiasm, which underlines the investment case for Lyft (NASDAQ:LYFT) and Lyft stock.Source: Tero Vesalainen / Shutterstock.com When ride hailing first hit the market earlier this decade, it was an interesting novelty. However, the concept spread like wildfire, with Uber (NYSE:UBER) taking the lead, and LYFT quickly following suit. Eventually, the two rivals went public through much fanfare and anticipation. Unfortunately for the LYFT stock price, that's the only good news to report so far.Since closing at $78.29 on its first trading session, the LYFT stock price quickly spoiled its chart with red ink. Although shares experienced a choppy rally into the second half of July, they eventually tumbled to where they are now. Against that first day, LYFT is down over 40%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, bulls will argue that this is a tremendous discounted opportunity. Over the long haul, I agree. As I mentioned in last month's write-up about Lyft stock, ride hailing has become increasingly popular. In 2015, the Pew Research Center reported that only 15% of American adults tried ride hailing. Today, that statistic has jumped to 36%. * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars I don't find that surprising. In the past year, not only did I jump on the bandwagon, I convinced my parents and in-laws to do the same. They all loved it. But love is a quality that the LYFT stock price isn't receiving lately.Should you worry? Recession Risks Cloud Lyft StockTo answer the above question, it largely depends on your framework. As a quick long-sided swing trade, I'll admit that LYFT stock doesn't currently inspire confidence. Along with concerns about profitability, you also have the pressing legal issue of whether LYFT drivers are employees or contractors.But over time, these primary concerns should fade. Regarding profitability, early critics of Amazon (NASDAQ:AMZN) blasted the e-commerce firm with similar rhetoric that we see against Lyft stock. As we know, the convenience of e-commerce converted millions of people. We see the same thing happening now because ride hailing is the future of personal transportation.As for the latter, I sympathize with the drivers' concerns. However, I don't see Lyft's issues as larger than any other company that relies on the gig economy. Drivers becoming employees would overturn the flexibility and low barrier to entry that likely drew drivers to Lyft and Uber in the first place.So no, I'm not worried about the usual criticisms against LYFT stock. They will eventually work themselves out.What I am concerned about, though, is the economy and how it relates to ride-hailing enterprises. If we do suffer a downturn, the incentive to hitch a ride disappears quickly.Yes, more Americans are trying ride hailing. However, when you drill into Pew's comprehensive statistics, you'll notice a peculiar detail: the number of adults who use Lyft or Uber weekly has only increased slightly. Thus, the ride-hailing industry is not substantively converting newcomers.And why is that? It probably has to do with the fact that income and ride-hailing adoption share a direct correlation: if you're rich, you're more likely to "ride share" -- or more accurately for all but the lowest price options for Lyft and Uber, ride hail.What happens, though, if the economy slows down? Based on the Pew data, LYFT and Uber are price-sensitive, which is problematic. A Possible Discount ComingI'll reiterate my prior sentiment regarding the LYFT stock price: overall, I remain bullish on shares and the industry as a whole.Furthermore, here's some perspective. New innovations may take time for wider acceptance and adoption. As you know, we are creatures of habit (some of us more than others). Ride hailing, like e-commerce many years ago, is enduring growing pains.But we all know what happened to Amazon after critics initially lambasted it. Although the concept of e-commerce was new, it was undeniably forward thinking. And with technology, we never move backwards. Thus, I'm confident that Lyft will work through its problems, in part because they already have the infrastructure in place.Nevertheless, after reading the industry data more closely, the company might suffer a timing problem. As things stand now, both Lyft and Uber are distinctly vulnerable to any economic deceleration. * 8 Dividend Stocks to Buy for a Recession Tactically, this means that bulls may buy some shares now, but should also keep the powder keg dry. If either the economy or consumer sentiment takes a hit, LYFT could come down in a hurry.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 * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars * 5 Stocks to Buy With Great Charts * 5 Goldman Sachs Stocks to Buy with Over 20% Upside Potential The post The Risk to Lyft Stock That Nobody Is Talking About appeared first on InvestorPlace.
California Assembly Bill 5 is signed, but the battle over who is classified as an employee or independent contractor in California may be far from over.
A well-managed team of employees can be more expensive upfront, but pay off with lower churn and higher efficiency in the long run, say some execs.
It’s tough to make money as an Uber or Lyft driver. But there could be a way to do better as a driver by getting the cost of car ownership lower.
Airbnb, the accommodation-booking platform, said on Thursday that it plans to go public next year, making the announcement a day after it reported more than $1bn in second-quarter revenue. Airbnb said on Wednesday that it made “substantially more” than $1bn in revenue in the second quarter of 2019 and that Airbnb hosts — people who rent out rooms or apartments on the platform — have made more than $80bn from renting their homes since it was created. At a conference in May 2018, Airbnb’s chief executive Brian Chesky said that the company would “be ready” for an IPO in 2019 but added that it was not definite.
Lyft is willing to push a for a voter referendum on a new California law that relcassifies some independent contractors as employees.