These are the stocks posting the largest moves before the bell.Market Insiderread more
Qualcomm suppressed competition in the market for cellphone chips and used its position to impose excessive licensing fees, a U.S. judged ruled.Technologyread more
Morgan Stanley caused a stir with its "bear case" scenario of $10. Now, Citi is getting in on the act.Investingread more
Treasury Secretary Steven Mnuchin is scheduled to testify before the House Financial Services Committee on Wednesday about the international financial system.Politicsread more
Target's e-commerce sales also surged 42%, as shoppers increasingly turned to its curbside pickup service for online orders, something Amazon can't offer.Retailread more
Stock markets are slowly healing from the worst of the month's trade war sell-off, and one under-the-surface indicator suggests the S&P 500 might completely recover before...Trading Nationread more
Treasury Secretary Steven Mnuchin said nothing is scheduled yet for the U.S. to go to Beijing for the next round of trade talks.Marketsread more
Homeowners are taking advantage of lower interest rates, rushing to refinance their mortgages before rates potentially turn higher again.Real Estateread more
The U.S. Justice Department's Antitrust Division staff has recommended the agency sue to block T-Mobile US's $26 billion acquisition of smaller rival Sprint, according to two...Technologyread more
Here are the biggest calls on Wall Street on WednesdayInvestingread more
Lowe's shares plummeted 8% before the bell Wednesday after the company posted mixed fiscal first-quarter results and cut its forecast for the year, as higher costs weighed on...Retailread more
(Adds details on valuation)
NEW YORK, May 9 (Reuters) - Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range to value the company at $82.4 billion, hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft.
Uber, the most high-profile U.S. listing since Facebook Inc seven years ago, raised $8.1 billion, pricing its IPO at $45 per share, compared with an expected range of $44-$50 per share.
Uber's IPO came against a backdrop of turbulent financial markets, fueled by the trade dispute between the United States and China, as well as the plunging share price of Lyft Inc , which is down 23 percent from its IPO price in late March.
Uber's valuation is almost a third less than the valuation of up to $120 billion that its investment bankers predicted last year.
The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft's IPO in late March, which priced strongly then plunged in trade. Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.
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.
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 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, Matthew Lewis and Lisa Shumaker)