|Bid||35.29 x 1800|
|Ask||35.19 x 2200|
|Day's Range||33.40 - 35.48|
|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||51.47|
Uber says it’s a technology platform but the company accepts cash, a dangerous low-tech way to boost revenue in Brazil and some other foreign locations .
Stanford University owns shares of Uber, CrowdStrike, and Pinterest. It also acquired a stake in biotech stock Atreca in the second quarter and slashed its investment in Dropbox.
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.
From a scoreboard that's just under 10,000 square feet to an army of more than a thousand construction workers, the numbers behind S.F.'s new Chase Center illustrate the mammoth scope of the project.
(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.
Progressive (NYSE:PGR) is certainly a well-know fixture for consumers. It's the No. 3 auto insurer in the country and has a foothold in the home insurance market.Source: Shutterstock What many don't realize is PGR has been in the insurance business since 1965 and is one of the most consistent leaders in incorporating new technology into the property & casualty (P&C) sector.Up until recently, insurers were enjoying an ideal market. Slow, steady growth and low interest rates meant consumers were comfortable, and looking to upgrade cars, houses, jet skis, motorcycles, and the like.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Cheap Dividend Stocks to Load Up On And the strong dollar was very helpful since Progressive, like all insurers, has to keep a chunk of the cash it gets from premiums in cash or cash alternatives like U.S. Treasury bonds so it can pay out any potential losses.The rest of cash it can invest to help boost its returns. Insuring more things that are newer means more premium growth, which means more money to invest.When you have falling rates on Treasuries, you have rising prices, which means PGR is making money on its cash equivalents. And when the stock market is strong, it means PGR is making money on its investments.In Q2, which was reported in mid-July, PGR's net investment income was up 43% compared to the same quarter last year. Its unrealized equity gains were up $505 million, compared to a $102 million loss last year.The auto insurance line grew premiums 15% year over year, and including all lines, business was up 12%. This includes losses from the Midwest floods and the fires out West.There was also a recent report from the Swiss Re Institute that insured losses in the first half of 2019 were down 30%. That is a great environment for a P&C insurer and PGR stock. It means that much more of its money can be earning instead of being paid out on claims. Company Expansion Will Help PGR StockMoving forward, which is what Progressive does relentlessly, judging by its Q2 investor presentation, the company is looking to expand its commercial vehicle and property insurance sector.This is a huge and expanding market where PGR has some exposure, but it seems it's looking to make significant inroads, given the fact that its entire Q2 presentation was about the market and the opportunities within the market.This sector covers everything from fleet vehicles to contractor programs (heavy duty machinery and equipment), to for-hire transportation (contracted tractor trailers and drivers) as well as everything in between. It even includes Uber (UBER) drivers.The point is, Progressive is already taking advantage of the evolving gig economy within its product lines.PGR stock is up 20% in the past year and 29% year to date. And because it's a U.S.-focused company, international issues aren't significant for PGR. That's why my Portfolio Grader gives PGR stock an A and continues to rate is as a strong buy. 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 Can Anything Stop Progressive Stockas Ascent? appeared first on InvestorPlace.
Elsewhere on Friday: -- Parsing (some of) the small print in WeWork’s bizarre S-1. -- Peterson Institute: Five interesting things about the latest US tariffs on China. -- All we are is dust in the wind: ...
WeWork's parent company The We Company has filed on behalf of its shared workspace brand to go public under the ticker symbol WE, but hasn't yet chosen which exchange to list it on. Nevertheless, the $1 billion raise has both Wall Street and tech reporters excited, if for different reasons.Source: Mitch Hutchinson / Shutterstock.com Wall Street hopes the "space as a service" business can re-ignite an IPO market disappointed by the performance of Uber (NYSE:UBER), which still sells for less than its initial $42 trade. But, many tech reporters argue that WeWork isn't a tech company at all.WeWork's S-1 describes a way to put workers into high-class space for less than half the cost of a standard lease. The idea is to aggregate office demand from large employers. It bases a $47 billion valuation on losses of $690 million over the last six months, evidence of just what a ground-floor opportunity this is.InvestorPlace - Stock Market News, Stock Advice & Trading Tips The Magic of LeverageThe most interesting chart in the S-1 compares where WeWork is today against where it hopes to be 9-18 months from now. The money is currently in finding space and building it out, but the money will soon come from selling monthly memberships to fill the space. It claims to have 528 co-working spaces in 111 cities across 29 countries. Half of WeWork's 527,000 members reside outside of the United States. * 10 Stocks Under $5 to Buy for Fall Its rival IWG (OTCMKTS:IWG), formerly known as Regus, rents small offices in suburban locations. WeWork on the other hand is splashing its name all over downtown office towers. IWG made a profit last year on revenue of $3.4 billion and has a market cap of just under $3.7 billion. Last year, WeWork lost $1.9 billion on revenue of $1.8 billion and claims a $47 billion market cap.How is this possible? Some of it is due to its backers, like Benchmark Capital, JPMorgan Chase (NYSE:JPM), and the SoftBank (OTCMKTS:SFTBY) Vision Fund. Part of it is due to global ambitions, its use of expensive real estate and its seeking of high-profile corporate lessors. Part of it is just hype.Bloomberg Opinion's Shira Ovide, who writes about technology, tweeted that WeWork's IPO filing is "… THE MOST BANANAS THING I HAVE EVER READ." She also writes that WeWork is "the most magical unicorn" to ever come to market. WeWork vs. UberUnlike Uber, which developed a scaled market before coming public, The We Company is coming public ahead of its key growth period. In addition to its small equity raise, the company is also pursuing an asset-backed loan of $6 billion. Should the stock hold its IPO price -- and the limited float gives it a good chance of that -- its backers can mark nearly 150 million pre-IPO shares to market and clear enormous paper profits.WeWork is also playing the dual-share game to the hilt. IPO investors will get shares with one vote each. Class B and Class C shareholders, like founder Adam Neumann, get 20 votes per share. The Bottom Line on WeWork StockUber is an example of a 2010s' unicorn. It went public after creating its market as a scaled, if money-losing company. WeWork is more like a 1990s' Internet IPO, with more zeroes attached to it. Public investors are getting in earlier in the business' growth process, at least according to the prospectus.But the critics are right. WeWork is not a tech company. A chart in its S-1 shows Facebook (NASDAQ:FB), Salesforce (NYSE:CRM), and Cisco Systems (NASDAQ:CSCO) using We services, space and products to cut the costs of growth.But what they're doing is renting contingent space, only some of which they'll use. Maybe The We Company is just a corporate real estate version of LA Fitness (OTCMKTS:LFSA).Dana Blankenhorn is a financial and technology journalist. He is the author of the environmental story, Bridget O'Flynn and the Bear, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing he owned shares in CSCO and JPM. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks Under $5 to Buy for Fall * 5 Stocks to Avoid Amid the Ongoing Trade War * 7 5G Stocks to Buy Now for the Future The post WeWork Stock's Numbers Just Don't Work for its Coming IPO appeared first on InvestorPlace.
Capital is pouring into food delivery apps, putting leaders like Grubhub and Uber Eats in a race to entice customers. Grubhub stock and Uber stock have a lot on the line.
All 10 companies on this list of the biggest pre-IPO cash guzzlers are either trading below their first day offering price or are out of business.
As a financial writer I've learned to love my haters, and as an investor I've learned to love hated stocks. If anything fits that description now, it's Lyft (NASDAQ:LYFT) stock, which is beaten down both in terms of share price and investor sentiment.Source: Tero Vesalainen / Shutterstock.com Much like its more famous rideshare rival Uber (NYSE:UBER), Lyft is in the crosshairs of analysts as well as traders big and small. Nobody, it seems, likes Lyft at the moment. I'm more than willing to defend the apparently indefensible and I see a bright and expansive future for Lyft and for the rideshare market as a whole. Uber's Troubles Spill Over to Lyft StockRecent downward pressures on the LYFT stock price are the result of what's known as the "sympathy effect." When a famous stock in an industry tanks, oftentimes owners of similar stocks in the same industry will panic and dump their shares. This is irrational behavior. And, I believe that it's also a prime buying opportunity when the sympathy effect causes a stock's price to fall.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks Under $5 to Buy for Fall In my humble opinion, Lyft 's recent slide is a textbook example of the sympathy effect: Investors watched in horror as UBER fell 7.6% in a single trading session, and then freaked out. Next they unloaded their LYFT shares in fear that Lyft would be the next to fall. Reportedly, Uber had announced a hiring freeze and canceled job applicants' interviews. Granted, that's not an encouraging sign for Uber, but I don't believe this is Lyft's problem.Besides, Lyft's business model isn't exactly the same as Uber's. In late 2016, Uber ventured into the $726 billion trucking industry with Uber Freight, an app that connects truck drivers with shippers, warehouses and retailers. Uber ramped up their focus on Uber Freight earlier this year with a number of high-profile hires and a sizable capital investment.Uber's focus on Freight has disappointed investors as the capital expenditure continues to weigh on the company's margins. Lyft, in contrast, has a much narrower focus on its bread-and-butter ridesharing app, which remains popular. The Lyft brand is slowly but surely achieving parity with that of Uber in the public consciousness. Don't Let the Lock-up Be Your Hang-upBesides the Uber-Lyft sympathy effect, the Lyft stock price has suffered from the company's announcement that the lock-up period will end sooner than expected. Usually the lock-up period lasts for 180 days after the IPO.Sometimes investors are fearful that these insiders will unload their shares as soon as the lock-up period ends. And it's not unusual for them to take profits at that time. Still, this doesn't always happen and I've seen instances in which a stock actually went up after a lock-up period ended. In any case, it's not terrible news that the end of Lyft's lock-up period will happen sooner than expected.I understand that markets hate surprises and that's what caused the LYFT to decline. However, there's no fundamental problem with the company or good reason to panic. My Takeaway on Lyft StockLyft stock bears have emphasized that the share price is below its $72 IPO price. I won't deny that, but I tend to look at these things differently. As a believer in the rideshare industry and a contrarian, I'm proud to defend Lyft despite the hate. And perhaps, even because of it.As of this writing, David Moadel did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks Under $5 to Buy for Fall * 5 Stocks to Avoid Amid the Ongoing Trade War * 7 5G Stocks to Buy Now for the Future The post Lyft Stock's Dip Is a Gift to Investors appeared first on InvestorPlace.
Traffic congestion, road work and limited parking options are among the many things delivery drivers deal with when bringing cargo to customers. Drone delivery is still in the early stages, but some companies are experimenting with the option. One of the primary advantages of arranging deliveries with drones is that the contents carried could arrive substantially faster than if taken in a road-based vehicle.
Shares of Ford Motor Company (NYSE:F) are fading again. The F stock price has dropped over 12% since the second-quarter earnings report three weeks ago. Ford stock now trades at its lowest level in almost four months.Source: Shutterstock Just around $9, Ford stock does look cheap at just 7x the midpoint of 2019 EPS guidance. A dividend yield of 6.6% adds to the case that the F stock price is simply too cheap. But there are risks here worth watching.Earnings have been headed in the wrong direction. Investors clearly are worried about a U.S. recession, as stocks fell sharply in midday trading Wednesday. Few companies take a bigger hit in a macro downturn than carmakers. That was proven in the 2008-09 financial crisis, which Ford barely survived and which bankrupted rivals General Motors (NYSE:GM) and Chrysler (now part of Fiat Chrysler (NYSE:FCAU)).InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks Under $5 to Buy for Fall This is not a safe play by any means, even if Ford stock looks cheap. Other iconic American companies like Kraft Heinz (NASDAQ:KHC) and General Electric (NYSE:GE) have offered the combination of low multiples and high dividend yields. Both stocks turned out to be painful value traps.Even with those considerations, however, there's an attractive case here. I argued at the beginning of the year that Ford stock was a buy, but one that would require some patience. Seven months later, that seems to be the case once again. Why Did the F Stock Price Fall After Earnings?On its face, Ford's second quarter report looks disappointing. The company's adjusted EPS of 28 cents rose only a penny year-over-year and came in three cents lower than Street consensus. Revenue was flat year-over-year, though in line with Street expectations.Perhaps more notably, 2019 EPS guidance of $1.20-$1.35 looks somewhat disappointing. Ahead of the report, analysts on average had been projecting net profits of $1.40 per share.But the quarter isn't quite as grim as it looks. Ford, owing to new accounting rules, saw a three cent negative impact to EPS owing to its investment in Pivotal Software (NYSE:PVTL). That aside, Ford's results almost exactly met Street expectations (or perhaps more accurately, analysts on average almost exactly modeled the company's performance).Even the almost flat revenue looks reasonably strong given that Ford is shrinking its lineup and seeing currency impacts overseas.Full-year profit expectations are disappointing, to be sure. They suggest a potential year-over-year decline against 2018's adjusted EPS of $1.30. Again, the big drop in the value of Pivotal shares is having an impact. More importantly, last year's results benefited from an unusually low tax rate of just 10%. Ford estimates the headwind from the increased (and more normal) tax rate this year to be 12 cents to 16 cents per share.This is not a quarter that suggests Ford earnings necessarily have peaked. Investors in the last three weeks, however, seem to be acting as such. Risks to Ford StockThat said, those investors might be right. Again, this is not a low-risk play, even with the low earnings multiple and the high yield. A recession would be painful for Ford, leading to both lower sales and potentially higher losses in Ford Credit. The company has some $90 billion in long-term debt attributable to that unit alone.There's still the long-running concern of "peak auto." It's possible that automotive unit sales -- which are now falling on a global basis -- have nowhere to go but down. Self-driving cars (at least in theory) would markedly lower demand, while Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) see themselves as competitors to car ownership, not just each other.And even with Ford expecting profit growth in 2019, earnings are declining on a multi-year basis. Adjusted EPS in 2015 was $1.93 (at a higher tax rate). The clear worry is that both auto sales and earnings for Ford have peaked. Combined with cyclical worries, that justifies the current price around $9. The Case for F StockFord stock, then, may not be quite as cheap as it looks. But that doesn't mean it's a sell. There's still a broad argument that the F stock price should return to, and stay in, the double-digits.Much of the earnings risk seems priced in at this point. Ford earnings have been declining in the second half of this decade, but there's room for improvement going forward.Cost-cutting will help. The smaller product footprint will lower capital spending, either creating more free cash flow for shareholder returns (or a recession buffer) or allowing Ford to invest in its own autonomous and electric vehicle efforts. Markets seem to be pricing in almost zero chance of success in those new markets.Ford is still losing money overseas. At some point, that will change -- or Ford will leave. Current earnings power from the U.S. business is likely in the range of $1.60 or higher, based on overseas losses and the consolidated tax rate. There's still a path for Ford earnings to grow from here, if not consistently and not perfectly.This is not a safe, "heads I win, tails I don't lose much" scenario. Cyclical risks are real. Market concerns are an issue. But Ford still has levers to pull -- and the F stock price still is cheap.It may take some time, particularly in a suddenly nervous market. For patient investors, however, F stock looks attractive and should provide solid gains at some point.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks Under $5 to Buy for Fall * 5 Stocks to Avoid Amid the Ongoing Trade War * 7 5G Stocks to Buy Now for the Future The post Ford Stock Looks Attractive On Another Pullback appeared first on InvestorPlace.
UPS has revealed that self-driving trucks have been hauling cargo between Phoenix and Tuscon, Arizona for months. Zack Guzman, along with Yahoo Finance's Emily McCormick and Jack Brewer, The Brewer Group CEO, discuss the surprising news on 'YFi PM'.
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."