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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
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
Noah, a 12-year-old from Illinois, won second place in the kids' division in the USA Mullet Championships for his freedom flapper mullet. 145
NEW YORK (AP) — A new federal report shows vaping rates among U.S. teenagers fell dramatically this year.The drop comes in the wake of last year's outbreak of vaping-related illnesses and deaths.The national survey found that just under 20% of high school students and 5% of middle schools students were recent users of electronic cigarettes and other vaping products.That marks a big decline from a similar survey last year that found about 28% of high school students and about 11% of middle school students recently vaped. That's a decline of about 1.8 million teens total.The survey was done by the U.S. Food and Drug Administration and Centers for Disease Control and Prevention. They looked at survey data from middle school and high school students, grades 6-12.Despite the progress in lowering the number of teens using e-cigarettes, there are 3.6 million youth who currently use them. Of those, almost 83% use flavored e-cigarettes or vaping products.In addition to the survey, the FDA announced their premarket review requirement of tobacco products to ensure they go through a “robust scientific evaluation” before hitting store shelves. 1156
NEW YORK (AP) — "The Magic School Bus" has traveled everywhere from Pluto to inside the human body. Now it's going somewhere new: the big screen. Scholastic Entertainment said Thursday that it will make "a feature-length, live-action hybrid film" based on the animated TV show that ran from 1994 to 1997. Elizabeth Banks will play the manic science teacher Ms. Frizzle. "The Magic School Bus," adapted from a series of books written by Joanna Cole and illustrated by Bruce Degen, centers on a group of school children who board a yellow school bus for field trips to such unlikely places as outer space or the human digestive system. 641
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