New stocks are red hot to start 2020 with IPO ETF tripling the return of the market

Despite a roller-coaster ride in 2019, IPO investors made money, and they are starting off 2020 in the green as well. The Renaissance Capital IPO ETF, a basket of the most recent 60 or so larger IPOs, is at a historic high. The IPO ETF has outperformed the major indices this year due to a surge in 2019 under-performers such as Uber, Lyft and BeyondMeat. “The strong 2020 performance of recent IPOs bodes well for the 2020 crop,” said Kathleen Smith of Renaissance Capital. IPO watchers expect the 2


Despite a roller-coaster ride in 2019, IPO investors made money, and they are starting off 2020 in the green as well.
The Renaissance Capital IPO ETF, a basket of the most recent 60 or so larger IPOs, is at a historic high.
The IPO ETF has outperformed the major indices this year due to a surge in 2019 under-performers such as Uber, Lyft and BeyondMeat.
“The strong 2020 performance of recent IPOs bodes well for the 2020 crop,” said Kathleen Smith of Renaissance Capital.
IPO watchers expect the 2
New stocks are red hot to start 2020 with IPO ETF tripling the return of the market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: bob pisani
Keywords: news, cnbc, companies, ipo, tripling, hot, nearly, lyft, quarter, ipos, 2020, start, stocks, uber, public, etf, red, recent, money, return, market


New stocks are red hot to start 2020 with IPO ETF tripling the return of the market

Despite a roller-coaster ride in 2019, IPO investors made money, and they are starting off 2020 in the green as well.

The Renaissance Capital IPO ETF, a basket of the most recent 60 or so larger IPOs, is at a historic high. It has dramatically outperformed the S&P 500 year-to-date, up nearly 9% versus a gain of about 3% for the S&P.

The IPO market is now heating up again, with recent filings from Reynolds Consumer (Reynolds Wrap and Hefty trashbags) and OneMedical (health clinics). They may soon be joined by Casper (mattresses), which has filed to go public but not yet set out terms.

Sitting out there is Airbnb, and likely the largest IPO of the year: GE Healthcare, GE’s imaging business, which could go public at $60 billion. That’s twice the size of Airbnb.

The IPO ETF has outperformed the major indices this year due to a surge in 2019 under-performers such as Uber, Lyft and BeyondMeat.

IPO underperformers shine in 2020 (YTD) Uber, up 26% Lyft, up 12% Beyond Meat, up 71% SmileDirect, up 45%

Uber and Lyft together comprise nearly 15% of the value of the IPO ETF.

“The strong 2020 performance of recent IPOs bodes well for the 2020 crop,” said Kathleen Smith of Renaissance Capital.

“Prices were reset in the third quarter,” she said, noting that the IPO ETF rebalanced in the second half of December, buying its largest position — Uber — at nearly $29. It’s now at $37.

Smith noted that while the amount of money raised by IPOs in 2019 was a mild disappointment — $46 billion, which is about the same as 2018 — public investors made money in most IPOs. That’s because many issuers were forced to lower prices to attract buyers.

“It was a mediocre year for companies that thought they could go public at premium valuations, but it was a good year for investors who bought IPOs,” she said. She expects that to continue into 2020.

IPO watchers expect the 2020 market to be front-half loaded due to a big second-half event: the presidential elections.

“In an election year, IPO issuance is traditionally strong in the first two quarters, slow in the third quarter, then picks up in the end of the fourth quarter,” Santosh Rao, head of research at Manhattan Venture Research said.

“My best guess is the biggest names will try to come out well before the election,” he said.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: bob pisani
Keywords: news, cnbc, companies, ipo, tripling, hot, nearly, lyft, quarter, ipos, 2020, start, stocks, uber, public, etf, red, recent, money, return, market


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Uber has a better shot at reaching profitability than its competitors, CEO says

Dara Khosrowshahi, CEO of Uber, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan,. Uber is better equipped than its competitors to turn ride-hailing into a profitable business, the company’s CEO told CNBC. “We are by far the global leader in ride-sharing,” Dara Khosrowshahi told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland. Uber is down nearly 10% since its initial public offering, while Lyft has slumped almost 40%. Their fortune


Dara Khosrowshahi, CEO of Uber, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan,.
Uber is better equipped than its competitors to turn ride-hailing into a profitable business, the company’s CEO told CNBC.
“We are by far the global leader in ride-sharing,” Dara Khosrowshahi told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland.
Uber is down nearly 10% since its initial public offering, while Lyft has slumped almost 40%.
Their fortune
Uber has a better shot at reaching profitability than its competitors, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: ryan browne
Keywords: news, cnbc, companies, business, lyft, reaching, better, world, turn, ridehailing, shares, uber, profitability, competitors, shot, switzerland, told, squawk, ceo


Uber has a better shot at reaching profitability than its competitors, CEO says

Dara Khosrowshahi, CEO of Uber, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan,. 22nd, 2020.

Uber is better equipped than its competitors to turn ride-hailing into a profitable business, the company’s CEO told CNBC.

“We are by far the global leader in ride-sharing,” Dara Khosrowshahi told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland. “We are structurally set up more efficiently and more optimally than anyone else to move to profitability. So actually this environment is perfect for us.”

Uber has looked to wind back operations in markets where it’s struggled to gain a foothold and generate profits in recent years. The company on Tuesday agreed to sell its Eats food delivery business in India to Zomato, a local start-up that counts Alibaba affiliate Ant Financial as one of its investors.

Notably in 2016, Uber sold its Chinese business to domestic giant Didi Chuxing, while in 2018 the firm exited Southeast Asia through a deal with Singapore’s Grab. It also has a joint venture with Russian internet giant Yandex to provide its taxi services in the country.

U.S. ride-hailing firms Uber and Lyft have faced questions from investors over their cash-burning business models, following listings of their shares in New York last year. Shares of both companies have fallen significantly since their market flotations.

Uber is down nearly 10% since its initial public offering, while Lyft has slumped almost 40%. Their fortunes could be starting to turn around though — shares of Uber and Lyft are now up 26% and 12% respectively since the start of 2020.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: ryan browne
Keywords: news, cnbc, companies, business, lyft, reaching, better, world, turn, ridehailing, shares, uber, profitability, competitors, shot, switzerland, told, squawk, ceo


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Uber just sold its food delivery business in India to local rival Zomato

Ride-hailing giant Uber said Tuesday it sold its food delivery business in India to its competitor Zomato in an all-stock transaction. The sale gives Uber a 9.99% stake in the Indian restaurant aggregator and food delivery start-up. Uber Eats is set to discontinue operations starting Tuesday, and it will direct restaurants, delivery partners and users to the Zomato app. Uber will continue competing in the Indian ride-hailing market against start-up Ola. Previously, Uber ceded ground in China and


Ride-hailing giant Uber said Tuesday it sold its food delivery business in India to its competitor Zomato in an all-stock transaction.
The sale gives Uber a 9.99% stake in the Indian restaurant aggregator and food delivery start-up.
Uber Eats is set to discontinue operations starting Tuesday, and it will direct restaurants, delivery partners and users to the Zomato app.
Uber will continue competing in the Indian ride-hailing market against start-up Ola.
Previously, Uber ceded ground in China and
Uber just sold its food delivery business in India to local rival Zomato Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, rival, business, food, stake, market, local, valuation, ridehailing, zomato, uber, sold, million, india, delivery


Uber just sold its food delivery business in India to local rival Zomato

Ride-hailing giant Uber said Tuesday it sold its food delivery business in India to its competitor Zomato in an all-stock transaction.

The sale gives Uber a 9.99% stake in the Indian restaurant aggregator and food delivery start-up.

Zomato is backed by Alibaba affiliate Ant Financial, which recently agreed to invest up to $150 million at a pre-money valuation of $3 billion, according to official filings from Zomato-shareholder Info Edge.

Based on that valuation, Uber’s stake in Zomato would be worth around $300 million. Uber declined to comment on the deal’s value.

Uber Eats is set to discontinue operations starting Tuesday, and it will direct restaurants, delivery partners and users to the Zomato app.

“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” CEO Dara Khosrowshahi said in a statement.

The tech giant is under pressure from investors to turn its business around. Last year, the company reported a $5.2 billion loss in its second-quarter earnings and laid off hundreds of employees in 2019.

Uber will continue competing in the Indian ride-hailing market against start-up Ola. Previously, Uber ceded ground in China and Southeast Asia to local players Didi Chuxing and Grab, respectively and exited its Eats business in South Korea.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, rival, business, food, stake, market, local, valuation, ridehailing, zomato, uber, sold, million, india, delivery


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Uber keeps chasing profitability by ditching businesses in countries it doesn’t dominate

On Tuesday, the company announced it sold its Uber Eats food delivery business in India to Zomato, its competitor backed by Alibaba affiliate Ant Financial. The deal could leave Uber out of a significant chunk of the food delivery market. “It is increasingly clear that Uber has a strong ride-sharing business and a food delivery business that is rationalizing,” they wrote. Uber’s market value is now around $63 billion. In September, Uber said it would end its food delivery service in South Korea.


On Tuesday, the company announced it sold its Uber Eats food delivery business in India to Zomato, its competitor backed by Alibaba affiliate Ant Financial.
The deal could leave Uber out of a significant chunk of the food delivery market.
“It is increasingly clear that Uber has a strong ride-sharing business and a food delivery business that is rationalizing,” they wrote.
Uber’s market value is now around $63 billion.
In September, Uber said it would end its food delivery service in South Korea.
Uber keeps chasing profitability by ditching businesses in countries it doesn’t dominate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: lauren feiner
Keywords: news, cnbc, companies, report, food, ubers, ditching, company, uber, doesnt, countries, keeps, business, dominate, stock, morning, delivery, chasing, market, businesses, profitability


Uber keeps chasing profitability by ditching businesses in countries it doesn't dominate

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks on a webcast during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 10, 2019.

Uber just cut back from another market where it doesn’t dominate.

On Tuesday, the company announced it sold its Uber Eats food delivery business in India to Zomato, its competitor backed by Alibaba affiliate Ant Financial. The all-stock deal gives Uber a 9.99% stake in the business.

The deal could leave Uber out of a significant chunk of the food delivery market. Asia’s market has become the largest for online food delivery in the world, with over $45 billion in revenue in 2018, according to an October report from Frost & Sullivan. India holds the second-largest percentage of that market share at 13.2%, after China’s 73%, according to the report.

But Uber’s decision falls in line with its stated strategy to dominate or ditch. In a November earnings call, CFO Nelson Chai told analysts that Uber would “look at both disposing as well as using M&A as potential levers” in markets where they are not already one of the top two players.

“Our commitment is to lean in if we think we can win or be one or two,” Chai said. “And if we think we can’t, we’re going to be good stewards of capital, and so we will make the appropriate choices.”

Uber has taken on this aggressive strategy as investors continue to push for a path to profitability. The company still reported over $1 billion in net losses in its latest quarterly earnings report and has announced hundreds of layoffs. Uber will report its results for the fourth quarter of 2019 on Feb. 6.

In a note Tuesday morning, Raymond James analysts said Uber’s sale “demonstrates discipline” given the road to food delivery domination in India “would likely take years and significant investment.” The move frees up funds for Uber to investment in other, more promising markets, the analysts wrote.

“It is increasingly clear that Uber has a strong ride-sharing business and a food delivery business that is rationalizing,” they wrote. “As Uber continues these initiatives over the next 12 months, we anticipate both positive revisions and multiple expansions.”

CNBC’s Jim Cramer also praised the move Tuesday morning on “Squawk on the Street.”

“This stock is undervalued,” Cramer said. “As they get out of bad Uber Eatses (sic), it is just going to go higher because it’s an ecosystem.”

Uber’s stock price was up more than 5% Tuesday morning, adding about $3 billion to its market cap. Uber’s market value is now around $63 billion.

It’s not the first time Uber has scaled back in a market it’s failed to top. In September, Uber said it would end its food delivery service in South Korea. The company did not manage to crack rival Woowa Brothers’ 75% market share in the South Korean food delivery space, according to Reuters. While its ride-hailing business faced legal trouble and push back from the taxi industry in the region, Uber has continued to operate that service, as it will in India.

Uber’s market exits aren’t always its choice. Uber will end operations in Colombia at the end of the month, the company said, after a local judge sided with the country’s competition authority that found the company broke market rules with its ride-hailing business, as Reuters reported in December. The crackdown followed protests of Uber and similar services by taxi drivers who believed the services received an unfair advantage due to lack of regulation.

In London, Uber was stripped of its license to operate in November after the city’s transport regulator said the company has displayed a “patter of failures” putting riders at risk. Uber has appealed the ruling and is still currently operating in the region.

-CNBC’s Saheli Roy Choudhury contributed to this report.

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WATCH: Here’s how Uber loses money


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: lauren feiner
Keywords: news, cnbc, companies, report, food, ubers, ditching, company, uber, doesnt, countries, keeps, business, dominate, stock, morning, delivery, chasing, market, businesses, profitability


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Stocks making the biggest moves premarket: Halliburton, Best Buy, Uber, Tesla & more

Traders work during the opening bell at the New York Stock Exchange (NYSE) on January 13, 2020 on Wall Street in New York City. Best Buy (BBY) – Best Buy is investigating allegations that CEO Corie Barry had an inappropriate romantic relationship with a fellow executive. Uber (UBER) – Uber sold its Eats business in India to Ant-Financial backed Zomato, in exchange for a 9.99% stake in its local rival. Logitech (LOGI) – Logitech reported quarterly profit of 84 cents per share, 5 cents a share abo


Traders work during the opening bell at the New York Stock Exchange (NYSE) on January 13, 2020 on Wall Street in New York City.
Best Buy (BBY) – Best Buy is investigating allegations that CEO Corie Barry had an inappropriate romantic relationship with a fellow executive.
Uber (UBER) – Uber sold its Eats business in India to Ant-Financial backed Zomato, in exchange for a 9.99% stake in its local rival.
Logitech (LOGI) – Logitech reported quarterly profit of 84 cents per share, 5 cents a share abo
Stocks making the biggest moves premarket: Halliburton, Best Buy, Uber, Tesla & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: peter schacknow
Keywords: news, cnbc, companies, tesla, premarket, biggest, making, uber, share, stock, street, moves, york, work, cents, best, stocks, wall, brands, halliburton, buy


Stocks making the biggest moves premarket: Halliburton, Best Buy, Uber, Tesla & more

Traders work during the opening bell at the New York Stock Exchange (NYSE) on January 13, 2020 on Wall Street in New York City.

Check out the companies making headlines before the bell:

Halliburton (HAL) – The oilfield services company reported quarterly profit of 32 cents per share, 3 cents a share above estimates. Revenue also beat Wall Street forecasts. Halliburton said its bottom line received a boost from international growth and that it was able to optimize its performance in a soft North American market.

VF Corp. (VFC) – VF Corp. is exploring strategic alternatives for its Work unit brands, which focus on outfitting industrial, service, and government sector workers. VF said the goal is to focus on a simplified portfolio of higher growth, consumer-oriented brands.

Best Buy (BBY) – Best Buy is investigating allegations that CEO Corie Barry had an inappropriate romantic relationship with a fellow executive. Barry said she is cooperating fully with the electronics retailer’s board and that she looks forward to a quick resolution.

Uber (UBER) – Uber sold its Eats business in India to Ant-Financial backed Zomato, in exchange for a 9.99% stake in its local rival. Uber Eats has struggled in India since launching in that market in 2017.

Logitech (LOGI) – Logitech reported quarterly profit of 84 cents per share, 5 cents a share above estimates. The maker of computer peripherals also seeing its revenue come in above Wall Street forecasts. Results were helped by growing demand for gaming and video conferencing products.

Tesla (TSLA) – Tesla rebuffed a petition to U.S. regulators calling for a recall of 500,000 cars for an alleged unintended acceleration issue. Tesla said the petition was “completely false” and was put forth by a short seller.

Boeing (BA) – Boeing is in talks to borrow $10 billion or more to deal with costs related to the 737 Max grounding, according to people familiar with the matter who spoke to CNBC. Boeing has already secured at least $6 billion and is in talks with other lenders as well, sources said.

L Brands (LB) – L Brands was upgraded to “overweight” from “sector weight” at KeyBanc, which said the Victoria’s Secret parent is increasingly likely to engage in some sort of “value-creating” transaction.

Morgan Stanley (MS) – The investment bank’s stock was downgraded to “neutral” from “buy” at Citi, which feels Morgan Stanley’s stock is now fairly valued after a 27% rise over the past three months.

Costco (COST) – Oppenheimer upgraded the warehouse retailer’s stock to “outperform” from “neutral” and called it a “top pick.” Oppenheimer points to attractive valuation, upbeat top-line trends, and prospects for a special dividend.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: peter schacknow
Keywords: news, cnbc, companies, tesla, premarket, biggest, making, uber, share, stock, street, moves, york, work, cents, best, stocks, wall, brands, halliburton, buy


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Stocks making the biggest moves midday: Morgan Stanley, Beyond Meat, Uber, Tesla and more

Uber CEO Dara Khosrowshahi walks outside of the New York Stock Exchange its highly anticipated initial public offering on May 10, 2019. Morgan Stanley — Shares of the nation’s fourth-largest bank sunk 2.8% following a downgrade from Citigroup to neutral from buy. Beyond Meat — Alternative meat company Beyond Meat’s stock jumped 18.4% after Starbucks announced plans to add more plant-based items to its menu. The company reported 34 cents of adjusted earnings per share and $59.9 million of revenue


Uber CEO Dara Khosrowshahi walks outside of the New York Stock Exchange its highly anticipated initial public offering on May 10, 2019.
Morgan Stanley — Shares of the nation’s fourth-largest bank sunk 2.8% following a downgrade from Citigroup to neutral from buy.
Beyond Meat — Alternative meat company Beyond Meat’s stock jumped 18.4% after Starbucks announced plans to add more plant-based items to its menu.
The company reported 34 cents of adjusted earnings per share and $59.9 million of revenue
Stocks making the biggest moves midday: Morgan Stanley, Beyond Meat, Uber, Tesla and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, stock, million, midday, meat, cents, earnings, revenue, making, uber, moves, firm, biggest, shares, tesla, share, vegas, company, stocks, stanley, morgan


Stocks making the biggest moves midday: Morgan Stanley, Beyond Meat, Uber, Tesla and more

Uber CEO Dara Khosrowshahi walks outside of the New York Stock Exchange its highly anticipated initial public offering on May 10, 2019.

Check out the companies making headlines in midday trading.

Morgan Stanley — Shares of the nation’s fourth-largest bank sunk 2.8% following a downgrade from Citigroup to neutral from buy. The firm said the stock is fairly valued and there isn’t enough upside to justify a buy rating given Morgan Stanley’s recent outperformance, spurred by earnings.

Beyond Meat — Alternative meat company Beyond Meat’s stock jumped 18.4% after Starbucks announced plans to add more plant-based items to its menu. Shares of Beyond Meat also soared after McDonald’s announced it will test plant-based burgers in Canada.

Tesla — Shares of the electric automaker gained 7.2% after New Street Research raised its target on the stock to $800 and reiterated its buy rating. The firm said that demand for the vehicles is strong, and that management is executing. Tesla shares have more than doubled over the last three months.

Uber — Shares of the ride-hailing app jumped 7% after the company said it sold its Eats business in India to competitor Zomato, an Indian restaurant aggregator and food delivery start-up. The sale gives Uber a 9.99% stake in the business. Uber was also named Morgan Stanley’s top technology stock pick for 2020 on Tuesday. The firm said Uber’s stock can rally 60% this year.

Halliburton — Halliburton shares rose more then 1% but closed down 0.8% after the oilfield services company posted better-than-expected quarterly results. The company reported a profit of 32 cents per share on revenue of $5.191 billion. Analysts polled by Refinitiv expected earnings of 29 cents per share on sales of $5.103 billion. CEO Jeff Miller cited growth in Halliburton’s international business as a strong point in the quarter.

Wynn Resorts, Las Vegas Sands — Shares of Wynn Resorts and Las Vegas Sands fell 6.1% and 5.4%, respectively, amid fears that the coronavirus outbreak in China would weaken international travel. Las Vegas Sands was also downgraded to equal weight from overweight at Morgan Stanley, which said the market might be too bullish on gambling companies in Macau and that Wynn has a more attractive valuation.

Costco — Shares of Costco jumped 2.8% after Oppenheimer upgraded the retailer to outperform from perform and named Costco a top pick. The firm said Costco’s recent underperformance is a good entry point into the stock. Oppenheimer also raised its price target on Costco to $335 per share from $300 per share.

Comerica — Shares of financial services company Comerica fell 3.5% after it said its net interest income will fall by $10 million to $15 million in the first quarter of 2020, hurt by low interest rates. Despite the disappointing forecast, Comerica beat on the top and bottom lines for its fourth quarter earnings.

PetMed Express — Shares of PetMed Express dropped 6% after the company missed revenue expectations for its fiscal third quarter as sales declined slightly. The company reported 34 cents of adjusted earnings per share and $59.9 million of revenue. Analysts expected 30 cents in earnings per share and $61.3 million in revenue, according to Refinitiv. CEO Menderes Akdag said in a release that the company will focus on improving its marketing in the coming year.

Logitech — Logitech International surged 2.6% on better-than-expected quarterly results. The Swiss electronics manufacturer reported earnings of 84 cents per share on revenue of $902.7 million, while analysts polled by Refinitiv expected earnings of 79 per share on revenue of $897.2 million.

— with reporting from CNBC’s Fred Imbert, Pippa Stevens, Jesse Pound and Sunny Kim.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, stock, million, midday, meat, cents, earnings, revenue, making, uber, moves, firm, biggest, shares, tesla, share, vegas, company, stocks, stanley, morgan


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Here are Morgan Stanley’s top internet and tech stock picks for 2020

Dara Khosrowshahi, chief executive officer of Uber Technologies speaks on a webcast during the company’s initial public offering on the floor of the New York Stock Exchange, May 10, 2019. Ride hailing company Uber can rally 60% this year, according to Morgan Stanley. The firm put out its top picks in the internet and tech space for 2020 and named Uber its top pick for the new year. “The 2-player US rideshare market continues to be more profit focused and we expect the decline in available privat


Dara Khosrowshahi, chief executive officer of Uber Technologies speaks on a webcast during the company’s initial public offering on the floor of the New York Stock Exchange, May 10, 2019.
Ride hailing company Uber can rally 60% this year, according to Morgan Stanley.
The firm put out its top picks in the internet and tech space for 2020 and named Uber its top pick for the new year.
“The 2-player US rideshare market continues to be more profit focused and we expect the decline in available privat
Here are Morgan Stanley’s top internet and tech stock picks for 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, stock, technologies, wework, internet, yearthe, uber, stanleythe, webcast, york, picks, stanleys, tech, 2020, morgan


Here are Morgan Stanley's top internet and tech stock picks for 2020

Dara Khosrowshahi, chief executive officer of Uber Technologies speaks on a webcast during the company’s initial public offering on the floor of the New York Stock Exchange, May 10, 2019.

Ride hailing company Uber can rally 60% this year, according to Morgan Stanley.

The firm put out its top picks in the internet and tech space for 2020 and named Uber its top pick for the new year.

“The 2-player US rideshare market continues to be more profit focused and we expect the decline in available private funding for cash-burning competitors (post WeWork) to make the non-US markets more rational,” Morgan Stanley equity analyst Brian Nowak said in a note to clients Tuesday.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, stock, technologies, wework, internet, yearthe, uber, stanleythe, webcast, york, picks, stanleys, tech, 2020, morgan


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The EU is backing taxi app Bolt to help it compete with Uber

Bolt, the European challenger to ride-hailing giant Uber, has secured 50 million euros ($56 million) in debt financing from the lending arm of the EU. Tallinn, Estonia-based Bolt is one of several firms looking to chip away at Uber’s dominance in the ride-hailing space. Founded in 2013, the firm was initially called Taxify but since changed its branding to offer more services like scooter sharing and food delivery. That also means investing in Bolt’s main line of business, ride hailing, as well


Bolt, the European challenger to ride-hailing giant Uber, has secured 50 million euros ($56 million) in debt financing from the lending arm of the EU.
Tallinn, Estonia-based Bolt is one of several firms looking to chip away at Uber’s dominance in the ride-hailing space.
Founded in 2013, the firm was initially called Taxify but since changed its branding to offer more services like scooter sharing and food delivery.
That also means investing in Bolt’s main line of business, ride hailing, as well
The EU is backing taxi app Bolt to help it compete with Uber Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: ryan browne
Keywords: news, cnbc, companies, help, european, app, services, compete, bolt, ridehailing, uber, food, delivery, million, backing, financing, taxi, eib


The EU is backing taxi app Bolt to help it compete with Uber

Bolt, the European challenger to ride-hailing giant Uber, has secured 50 million euros ($56 million) in debt financing from the lending arm of the EU.

The European Investment Bank, or EIB, has invested in Bolt through a venture loan, which is used as an alternative to taking equity in a start-up to avoid diluting existing shareholders’ ownership.

Tallinn, Estonia-based Bolt is one of several firms looking to chip away at Uber’s dominance in the ride-hailing space. Founded in 2013, the firm was initially called Taxify but since changed its branding to offer more services like scooter sharing and food delivery. It currently has 30 million users in 150 cities across Europe and Africa.

The strategic financing from the EIB will help Bolt ramp up spending on research and development to make its services safer and more sustainable while also maintaining operational efficiency, Bolt and the EIB said in a joint statement Thursday.

That also means investing in Bolt’s main line of business, ride hailing, as well as food delivery, which it added to its platform last year. Both services are key to the company’s bid to take on Uber, its Silicon Valley competitor.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: ryan browne
Keywords: news, cnbc, companies, help, european, app, services, compete, bolt, ridehailing, uber, food, delivery, million, backing, financing, taxi, eib


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Turkish soccer star Hakan Sukur is now an Uber driver in the US

Hakan Sukur of Turkey controls the ball as Sang Chul Yoo of South Korea closes in during the FIFA World Cup Finals 2002 Third Place Play-Off match played at the Daegu World Cup Stadium, in Daegu, South Korea on June 29, 2002. Hakan Sukur scored soccer’s fastest ever World Cup goal when he netted in less than 11 seconds for Turkey against South Korea in 2002. But rather than enjoying a comfortable retirement as a sporting hero, Sukur now drives an Uber in America, he told German paper Welt am Son


Hakan Sukur of Turkey controls the ball as Sang Chul Yoo of South Korea closes in during the FIFA World Cup Finals 2002 Third Place Play-Off match played at the Daegu World Cup Stadium, in Daegu, South Korea on June 29, 2002.
Hakan Sukur scored soccer’s fastest ever World Cup goal when he netted in less than 11 seconds for Turkey against South Korea in 2002.
But rather than enjoying a comfortable retirement as a sporting hero, Sukur now drives an Uber in America, he told German paper Welt am Son
Turkish soccer star Hakan Sukur is now an Uber driver in the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: vicky mckeever
Keywords: news, cnbc, companies, cup, driver, world, sukurs, living, south, korea, turkish, reported, erdogans, turkey, sukur, soccer, hakan, uber, star


Turkish soccer star Hakan Sukur is now an Uber driver in the US

Hakan Sukur of Turkey controls the ball as Sang Chul Yoo of South Korea closes in during the FIFA World Cup Finals 2002 Third Place Play-Off match played at the Daegu World Cup Stadium, in Daegu, South Korea on June 29, 2002.

Hakan Sukur scored soccer’s fastest ever World Cup goal when he netted in less than 11 seconds for Turkey against South Korea in 2002. But rather than enjoying a comfortable retirement as a sporting hero, Sukur now drives an Uber in America, he told German paper Welt am Sonntag in an interview.

The former striker netted 51 goals in his 112 appearances playing for Turkey, making him the nation’s all-time top goal scorer.

Between 1987 and 2008, Sukur played for the likes of Galatasaray in Turkey, as well as Italy’s Inter Milan and English side Blackburn Rovers.

After retiring from soccer Sukur went into politics, winning a seat in Turkey’s parliament as a member of President Recep Tayyip Erdogan’s right-wing Justice and Development Party in 2011.

Erdogan was even said to be guest at Sukur’s wedding to his first wife Esra, who died in the 1999 İzmit earthquake.

However, the player was also linked to Turkish Islamic scholar Fethullah Gülen, who Erdogan opposed, with the president starting to crack down on those who followed the intellectual.

This led Sukur to step down from parliament, telling the New York Times in an interview in 2018 that afterwards he started to face “administrative issues” with his businesses in Turkey.

In 2015, the soccer player fled to Palo Alto, California and ended up running a cafe in the area.

But Sukur’s new life in America with his wife and three children was thrown into chaos in 2016, after an attempted coup on Erdogan’s government was suspected to be orchestrated by Gülen.

Having been associated with the scholar, a warrant was issued for Sukur’s arrest and he was reported by Turkey’s state-run media to be “living the high life” as a “fugitive member of the Fetullah Terrorist Organization (FETO).”

His father Sermet, still living in Turkey at the time, was arrested and jailed for nearly a year.

Turkey’s Andolu Agency reported that Sukur was living in a $3 million house in the “richest area of San Francisco Bay Area” and he said “strange” people started coming into the cafe.

Sukur claimed Erdogan’s government had confiscated all of his houses, businesses and bank accounts in Turkey, according to reported translations of his latest interview.

CNBC contacted the Turkish government for a response but received no comment at the time of writing.

Now 48-years-old, Sukur said in the interview he earns a living by driving an Uber and selling books.

“I have nothing left, Erdogan took everything: my right to liberty, freedom of expression and right to work,” he reportedly said.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: vicky mckeever
Keywords: news, cnbc, companies, cup, driver, world, sukurs, living, south, korea, turkish, reported, erdogans, turkey, sukur, soccer, hakan, uber, star


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Goldman Sachs dumped its entire stake in Uber late last year

Goldman Sachs sold its entire stake in ride-hailing giant Uber in the fourth quarter, according to a person with direct knowledge of the move. The sale, which likely resulted in a large gain for the early investor in Uber, helped New York-based Goldman beat analysts’ expectations for revenue in the period. It couldn’t be immediately determined why the bank sold its stake. In the past, Goldman’s public and private holdings in companies from Uber to WeWork have caused volatility in quarterly resul


Goldman Sachs sold its entire stake in ride-hailing giant Uber in the fourth quarter, according to a person with direct knowledge of the move.
The sale, which likely resulted in a large gain for the early investor in Uber, helped New York-based Goldman beat analysts’ expectations for revenue in the period.
It couldn’t be immediately determined why the bank sold its stake.
In the past, Goldman’s public and private holdings in companies from Uber to WeWork have caused volatility in quarterly resul
Goldman Sachs dumped its entire stake in Uber late last year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: wilfred frost hugh son, wilfred frost, hugh son
Keywords: news, cnbc, companies, goldman, segments, shares, stake, yorkbased, wework, sold, dumped, sale, volatility, sachs, uber, entire, late


Goldman Sachs dumped its entire stake in Uber late last year

Goldman Sachs sold its entire stake in ride-hailing giant Uber in the fourth quarter, according to a person with direct knowledge of the move.

The sale, which likely resulted in a large gain for the early investor in Uber, helped New York-based Goldman beat analysts’ expectations for revenue in the period.

It couldn’t be immediately determined why the bank sold its stake. In the past, Goldman’s public and private holdings in companies from Uber to WeWork have caused volatility in quarterly results, and the firm recently changed its reporting segments to move those activities to its asset management division.

Goldman reportedly owned about 10 million shares of Uber late last year.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: wilfred frost hugh son, wilfred frost, hugh son
Keywords: news, cnbc, companies, goldman, segments, shares, stake, yorkbased, wework, sold, dumped, sale, volatility, sachs, uber, entire, late


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