Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
Iran has quadrupled its output of nuclear material amid rising tension with the U.S. and dangerous escalations in the Middle East.Energyread more
The announcement comes amid a wave of store closures across the country this year.Retailread more
"As long as President [Donald] Trump believes that the Chinese are the ones who pay the price, he's going to keep taking a hard-line approach to these negotiations," Cramer...Mad Money with Jim Cramerread more
Sens. Mitch McConnell and Tim Kaine introduced a bill Monday that would raise the minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an...Health and Scienceread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
Jim Cramer ranks the stocks of Twitter, Snap, Pinterest and Facebook.Mad Money with Jim Cramerread more
(Adds CEO quotes, Lyft's shares, background)
May 10 (Reuters) - Ride services giant Uber Technologies Inc is set to make its long-awaited stock market debut on Friday, after its initial public offering was priced at the lower end of its expected range.
The IPO was oversubscribed but Uber settled for a lower price of $45 per share, compared with an expected range of $44-$50, to avoid a repeat of rival Lyft Inc's stock market struggles following a strong debut in March.
Lyft's stock soared in the first few days of trading, but quickly turned around after investors fretted over the lack of a path to profitability for the money-losing company. The stock closed well below its IPO price on Thursday.
"Lyft's IPO led us to be a bit more conservative," said Dara Khosrowshahi on Friday, in an interview with CNBC, a few hours ahead of Uber's first trade.
Uber, which raised $8.1 billion at a $82.4 billion valuation, is due to begin trading on the New York Stock Exchange under the symbol "UBER", the most anticipated U.S. debut since Facebook Inc seven years ago.
Khosrowshahi said the $45 price was an indication of uncertainty in the economic environment. The IPO comes against the backdrop of a spike in tensions between the United States and China, which renewed fears of a global economic slowdown and hampered global markets.
"It reflects maybe a little bit more investor caution," D.A. Davidson & Co analyst Tom White said of the Uber IPO. "Investors really want more of a tangible timeline and paths to profitability for these businesses than what people thought investors would require earlier on in the process."
The company also priced its offering lower in order to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.
As a private company, Uber has raised more than $15 billion from investors to fuel its growth and expansion into food delivery and freight hauling, with little regard for turning a profit. Uber lost $3.03 billion in 2018 from operations.
As a public company, Uber will have to deal with quarterly earnings reports and demands from shareholders to plot a path to profitability.
Uber's assent to become the world's biggest ride-hailing company has come with a string of scandals, which at times threatened the success of an eventual IPO.
The company weathered controversies including the unearthing of a culture of sexism and bullying at Uber to a U.S. Department of Justice federal investigation, which culminated in the resignation of co-founder and Chief Executive Travis Kalanick in 2017.
Uber eventually hired Dara Khosrowshahi, who had led online travel business Expedia Inc, as CEO and he has set about cleaning up the company to get it in shape for an IPO.
(Reporting by Aparajita Saxena, Joshua Franklin, and Uday Sampath Kumar; Editing by Lisa Shumaker and Saumyadeb Chakrabarty)