(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. A banner announcing the IPO of Uber Technologies Inc. hangs outside the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly 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 … [Read more...] about Uber set to debut on NYSE, hopes to avoid Lyft’s fate
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Nio ET Preview conceptChinese electric-car startup Nio announced Thursday that it will close an office in California and lay off 70 workers, according to a report in The Verge. The report cites a filing with the California Employment Development Department. After introducing two new SUVs alongside its high-performance electric sports car, Nio unveiled a new concept for its first sports sedan at the Shanghai auto show two weeks ago. DON'T MISS: Nio unveils ET Preview electric sedan in Shanghai The company closed its office in San Jose, California, where it employed 50 people to work on self-driving car technology and to compliance issues to eventually bring its cars to market in the US. Currently, they are sold only in China. The company also laid off 20 workers at its US headquarters in San Francisco. Nio began trading on the New York Stock Exchange in September, where its stock saw an initial spike, but has since dropped back to below its IPO level. CHECK OUT: NIO aiming to … [Read more...] about Electric car hopeful Nio closes California office amid layoffs
NEW YORK (Reuters) - The U.S. transportation sector, which many see as a proxy indicator of the economy’s health, has retreated 2.3 percent from its Sept. 14 record, hinting to some analysts that the longest bull market on record has entered its late stages. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly Railways, freight carriers and package deliverers get less attention than heavy-hitting momentum stocks like Apple Inc (AAPL.O) and Amazon.com (AMZN.O), but the sector could be showing cracks in what analysts and the U.S. Federal Reserve characterize as a robust economy. Several constituents of the Dow Jones Transportation Average (DJT) have provided disappointing guidance in recent months. As the third-quarter reporting season approaches, investors will watch to gauge whether trade, fuel and dollar risks are affecting the sector’s bottom line. … [Read more...] about Are transportation stocks the market’s canary in a coal mine?
Electric automaker Nio hit the New York Stock Exchange earlier this week and raised $1 billion by going public. When trading started, the startup car manufacturer was priced at $6.26 a share, just one cent above the bottom of its pricing range. Consequently, Nio failed to raise the $1.8 billion it had aimed for. Throughout the first day of trading, prices varied between $5.84 and as high as $6.81 before closing out the first day at $6.60, giving Nio a total market cap of $7.1 billion. Seeing Nio go public in the United States is interesting on a number of fronts. For starters, the company doesn’t sell any vehicles in the U.S. and has no intention of doing so in the immediate future. What’s more, it has only recently started production and deliveries of its first mass-production model, the ES8 SUV. As of late-August, Nio had delivered just 1381 examples of the ES8, despite receiving more than 17,000 orders for the EV. Prior to its listing, Nio said it would use any proceeds … [Read more...] about Nio Raises $1 Billion Through NYSE Listing, Falls Way Off Target
Nio shares start trading on New York Stock Exchange on September 12, 2018Shares of Chinese electric car startup Nio started trading on the New York Stock Exchange on Wednesday under the ticker symbol NIO. A total 160 million shares were listed at a price of $6.26, which was just $0.01 above the lower bound range of the company's initial public offering announced in late August. It means Nio only managed to raise $1 billion and not the $1.3 billion it had hoped. Nevertheless, the price means Nio has a total market cap of $6.41 billion, which isn't a bad deal for a car company that's only four years old and as of August has only delivered about 1,600 cars. Nio's orders are about 10 times that amount however and growing. 2018 Nio ES8 On the first day of trading, the share price quickly dropped below $6 but then bounced back to close more than 5 percent up at $6.60. Nio was founded by Chinese entrepreneur William Li, originally as NextEV. In its last round of funding it managed to raise $1 … [Read more...] about Nio shares start trading on NYSE, value company at $6.41B