The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Urban Outfitters reported earnings and same-store sales for the second quarter that beat analyst expectations, while revenue fell short.Retailread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
President Donald Trump renewed calls Tuesday to readmit Russia to the G-7 ahead of the group's summit in Biarritz, France, this weekend.Politicsread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
The yield curve is the only economic indicator pointing to a recession, according to Credit Suisse.Marketsread more
Aug 9 (Reuters) - Shares of Uber Inc fell 10% in early trading on Friday after the ride-hailing service missed most Wall Street targets in its quarterly earnings report, in sharp contrast to upbeat numbers from U.S. rival Lyft Inc a day earlier.
None of the Wall Street brokerages who cover the stock changed their recommendation on Uber, and the fall was almost equivalent to the 8% surge in the company's shares after Lyft's numbers on Thursday.
Revenue at the company, however, grew just 14% compared to an almost 150% jump in costs, leaving the firm with a more than $5 billion loss, its biggest ever.
"In a nutshell, there were many puts and takes in the quarter but overall we would characterize this print/guidance as a B performance with the Street expecting an A+ coming off its recent IPO," Wedbush analysts said.
Until the broader market turbulence of the past week, Uber shares were recovering solidly from a rough start to their life on the New York Stock Exchange.
That reflected continuing doubts over the solidity of the company's long-term business model. But of the 33 brokerages now covering the stock, 21 have "buy" or higher ratings, 11 are on "hold" and just one has a "sell" rating.
On Friday, two reduced their price target for the stock while another two raised.
Several brokerages pointed to comments by Chief Executive Officer Dara Khosrowshahi that the price war in the ride-hailing business was easing and that both Lyft and Uber were laying out a path to future profits.
"Near term, bears pointing to the 'chicken and the
egg' problem (profits or growth?) may carry the day...
but we like bulls' chances longer term as they took another step on the path to profitability, " Evercore analysts said. (Reporting by Supantha Mukherjee and Jasmine I S in Bengaluru; editing by Patrick Graham)