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Jumat, 26 April 2019

Uber is paying drivers up to $40,000 each to celebrate its IPO - Business Insider

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Uber drivers are set to receive up to $40,000 each as a "driver appreciation reward" ahead of the company's initial public offering.
The ride-hailing giant expects to pay around $300 million to more than 1.1 million drivers worldwide this weekend.
Uber drivers will receive one of six different cash rewards based on the number of trips they've completed.
Uber has also reserved 5.4 million shares for drivers to purchase at the IPO price, expected to be between $44 and $50.
Visit MarketsInsider.com for more information about Uber.

Uber drivers are set to receive up to $40,000 as a "driver appreciation reward" ahead of the ride-hailing giant's initial public offering.

The company announced in a Securities and Exchange Commission filing published on Friday that it would pay around $300 million to its more than 1.1 million drivers worldwide. It expects to make the payments on or around April 27.

"To acknowledge drivers who have participated in our success, we are paying a one-time cash driver appreciation reward to qualifying drivers in jurisdictions where we operate through owned operations," Uber said in the filing.

Eligible US drivers will receive one of six different cash rewards based on the number of Uber trips they've completed. Drivers are in line to earn $100 for making at least 2,500 trips, $500 for at least 5,000 trips, $1,000 for at least 10,000 trips, and $20,000 for at least 20,000 trips.

The largest reward — for 40,000 trips — is $40,000.

To qualify for the reward, drivers must have completed at least 2,500 Uber trips, including one this year as of April 7, and their account must be in good standing. Payouts to non-US drivers will be adjusted to reflect different average hourly earnings across regions.

Uber is also giving its drivers a chance to buy its stock before the general public. It has reserved 5.4 million shares for drivers through a directed share program. Drivers who qualify for the driver-appreciation reward will be able to buy those shares at the IPO price, which Uber expects to be between $44 and $50 a share.

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https://www.businessinsider.com/initial-public-offering-uber-rewarding-drivers-2019-4

2019-04-26 14:38:14Z
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US economy posts strong first quarter, but consumer spending slows - CNN

But digging into the details of the report reveals that weakness remains in the American economy.

The Bureau of Economic Analysis reported that gross domestic product grew at an annual rate of 3.2%, substantially above the projected 2.1%, buoyed by stronger state and local government spending, lower imports and business inventories.

The rate is a first estimate, and it may be revised as more data comes in over the next few weeks. It would have been even stronger, the BEA concluded, without the government shutdown — which subtracted 0.3 percentage points from growth in the first quarter rate. Federal spending was flat, since a rise in military spending was offset by a decline in non-defense spending.

The contribution from state and local government spending came largely as a result of highway and road construction, which localities have taken on while waiting for an infrastructure package from the federal government.

Underlying components in the report, however, suggest a broadly anticipated slowdown is still underway.

Growth was driven in part by higher inventories, especially in the manufacturing industry, which can indicate that businesses are stockpiling goods rather than selling them. Domestic private sales, which subtract out imports and exports as well as government spending, decelerated to half the rate of the previous quarter — the smallest gain in three years.

Meanwhile, consumer spending slowed, in part due to weak sales of goods, in particular light trucks. Business investment also slowed from the previous quarter, with agricultural machinery and office furniture posting the largest declines. The biggest boost for business investment came from intellectual property products.

"Taking out the oversized boosts from net trade, inventories and highways investment, which will all be reversed in the coming quarters, growth was only around 1%," wrote Paul Ashworth, chief US economist with the research firm Captal Economics. "Under those circumstances, we continue to expect that overall growth will slow this year, forcing the Fed to begin cutting interest rates before year-end."

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https://www.cnn.com/2019/04/26/economy/us-gdp-report-q1/index.html

2019-04-26 14:20:00Z
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Amazon Making 1-Day Shipping Standard for Prime Members - WNEP Scranton/Wilkes-Barre

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Amazon Making 1-Day Shipping Standard for Prime Members WNEP Scranton/Wilkes-Barre

More than a decade ago, Amazon launched its Prime membership *service* with the promise of free two-day shipping. The unique offer helped attract millions of ...

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https://wnep.com/2019/04/26/amazon-making-1-day-shipping-standard-for-prime-members/

2019-04-26 13:48:00Z
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Ford discloses DOJ has opened criminal investigation into emissions matter - MarketWatch

Ford Motor Co. F, +8.76% disclosed Friday that the U.S. Department of Justice has opened a criminal investigation into the company's previously disclosed concerns involving the automaker's U.S. emissions certification process. Meanwhile, the stock rallied 7.3% in premarket trade, after the company reported late Thursday earnings that beat expectations. Ford said the matter focuses on issues relating to road load estimations, and disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February. Ford said it was "fully cooperating" with all government agencies. "Because this matter is still in the preliminary stages, we cannot predict the outcome, and we cannot provide assurance that it will not have a material adverse effect on us," the company stated in its quarterly filing. The stock has run up 23% year to date, while the Dow Jones Industrial Average DJIA, -0.08% has gained 13%.

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https://www.marketwatch.com/story/ford-discloses-doj-has-opened-criminal-investigation-into-emissions-matter-2019-04-26

2019-04-26 13:05:00Z
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U.S. Economy Grew at 3.2% Rate in First Quarter - The New York Times

Rumors of the economic expansion’s death appear to have been greatly exaggerated.

Gross domestic product, the broadest measure of goods and services produced in the economy, rose at a 3.2 percent annual rate in the first three months of the year, the Commerce Department said Friday. (Friday’s figures are preliminary and will be revised at least twice in the months ahead.)

Most economists expect a downshift as the year progresses. Hardly any independent economists expect that President Trump will be able to deliver the 3 percent growth he has promised this year.

Still, after a rough winter, the economy appears to have entered the spring fundamentally intact. Stock-market turmoil, a partial government shutdown and a crippling “polar vortex” failed to bring the decade-long recovery to an end. And with the job market still strong and consumers confident, fears of a recession appear to have been set aside.

“The angst has settled, and the economy has come back,” said Ben Herzon, an economist with Macroeconomic Advisers, a forecasting firm. “I just can’t point to anything now that’s going to push us into recession.”

Consumers bounced back

Consumer spending has been the bedrock of the recovery, staying strong even as other sectors have ebbed and flowed. So economists were nervous when spending tumbled unexpectedly in December and failed to rebound in January.

Since then, things have looked better. Consumer confidence, which fell sharply in December and January, quickly recovered once the shutdown ended and financial markets stabilized. Retail sales bounced back strongly in March.

“We did see strengthening throughout the quarter with momentum building,” said Ellen Zentner, chief United States economist for Morgan Stanley. “We’ve got nice consumer spending momentum going into the second quarter.”

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https://www.nytimes.com/2019/04/26/business/economy/gdp-economy.html

2019-04-26 12:33:45Z
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Uber will have a market cap as high as $83.8 billion after setting IPO price range for shares - CNBC

Uber on Friday set a price range of $44 to $50 per share for its IPO in an updated filing, giving it a market cap of 83.8 billion at the high end. That's far less than expected.

The company, which is beginning its initial public offering road show on Friday, seeks to raise about $9 billion in cash in its IPO and will tender 180 million shares.

On a fully diluted basis, Uber's valuation would be $80.53 billion on the low end of the range and $91.51 billion on the high end.

Early reports suggested Uber could be valued as high as $120 billion. Even at the high end of Uber's range, its valuation would be well below what many expected. The company's market cap would be $73.7 billion at the low end of its range. Uber's last private valuation was about $76 billion.

Also Friday, PayPal announced that it will invest $500 million in Uber. PayPal CEO Dan Schulman said in a statement on LinkedIn that PayPal is extending its current partnership with Uber to build Uber's digital wallet system. PayPal will buy $500 million worth of Uber stock at the IPO price.

Uber also reported its first-quarter 2019 financials. The company reported revenue of about $3 billion and a net loss of about $1 billion.

Uber is expected to go public early next month on the NYSE under the ticker UBER. Its IPO will happen a little over a month after its chief rival Lyft's IPO. Lyft saw its shares drop significantly in the weeks since its March IPO, which could have put a damper on Uber's valuation. Lyft has a market cap of about $16 billion.

The company is the latest of several large tech firms to enter the IPO process this year, also including Zoom, Pinterest and PagerDuty. Slack is also expected to release its prospectus Friday for a direct listing on the New York Stock Exchange.

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https://www.cnbc.com/2019/04/26/uber-sets-price-range-for-shares-at-44-to-50.html

2019-04-26 11:59:05Z
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Uber will have a market cap as high as $83.8 billion after setting IPO price range for shares - CNBC

Uber on Friday set a price range of $44 to $50 per share for its IPO in an updated filing, giving it a market cap of 83.8 billion at the high end. That's far less than expected.

The company, which is beginning its initial public offering road show on Friday, seeks to raise about $9 billion in cash in its IPO and will tender 180 million shares.

On a fully diluted basis, Uber's valuation would be $80.53 billion on the low end of the range and $91.51 billion on the high end.

Uber also reported its first-quarter 2019 financials. The company reported revenue of about $3 billion and a net loss of about $1 billion.

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https://www.cnbc.com/2019/04/26/uber-sets-price-range-for-shares-at-44-to-50.html

2019-04-26 11:51:43Z
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