1) The ride service Uber’s long awaited IPO (Initial Public Offering) filing is being watched for. The IPO is coming just two weeks after Lyft’s IPO. Uber and Lyft have been running neck and neck in competition in the rider market.
2) Signs that the US economy is strengthening is indicated by the number of new jobs rebounding from February with 196,000 new jobs in March. The unemployment rate held steady at 3.8%, while consumers spending is also accelerating, another sign that the US economy is regaining momentum..
3) Disney corporation is entering the streaming competition against Netflex. The streaming service will be called Disney Plus. Right now, Disney also owns 60% of the Hulu streaming service. Disney Plus is coming out just when Netflix announced its price increases plus it’s the lowest cost of any of the streaming services.
4) 11 APR 19 Stock market closing:
Dow 26,143.05 down 14.11 Nasdaq 7,947.36 down 16.88 S&P 500 2,888.32 up 0.11
1) Just two days after its IPO, Lyft stock price has dropped to $68 per share, which is $4 below it’s offering price of $72 per share. No bad news had been released about Lyft, it’s just that volatile stock prices is part of IPO’s.
2) Netflix prices to customer goes up this next month. Price increases is going to help pay for new program production. Netflix budgeted $8 billion dollars for new shows and movies in 2018 and expects a larger budget for 2019.
3) 2 APR 19 Stock market closings:
Dow 26,179.13 down 79.29 Nasdaq 7,848.69 up 19.78 S&P 500 2,867.24 up 0.05
1) Britain’s Prime Minster’s third try to get her Brexit plan voted through Parliament has failed, even though it was a stripped down version. This time the vote was by the narrowest margin. It’s now two weeks remaining to draw up a new plan and try again before the crash out. There is growing dissatisfaction with British people over Brexit with increasing numbers of demonstrations for and against. Also, there are growing calls for a general election, with the Labor party apparently using the Brexit issue to force a general election.
2) Lyft, the competitor to Uber, goes public with stock going for about $10 more than anticipated. Initially priced at $72, the stock opened at $87.24 per share and closed 8.7% higher. The company anticipates to raise $29 billion dollars in it’s offering. The stock is a two tier stock with one tier having one vote per share and the other having 20 votes per share.
3) 29 MAR 2019 Stock market closings:
Dow 25,928.68 up 211.22 Nasdaq 7,729.32 up 60.15 S&P 500 2,834.40 up 18.96
1) Early estimates for the cost of the left’s proposed Green New Deal are $93 trillion dollars, an amount that is four times the present National Debt. This translates into about $650,000 dollars for each person in America. The present National Debt is $22 trillion dollars, with many fearing the debt is already a danger for America’s future viability. The study also refuted claims of the Green New Deal being an investment in America’s future, that the savings would pale in comparison to investment.
2) Lyft, a ride sharing app much like Uber, has filed for an IPO. Some are claiming we’re in an end game for automobiles, that car ownership is on the decline. Car ownership is becoming too expensive for people, so it is shifting from private car ownership to ‘Transportation as a Service’ spurred by the upcoming self driving cars.
3) Congress will soon be facing the budget problem again. With the National Debt now at $22 trillion dollars and the debt ceiling reinstated this last Saturday, this promises to be another major contentious issue for the congress to fight over. Estimates are that the US will add another $12.2 trillion dollars in the next ten years.
4) 1 MAR 19 Stock market closings:
Dow 26,026.32 up 110.32 Nasdaq 7,595.35 up 62.82 S&P 500 2,803.69 up 19.20
It seems that Uber and Lyft are crushing the competition in the customer service ride share industry, if that is even an industry to say the least; these two mega companies created and infiltrated ride share customer service. While they are in the forefront of picking up customers through their online apps, taxis and cabs in metro areas like NYC, Miami, Chicago, Atlanta, LA, San Francisco are taking hits and seeing major declines in customer pick ups.
Taxi and cabs are increasingly losing value as the ride share tech giants are taking over the industry, revenue for cabs have gone done drastically even though cabs pickup more people in metro areas such as New York City, statistics show in NYC, taxis in the city picked 450k-500k passengers in April 2016 as compared to Lyft’s & Uber’s 200k passengers combined according to stats provided by Morgan’s Stanley. Though taxis and cabs picked up more people during that time period; their revenue did not come close to what Uber/Lyft made during that month of April.
It looks like Lyft and Uber are giving cab/taxis a run for the their money, or at least “a ride for their money”. -SB