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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 video appears to show workers for Caltrans handing out campaign materials defending the state's recent gas tax increase while on the job. The video, shot Tuesday, was released by the Yes on 6 campaign, which is pushing to repeal the recent 12-cent-per-gallon hike on the November ballot. The video shows Yes on 6 campaign manager Matt Stockton in the drivers seat of a car. He is apparently stopped at a Caltrans contractor's site along the 78 near Ramona. The video shows a man in a hard hat approaching the window, handing Stockton what appears to be a No on 6 campaign flier defending the gas-tax increase.Stockton in the video asks the man if he is with Caltrans, and the man answers that yes, his crew is working with Caltrans. Other images released by the campaign appear to show the workers were with Pico Rivera-based Manhole Adjusting Inc., and that a Caltrans supervisor was on site. "The misuse, the abuse of taxpayer funds being used in a political campaign, it is shameful, it is outrageous, and it needs to stop right now," said Carl DeMaio, who is chair of the Yes on 6 campaign. Caltrans, a state agency, said in a statement that it is looking into the matter, and has contacted its contractors to say it does not condone political advocacy on project sites. The No on 6 campaign, fighting to keep the gas tax increase, says it was unaware of the incident and that it denounces any inappropriate use of public resources or venues for campaign purposes."The No on 6 campaign very carefully follows all rules prohibiting the use of public resources for campaigning and often reinforces those rules to anyone involved with the campaign," the campaign said in a statement. Calls to the on-site Caltrans supervisor and Manhole Adjusting Inc were not immediately returned."If this is happening on more than one occasion, it's egregious," said Seth Kaplowitz, a finance lecturer at San Diego State University. "It's egregious because they know they're not supposed to be doing it."Last year, Gov. Jerry Brown and the state legislature raised the gas tax by 12 cents-per-gallon with future increases planned. Already, the state says more than 0 million have poured into San Diego to fix county roads and highways. The measure to repeal the tax increase will be on the November ballot. 2378

NEW YORK (AP) — Pacific Gas & Electric says its equipment may have ignited the 2018 Camp Fire, which killed 86 people and destroyed an entire town in Northern California.The embattled utility, which filed for bankruptcy protection in January, said Thursday it's taking a .5 billion charge for claims connected to the Camp Fire in its fourth quarter earnings.The cause of the Camp Fire, the deadliest in California history, is still under investigation. But firefighters located the start of the fire near a tower on PG&E's Caribou-Palermo transmission line. PG&E says that transmission line lost power right before the fire and was later found to be damaged."We recognize that more must be done to adapt to and address the increasing threat of wildfires and extreme weather in order to keep our customers and communities safe," said John Simon, interim CEO of PG&E, in a statement. "We are taking action now on important safety and maintenance measures identified through our accelerated and enhanced safety inspections and will continue to keep our regulators, customers and investors informed of our efforts."PG&E also recorded a new billion charge related to the 2017 wildfires in Northern California, saying it still estimates it is facing wildfire liabilities in excess of billion.Citing extraordinary challenges from wildfires, PG&E's management concluded the circumstances "raise substantial doubt about PG&E Corporation's and the Utility's ability to continue as going concerns."PG&E also said there was an outage and downed wires in another location, called Big Bend, that morning. While fire officials have identified the second location as another potential ignition point of the Camp Fire, PG&E said it's unsure if that problem might have ignited the fire.The Caribou-Palermo transmission line has been out of service since mid-December, and inspections have identified equipment that needs repair or replacement, the company said. 1997
NORMAL HEIGHTS, Calif. (KGTV) - A local photographer, known for her poignant pictures of pets, says she’s no longer able to work after being hit by a car on Sunday.Tamandra Michaels said she was crossing El Cajon Boulevard in North Park in a marked crosswalk when she was hit from behind by a car making a left-hand turn.“Just T-boned completely,” she said. “My wheel took a good hit, instead of my body. Then I slammed into the ground.”MAP: Track crime happening in your neighborhoodHer service dog, Justice, was on the other side of her and made it away uninjured.Michaels said she didn’t break any bones, but along with scrapes and bruises, she has a lingering pain in her left shoulder.That has compounded problems from previous shoulder and arm injuries and has made it nearly impossible for her to lift herself into her car, which has been modified for her to drive without foot pedals but does not have a ramp or lift.She has been trying to raise funds to buy a van with a wheelchair lift for more than a year, but the need has become more urgent.“I have to,” she said of buying a van, “if I want to keep my independence.”Her GoFundMe page can be found here. 1178
NEW YORK (AP) — Kanye West is bringing his Yeezy brand to Gap. The rap superstar will design adult and kids clothing that will be sold at Gap next year. Yeezy is best known for its pricey sneakers that quickly sold out online, but Yeezy footwear won't be sold at Gap. The retailer hopes the deal will keep it relevant with shoppers as its sales dwindle. For Yeezy, it could get the brand in front of more people, since the line will be sold at Gap's more than 1,100 stores around the world. 498
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