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Jumat, 26 April 2019

Ford discloses DOJ has opened criminal investigation into emissions matter - MarketWatch

Ford Motor Co. F, +8.72% 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, -0.10% 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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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 11:42:17Z
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Amazon says one-day shipping is coming for Prime members - NBC News

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April 26, 2019, 10:31 AM UTC / Source: CNBC.com

By Eugene Kim, CNBC

Amazon is making one-day shipping the standard for Prime members.

Chief Financial Officer Brian Olsavsky said on the company’s first-quarter earnings call on Thursday that it plans to shorten the current two-day default free shipping plan by one day for Prime members.

”We’re currently working on evolving our prime free two-day shipping program to be a free one-day shipping program,” Olsavsky said.

In order to make the change, Amazon is expected to spend $800 million in the second quarter improving warehouses and delivery infrastructures, Olsavsky said. The investment will cut into Amazon’s profit margins, and the company gave lower-than-expected earnings guidance for the period.

Amazon already offers one-day and two-hour shipping to Prime members for certain products and at an additional cost. But the change would significantly expand the number of product selection and zip codes eligible for one-day free shipping, Olsavsky said. Amazon says over 100 million items are currently available for free two-day shipping on its site.

The change will first take place in the North American market, Olsavsky noted, but is designed to expand globally, across all countries that offer Prime memberships. Amazon said last year that it has over 100 million Prime members worldwide.

Olsavsky said the company would use “all of the available levers” for free one-day shipping, including existing partners like the U.S. Postal Service and UPS, as well as Amazon’s own third-party delivery network. But he declined to give specific details, like the timeline for the rollout, saying the move involves many different moving parts.

“We’re taking a significant step,” he said.

Eugene Kim, CNBC

Eugene Kim is a technology reporter for CNBC.com.

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https://www.nbcnews.com/tech/tech-news/amazon-says-one-day-shipping-coming-prime-members-n998816

2019-04-26 10:31:00Z
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Uber valued as high as $83.8 billion after setting price range for shares - CNBC

Uber set a price range of $44 to $50 per share for its IPO Friday in an updated filing. It would be valued at about $84 billion at the high end of the range.

The company seeks to raise about $10 billion in its IPO and will offer 180 million shares. The company will begin its IPO roadshow on Friday.

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 far less than many expected. The company would be valued at $73.7 billion at the low end of its range. Uber's last private valuation was about $76 billion.

PayPal also announced Friday that it invested $500 million in Uber.

Uber is expected to go public in early May, a little over a month after its chief rival Lyft. Lyft saw its shares drop significantly in the weeks since its 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 including Lyft, Zoom, Pinterest and PagerDuty. Slack is also expected to release its prospectus Friday for a direct listing on the New York Stock Exchange.

This story is developing. Check back for updates.

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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 10:29:52Z
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