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Snap's (SNAP) third-quarter results are expected to reflect benefits from initiatives related to original shows and innovative features in Snapchat amid stiff competition.
The Q3 Snap earnings report is due on October 22. So could a positive surprise be enough to send Snap stock back toward its original price?
Lyft has expanded its healthcare division recently, and this month Lyft is providing free rides to and from breast cancer screenings.
Uber and Lyft chose to skip the congressional hearing on Wednesday. The hearing was meant to examine the companies' safety and labor practices.
(Bloomberg) -- Uber Technologies Inc. and Lyft Inc. may soon face stepped-up oversight after largely avoiding traditional rules during their rapid expansion in recent years, the chairman of the House Transportation and Infrastructure Committee said on Wednesday.Representative Peter DeFazio, an Oregon Democrat, said at a hearing that ride-hailing companies have revolutionized how people travel but also have a lot of problems, such as adding to traffic congestion and conducting “woefully inadequate” background checks for drivers that have put passenger safety at risk.DeFazio’s comments signal that U.S. lawmakers may take a more critical look at how Uber and Lyft fit into the nation’s transportation system. Uber, in particular, has been criticized for avoiding traditional transportation and labor regulations by labeling itself a technology company, drawing scrutiny from federal prosecutors and officials in cities such as San Francisco and London.Uber and Lyft declined to send representatives to testify at the hearing after the companies “led us on for six to eight weeks that they would testify,” DeFazio said. In a statement on Thursday Lyft said the panel first contacted it about the hearing on Sept. 30. The hearing should serve as “a wake-up call to the companies that have flooded our roadways with disruptive technologies and investor capital that their days of operating with little public policy and regulatory oversight in the transportation space are coming to an end,” DeFazio said. (Adds Lyft comment in fourth paragraph.)To contact the reporter on this story: Ryan Beene in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Twitter (TWTR) stock has surged roughly 40% in 2019 to fall just behind Facebook's (FB) 45%. Despite the run of success, Twitter shares remain an enigma to many on Wall Street...
If you own shares in Plantronics, Inc. (NYSE:PLT) then it's worth thinking about how it contributes to the volatility...
With the new Wireless Solutions offering, CommScope (COMM) and TESSCO are expected to meet the growing demand for public safety wireless technology in the market.
(Bloomberg) -- Wall Street’s tepid reception to highly-anticipated IPOs from Peloton Interactive Inc. and SmileDirectClub Inc. shows rising anxiety that a recession could be on the horizon, analysts say.The struggles for the home exercise company, the dental aligner maker, and ride-hailing peers Lyft Inc. and Uber Technologies Inc. may give a glimpse into how investors are valuing their services as well as what a global slowdown could mean for the consumer-dependent stocks.“The weakest link is retail. Companies that sell to –- or stocks that are bought by -– individual retail buyers will feel the effects soonest and most,” said Rett Wallace, CEO of Triton Research Inc.Weakness in these mega-IPOs has partially been driven by a rotation toward more defensive business models, MKM analyst Rohit Kulkarni said in a telephone interview. While Uber and Lyft could benefit from a spike in part-time drivers, demand for their services and Peloton’s subscription numbers may take a hit if consumers have less money to spend, he said.“Consumer companies such as Uber, Lyft and Peloton will probably feel a more near-term impact of any potential slowdown in the macroeconomic space,” Kulkarni said. Traders could shun their monthly subscriptions or pay-as-you-go models, if slowing revenue lengthens their path to profitability.The S&P 500’s brief climb above 3,000 for the first time in three weeks provided a lift for some of the beaten-down companies on Tuesday. Peloton had its best session, rising 9.2% off a record low, while SmileDirectClub bounced 6.3% to trade back above $10. But both stocks are still trading well below their offering prices.Both had also set the terms for their IPOs in September, shortly after the spread between 3- and 10-year Treasuries bottomed out in August, indicating a higher probability of a recession. According to data compiled by Bloomberg, the probability of a recession had then peaked at nearly 40%.SmileDirectClub’s more than 50% decline from its September offering has placed it among the year’s worst performers. An analyst who follows the company closely said in an email that he is impressed with its business model but acknowledged that “it certainly will have exposure to an economic downturn given the discretionary nature of orthodontics.”Some of the best-performing IPOs show the inverse. Application software companies have seen their stock prices surge as investors favored firms that face businesses instead of individuals. Zoom Video Communications Inc. and CrowdStrike Holdings Inc. are a few that come to mind when surveying the landscape of red-hot companies whose business models might be more sustainable.While Beyond Meat Inc. remains the year’s best performing IPO, with a more than 385% gain since going public in May, it has cooled off from its summer sizzle. The stock has lost almost half its value from a July 26 peak, shedding almost $7 billion in value.Now, the challenge for investors, according to Kulkarni, is valuing large, unprofitable companies at just the time when the global economy may be headed for a slowdown, and maybe even recession.To contact the reporters on this story: Bailey Lipschultz in New York at email@example.com;Drew Singer in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Jennifer Bissell-Linsk, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudi Aramo is forging ahead with IPO plans that may value the company at $2 trillion, as investors weigh the risks associated with the offering.
Snap (SNAP) stock has been on a downtrend recently. It's dropped nearly 20% since September 25 despite the absence of any significant news.