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NEW YORK (AP) — Uber shares sunk even further after its disappointing stock market debut as doubts lingered over the company's ability to turn a profit and trade tensions dragged down the overall market.The ride-hailing giant's stock fell 10% and hovered around Monday afternoon on Uber's first full day of trading.The mounting losses followed Uber's disappointing initial public offering. On Friday, it took a 7 million hit — the largest loss on the first day of trading by a U.S.-based company in recent history, according to Renaissance Capital.Uber's earliest investors are still making money off the IPO, but "for late-round investors, it's possible by the time they exit they will end up with a loss," said Jay Ritter, finance professor at the University of South Florida.Among the recent big investors — and perhaps losers — is PayPal, which had disclosed plans to buy 0 million in Uber stock at the IPO price of .Uber has had no trouble convincing venture capitalists to pour money into its earlier funding rounds, but with its unclear path to profitability, it's having a more difficult time with Wall Street investors."It's clearly a high-risk, high-reward scenario. You're betting on something that may happen 10 years down the road," said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO exchange traded funds. "Public investors are looking at profits and not seeing any, and the company's growth in the last quarter was relatively strong, but I don't think it blew anyone away."Uber's main U.S. rival, Lyft, is in a similar spiral. Its stock was trading below on Friday, down 33% from its IPO price of .It's rare to see shares in a tech company hit so hard upon going public. Over the past five years, just 10% of similar companies finished their first day of trading below their IPO price, Kennedy said.Uber's revenue last year surged 42% to .3 billion, but the company admits it could be years before it turns a profit. 2000
Noblesville Schools announced today that Mark Booth will no longer serve as the district's director of special education, following Booth's recent sharing online of a "meme" offensive to special education.The district denounced the post and formally disciplined Booth prior to communicating that he will not return to the special education director role. Booth will shift from the leadership role to one focused on analytical compliance for the district.Booth has been Noblesville's special education director since 2004, championing several innovative and award-winning special education practices including placement of special education students in general education classrooms, strategies to better meet state academic standards, a successful work-study program and leadership in unified athletics.The district will begin the recruiting process for Booth's replacement immediately and a new director will be announced at a later date. In the meantime, assistant special education director Erin Rood will serve as interim special education director. 1060
NEW YORK (AP) -- The Dow Jones Industrial Average climbed above 27,000 for the first time ever Thursday. The S&P 500 also hit a closing high milestone of its own Thursday, a day after its first move above 3,000.Steep losses in drugmakers and real estate companies were offset by gains for banks and technology companies.Nvidia climbed 3.9% and Goldman Sachs rose 2.6%.Pharmaceutical makers dropped after the White House scrapped a plan to overhaul a system of rebates those companies pay to insurers and distributors.Bond yields spiked following weak demand at an auction for 30-year Treasurys.The S&P 500 rose 6 points, or 0.2%, to 2,999.The Dow rose 227 points, or 0.8%, to 27,088. The Nasdaq fell 6 points, or 0.1%, to 8,196. 744
NEW YOR CITY — A massive sinkhole swallowed an SUV in the Maspeth neighborhood of Queens on Thursday.Police said a Toyota SUV was discovered with the front end of the car in the sinkhole early Thanksgiving morning on 70th Street near 52nd Avenue.Councilman Robert Holden shared photos of the shocking scene on Twitter.Police said no one was inside the SUV at the time. It's unclear if the sinkhole caused damage to any other property. 442
NEW YORK -- A suspended NYPD officer is now facing criminal charges after using an apparent chokehold during a now-viral arrest in Queens last Sunday.Officer David Afanador has been charged with attempted aggravated strangulation and strangulation in the second degree, Queens District Attorney Melinda Katz said Thursday.The 39-year-old cop, who has a history of complaints against him, was arrested and booked at his own Queens precinct just after 9 a.m. Thursday, according to police.If convicted, Afanador faces up to seven years in prison, the DA's office said.DA Katz acknowledged that body-camera footage shows the officers being cursed at and badgered before the incident. "Everyday, however, police officers find themselves in circumstances that require them to exercise restraint and are charged with de-escalating potentially volatile conflicts," the district attorney said."Even under the most difficult of circumstances...this kind of action is exactly the kind of police conduct that the NYPD has banned and our State Legislature criminalized," Katz added.Afanador was suspended without pay Monday, just a day after being caught on video pinning 35-year-old Ricky Bellevue to the ground and apparently putting him in a banned chokehold in the confrontation on the Rockaway Beach boardwalk.Mayor Bill de Blasio said at the time it was the fastest he'd ever seen the NYPD discipline an officer.The NYPD released the body-cam video of the arrest almost immediately after bystander video of the incident went viral.Prosecutors opened the investigation into Afanador’s actions Monday, saying at the time "there must be zero tolerance for police misconduct."Afanador was acquitted in a prior case stemming from allegations he pistol-whipped a Bronx teenage suspect and broke two teeth in 2014.The officer has had eight Civilian Complaint Review Board complaints filed against him, including use of excessive force and denying medical attention, since he joined the force in 2005.The use of excessive force by police has sparked weeks of protests and rallies in New York City and nationwide.The outcries for police reform prompted Commissioner Shea to shake up leadership at the NYPD. On Wednesday, Brooklyn North Chief Jeffrey Maddrey was announced as the new head of the NYPD's Community Affairs Bureau, and a mandate to wipe the slate clean, Shea said.This story was originally published by Mark Sundstrom and Katie Corrado at WPIX. 2450
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