The president abruptly walked out of a meeting Wednesday, saying he would not negotiate with Democrats while they continue to investigate him.Politicsread more
Talk about 5G is everywhere right now, from the trade-war with China to the ban on Huawei. Here's what 5G is and why it matters.Technologyread more
When the Fed releases minutes of its last meeting on Wednesday afternoon, it risks sounding a bit hawkish.Market Insiderread more
More voters in five key industrial states disapprove than approve of Trump's handling of trade — 56% to 41%, according to a report.Politicsread more
Morgan Stanley caused a stir with its "bear case" scenario of $10. Now, Citi is getting in on the act.Investingread more
Americans in certain areas of the country have significantly higher average credit scores than others. Experian's annual State of Credit report shows the average score in each...Spendread more
Target's CEO thinks the retail industry is shaking out to show clear winners and losers. Those companies that are investing in stores and online are winners, he said.Retailread more
A put credit spread is a good, risk-conscious way to trade the volatile semiconductor cohort, says TradingAnalysis.com founder Todd Gordon.Trading Nationread more
Treasury Secretary Steven Mnuchin says he has spoken with a top Walmart executive about how it can keep prices low amid the U.S.-China spat.Marketsread more
China is considering cutting natural gas purchases from the U.S. in its tit-for-tat strategy on trade, according to the South China Morning Post.Marketsread more
Sidewalk Labs has faced public scrutiny over its plans to build a smart city on Toronto's waterfront, adding obstacles for the project.Technologyread more
(Recasts first sentence with Reuters sourcing on price range)
NEW YORK, May 9 (Reuters) - Uber Technologies Inc is set to price its initial public offering on Thursday at the low end of its targeted range, a person familiar with the matter said, as the company adopts a risk-averse stance toward the most high-profile U.S. listing since Facebook Inc seven years ago.
Uber's IPO comes against a backdrop of turbulent financial markets and the plunging share price of its U.S. rival Lyft Inc .
Uber is eager to avoid a repeat of what happened to Lyfts stock, which priced strongly in the company's late-March IPO, opened trading strongly, but has been falling mostly since. Lyft's stock slumped nearly 11 percent on Wednesday to a record closing low of $52.91, well below the $72 per share IPO price, after the ride-hailing company reported a $1.1 billion quarterly loss.
Uber, the world's largest ride-hailing company, is aiming for a valuation of between $80.5 billion and $91.5 billion in the IPO. That is as much as one-third below what the startup's insiders had hoped for last year, a sign of its more cautious approach in the wake of Lyft's struggles.
Uber will most likely price its IPO at around $45 per share, the person familiar with the matter said on Thursday, toward the bottom end of its $44-$50 per share price range. No decision has yet been taken, the source added.
A company spokesman declined to comment. Uber is due to price the IPO after U.S. markets close.
Some still consider the stock overpriced.
"Uber is basically Lyft 2.0. Good model, growing sales. But, yet again, here comes California math once more. It is still losing a ton of money," said Brian Hamilton, a tech entrepreneur and founder of data firm Sageworks. "If you buy, you are buying a bull market, not a company," he added.
In meetings with potential investors the past two weeks, Uber's chief executive, Dara Khosrowshahi, argued that Uber's future was not as a ride-hailing company, but as a wide technology platform shaping logistics and transportation.
The company is hoping this pitch, coupled with any fear of missing out what is expected to be the biggest IPO of 2019, will support demand.
The IPO pricing is a balancing act for Uber's team of underwriting banks, led by Morgan Stanley, Goldman Sachs & Co and Bank of America Merrill Lynch, to negotiate a good price while leaving some upside to ensure the stock trades up on its market debut.
Uber is aiming to sell 180 million shares in the offering to raise up to $9 billion, with a further 27 million potentially sold by existing investors for as much as $1.35 billion.
Uber lost $3.03 billion in 2018 from operations, and reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion on revenues of roughly $3 billion.
(Reporting by Joshua Franklin in New York Editing by Leslie Adler and Matthew Lewis)