Commodity Channel Index
|Bid||33.09 x 1400|
|Ask||33.14 x 3100|
|Day's Range||32.65 - 33.55|
|52 Week Range||13.71 - 45.63|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 06, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||40.87|
In the latest trading session, Uber Technologies (UBER) closed at $33.14, marking a -0.03% move from the previous day.
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son has enjoyed a $12 billion renaissance the past three months, easing the pressure on his intricately engineered personal finances.With SoftBank Group’s shares surging to their highest price in two decades on Thursday, Son’s net worth hit $20 billion, more than doubling from $8.4 billion in March, according to the Bloomberg Billionaires Index. It is the first time the 62-year-old’s fortune has topped $20 billion since January 2013, when the ranking first started tracking his wealth.The calculation excludes about $13.3 billion of his SoftBank Group shares pledged as collateral, representing some 40% of his stake, according to regulatory filings. A further 26% of his holding is lent out for a fee to different entities, mostly brokerages, likely to add liquidity to the market. Those shares are included in Son’s net worth calculation because he retains control over them.“For those lending shares, it’s about creating incremental revenue,” said Andrew Dyson, chief executive officer of the International Securities Lending Association. He noted such transactions ease the execution of trades, while enabling hedging and shorting strategies. “Lending out securities generates hundreds of millions of dollars in fees a quarter.”SoftBank Group shares have surged 133% from a low in March, taking the Tokyo-based company’s market value to $123 billion. While its Vision Fund lost almost $18 billion in the latest fiscal year as it wrote down the value of investments in WeWork, Uber Technologies Inc. and others, record equity buybacks and a series of wins have helped the stock recover. SoftBank Group sold part of its stake in T-Mobile US Inc. last month, and an online home-insurance provider that it’s backing more than doubled on its U.S. debut earlier in July.While Son’s strategies are common among the wealthy, market volatility earlier this year showed that personal stock pledges, coupled with a heavy debt load, can bring risks. The pandemic-induced turmoil that sank equities resulted in some margin calls. Some individuals had to stump up collateral to avoid defaulting, and others had to liquidate at depressed prices. Chinese mogul Lu Zhengyao and Markus Braun of German fintech company Wirecard AG offer extreme examples of the risks of pledging shares.Even stock lending worries some. Japan’s largest pension fund said in December it would stop the practice because it creates a vacuum in ownership when equities change hands.SoftBank Group’s buoyant share price means such risks are remote for now. Son’s pledged stock is valued at almost triple the loan amount he said in a May earnings presentation he has received, according to calculations by Bloomberg.SoftBank Group declined to comment on Son’s personal finances.(Updates stock move and market cap in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Uber Technologies (NYSE: UBER) is launching a fixed-schedule commuter service in London after buying the naming rights to the Thames Clippers ferry service, which will be rebranded as Uber Boat by Thames Clippers. The new boating service would be yet another attempt to branch out into areas other than ridesharing, as declining numbers of fares caused Uber to report a $2.9 billion quarterly loss earlier this year. Uber has been leaning hard into meal delivery with its Uber Eats service that was carried along by the COVID-19 pandemic as restaurants were forced to rely on takeout and delivery to survive during the crisis.
Tesla CEO Elon Musk reiterated Thursday that the world's newly crowned most valuable automaker could develop a fully self-driving car by 2020. Tesla stock climbed 2.1%.
Jul.09 -- Steve Jang, founder and managing partner at Kindred Ventures, discusses Uber Technologies Inc.’s deal to acquire Postmates Inc. and what it means for the delivery space going forward. He speaks on "Bloomberg Technology."
Seated Co-Founder & Executive Chairman Bo Peabody Yahoo Finance’s Zack Guzman to discuss how his food delivery app is taking on competitors like GrubHub and Uber Eats amid the coronavirus.
Earlier this week, Uber unveiled plans to pile on US$2.65 billion worth of muscle in its purchase of Postmates, the San-Francisco-based food delivery company, that will complement Uber Eats. The combined entity is expected to give DoorDash, the US food-delivery market leader, a run for its money.
When US shoppers on Apple’s website opt for a two-hour “courier delivery” service, they may not know that the company that brings their purchase to their door is Postmates — the on-demand delivery company soon to be acquired by Uber for $2.65bn in stock. Wall St has mainly viewed Uber’s deal for Postmates as the latest step in the consolidation of the US food delivery market. In the process, the company is also pitting itself against a more formidable competitor: Amazon.
The Cornell University study, published on Monday, comes as lawmakers in several U.S. cities and states debate the future of the gig economy and whether workers should be treated as employees rather than independent contractors. The study examined 14,000 drivers during one week in October 2019 and showed that 75% of Seattle drivers work fewer than 20 hours per week, with only 5% working full-time. The authors say it was the first time real-world data directly provided by Uber Technologies Inc <UBER.N> and Lyft Inc <LYFT.O> has been analyzed.
Mergers and acquisitions in the global food delivery space have been heating up. The consolidation of Uber Technologies Inc (UBER) and Postmates is a new development in the segment.
Brits are being encouraged to go out and spend to save the economy as the Government funds meals for friends and family, but no alcohol
Given the coronavirus-induced slump in rides business, Uber's aim to bolster its delivery services is encouraging.
A London riverboat service used by commuters and visitors will be rebranded Uber Boat by Thames Clippers later this summer as part of a deal with the ride-hailing app. Thames Clippers operates a service that runs through the city and includes stops along the river at Canary Wharf in the east, the London Eye in the centre of town and Battersea Power Station in the west. Piers and boats will be rebranded and users will be able to buy tickets on the Uber app alongside existing methods as residents seek alternatives to trains and buses amid the coronavirus outbreak.
The prospect is unappetising: food cooked in shipping containers on scrubby industrial land, boxed up into wrappers for virtual brands and sent out for delivery. Perhaps that is why ghost kitchens created for online delivery meals have yet to replace restaurants. The idea that food delivery companies can get customers hooked on eating restaurant food at home and then do away with restaurants altogether remains a fantasy.
Uber Technologies Inc. (UBER) has announced that it is launching its grocery delivery service in several regions starting with Latin America and Canada with an additional rollout to the United States later this month.The ride-hailing company will be working with Cornershop, a Chilean online grocery provider as part of a broader push into food delivery after having purchased a majority stake in the business last October. Uber stated that it will begin in the Canadian cities of Montreal and Canada, eleven cities in Brazil that include Sao Paulo and Rio de Janeiro and four Chilean cities."We launched Cornershop almost exactly five years ago today, and it's hard to imagine a better way to celebrate our anniversary than joining forces with the best on-demand platform around," said Oskar Hjertonsson, founder and CEO of Cornershop. He added, “Uber is the perfect partner to bring on-demand groceries from incredible merchant partners at the touch of a button across the Americas.”The announcement follows its recent $2.65 billion acquisition yesterday of the food delivery service, Postmates. The deal highlights Uber’s push to expand beyond its ride-hailing business which experienced an 80% downturn in April in light of the pandemic.Uber plans to integrate grocery delivery into its main app while still servicing its customers with the Uber Eats app. The company states that it has partnered with “9,500 merchants to deliver groceries across 35 countries on Uber Eats.” According to its May report, Uber Eats food deliveries saw an increase of more than 54% year over with grocery-convenience orders increasing by more than 176%. Additionally, meal delivery since mid-March has increased 89% with year-over-year growth in gross bookings in April.Needham analyst Brad Erikson noted that Uber “provides an incremental (and most importantly, differentiated) way to keep ride-hailing drivers engaged and operating through the obviously more protracted downturn of Uber’s core business.” He assigned a Buy rating on the stock and set a price target of $42 suggesting an upside potential of 26%.Also optimistic, KeyBanc analyst Edward Yruma stated that for restaurants, Uber will be able to cost-effectively connect with a larger customer base by offering more tools and technology. He reiterated a Buy rating on the stock and $40 price target (20% upside potential).Overall, UBER is up 11% year-to-date with a Strong Buy analyst consensus that breaks down into 27 Buy ratings versus 3 Hold ratings and no Sell ratings. The $41.77 average price target implies 25% upside potential for the shares in the coming 12 months. (See Uber's stock analysis on TipRanks).Related News: Uber Snaps Up Postmates In $2.65B Stock Deal- Report Google Snaps Up Canadian Smart Glasses Startup North Amazon Acquires Self-Driving Startup Zoox More recent articles from Smarter Analyst: * Google, Deutsche Bank Forge 10-Year Cloud Partnership * Is Uber Eyeing Postmates Opportunity After Grubhub Disappointment? Analyst Weighs In * Regeneron Signs $450M Contract With U.S. Government For Covid-19 Therapy * Burger Chain Shake Shack Drops 5% As Preliminary Q2 Sales Disappoint
“Won’t you be my number 2?” sang a broken-hearted Joe Jackson on his mid- 80s ballad. We can’t confirm that Uber (UBER) has sent a messenger to Postmates with that exact enquiry, but that seems to be the gist of its suggestion, if recent media reports are anything to go by.Following the failed acquisition of food delivery rival Grubhub – who opted to tie the knot with European player JustEatTakeaway instead – it appears Uber has turned its attention to a merger with another rival. The regulatory hurdles in this instance don’t appear quite as high as the ones presented by the Grubhub acquisition. Moreover, the addition of Postmates would claw back some of Uber Eats’ clout and re position it as a major player in the battle for market share in the margin tight food delivery sector.Wedbush analyst Ygal Arounian, believes such a deal - one likely to be worth roughly $3 billion - would amount to a “a very good strategic fit.”“Postmates, which is the clear 4 player behind DoorDash, Uber Eats, and Grubhub would be both a defensive and offensive acquisition in the food delivery space for Uber at a time with its core ridesharing business seeing massive headwinds in this COVID-19 pandemic,” said Arounian.Arounian estimates that in the first quarter, Uber Eats took a 24% cut of market share, while Postmates’ slice amounted to 10%. Together, the two would command a third of the market. Doordash currently leads the industry with 44% of market share.Although there has been a surge in demand for food delivery services during the pandemic, the industry is still one operating at a loss. The fierce competition has resulted in companies using various marketing strategies such as free deliveries, loyalty programs and discounts in order to gain a bigger slice of the pie. Despite recent disappointing developments, Arounian believes Uber can still be the dominant force in the sector.“We've been noting that despite the increased headwinds on the profitability front for Uber on Uber Eats, it remained the best positioned to be the consolidator with the ability to leverage Eats across its Rides platform, but also through initiatives like grocery delivery (through the Cornershop acquisition), and Uber Direct/Uber Connect with the Postmates platform fitting in well as part of this strategy,” the analyst concluded.All in all, Arounian kept his Outperform rating on Uber intact, along with a $47 price target. Investors could be riding home with a 54% gain should Arounian’s forecast materialize over the coming months. (To watch Arounian’s track record, click here)The vast majority of Arounian’s colleagues agree with his sentiment. Uber's Strong Buy consensus rating is based on 26 buys, 3 Holds and 1 Sell. At $41.01, the average price target suggests upside of 27% in the year ahead. (See Uber stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Get on Board the Pinterest Train, Says 5-Star Analyst * Regeneron Signs $450M Contract With U.S. Government For Covid-19 Therapy * Corvus Shoots Up 115% On Start Of Novel Immunotherapy Study In Covid-19 Patients * Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate
(Bloomberg) -- Arm Ltd. plans to transfer its data and device-management business to parent Softbank Group Corp. to focus on its main semiconductor operations and accelerate growth.The Internet of Things Services Group was billed by Arm as a key initiative to expand into managing information from millions of new devices being connected to the internet.The change will put Arm in a stronger position to innovate in its central business “and provide our partners with greater support to capture the expanding opportunities for compute solutions across a range of markets,’ Arm Chief Executive Officer Simon Segars said Tuesday in a statement. The transaction will require board approval, the company said.The Cambridge, England-based company is one of Softbank founder Masayoshi Son’s biggest bets. He bought Arm in 2016 for $32 billion saying that the company’s technology, which was already at the heart of all smartphones, had greater potential to grow as connectivity expands to become part of most electronics.Arm sells chip designs and also licenses the fundamentals of semiconductors that are used by companies such as Apple Inc. and Qualcomm Inc. to create their own chips.Softbank’s founder has come under pressure as some of his other projects have unraveled or fallen well short of his bullish projections. In May, Softbank reported a record operating loss triggered by the writedown of portfolio companies at its Vision Fund arm. Many Vision Fund investments, including Uber Technologies Inc., tumbled in the wake of the global coronavirus pandemic, which has curtailed demand for ride hailing and other sharing economy services that Son has long favored.Son has said that he planned to cash in on his investment in Arm by returning it to the public markets once it had gone through a heavy period of investment to fuel new growth. The IoT business was part of this plan. Arm’s leadership argued that the difficultly in managing new devices and exploiting related data was holding back the adoption of technology such as building sensors and connected factory equipment.Softbank’s leader has been vague about when he might sell shares in Arm. In 2018, he said it would happen in about five years.(Updates with CEO comment in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Street's reaction to Uber Technologies Inc's (NYSE: UBER) $2.65-billion acquisition of Postmates is mixed as some analysts are praising the deal while others question the logic.DA Davidson's White: No Major Change In Food Delivery The U.S.-based market share Postmates holds in the food delivery space stands at around 8%, so Uber's acquisition isn't going to result in any major shift in the competitive space, D.A. Davidson's Tom White said on CNBC.But keeping Postmates assets out of the hands of a major Uber competitor is an important strategic move, even though it won't speed up Uber Eat's timeline towards U.S. profitability, the analyst said.Uber didn't overpay for Postmates, as the deal is valued at around three times this year's revenue, he said.This is reasonable given the market dynamics, including a surge in demand during the COVID-19 pandemic, White said. Simpler Trading's Shay: Time To Short Uber Uber overpaid to acquire Postmates, a rival food delivery platform with an "incredibly small" market share, especially compared to DoorDash, Danielle Shay, Simpler Trading's options director, said on CNBC.It's unlikely Postmates represents the "straw that gets Uber out of this hole," she said. Uber's chief rival Lyft Inc (NASDAQ: LYFT) deserves credit for the "much better idea" of a delivery platform for essential goods that come with higher margins, Shay said. "Uber is a short on this news," she said. "I think you can short it around $35 and if it trades up to $40, I think I would short it there as well."BofA Sees 3 Key Benefits Uber's acquisition of Postmates is consistent with its vision for industry consolidation and could also be seen as a defensive move for its Uber Eats unit after rival Just Eat acquired GrubHub, BofA Securities Justin Post said in a note. The analyst named three key benefits from the deal: * Expectations for $200 million in synergies * Increased Uber order density in large markets like Los Angeles and Phoenix * Assistance with Uber's expansion into non-food delivery options and subscription offeringsUber also noted in an investor presentation that Postmates recorded $643 million in gross bookings in the first quarter that generated $107 million in revenue for the company, he said. Bookings grew more than 50% quarter-over-quarter in the second quarter, which implies a deal price of around 0.6 times run-rate bookings versus JustEat's acquisition of GrubHub at 1.0 times 2021 bookings, Post said. BofA maintains a Buy rating on Uber's stock with a $42 price target.Related Links:Wedbush Praises Uber For 'Smart Strategic Move' In Buying PostmatesEarly Strength Seen In Many Stocks Tied to Reopening, Including Airlines, Casinos, AutosPhoto courtesy of Postmates. Latest Ratings for UBER DateFirmActionFromTo Jul 2020JMP SecuritiesMaintainsMarket Outperform Jun 2020BTIGInitiates Coverage OnBuy May 2020Wolfe ResearchUpgradesPeer PerformOutperform View More Analyst Ratings for UBER View the Latest Analyst RatingsSee more from Benzinga * Uber's Ex-Chief Business Officer Isn't A Fan Of Reported Postmates Deal * GrubHub Ditches Uber For Europe's Just Eat: What The Street Thinks(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Jul.07 -- Bastian Lehmann, Postmates Inc. chief executive officer, talks about being bought by Uber for $2.65 billion. He says the deal should close early next year and he's not sure what his role will be with the new company. He speaks to Emily Chang on "Bloomberg Markets."
RBC Capital’s Mark Mahaney notes that Uber is seeing a slower-than-expected recovery in its ride-sharing business.
Uber Technologies (NYSE: UBER) was not too happy when Grubhub (NYSE: GRUB) decided to sell its business to Just Eat Takeaway. Just Eat Takeaway offered a similar price, however, and Grubhub's owners felt the partnership made for a better exit. It instead focused on a smaller competitor in the U.S. food delivery space: Postmates.
A day after acquiring Postmates for $2.65 billion, Uber has officially launched grocery delivery in select Latin American and Canadian cities. The Santiago, Chile-based startup brought grocery delivery to the Latin American market before moving north to Toronto. Today’s launch covers 19 cities in Brazil, Canada, Chile, Colombia and Peru, and is set to expand to the U.S. market at some point later this month — specifically to Miami and Dallas.