Opening Bell 12.7.18

Author:
Publish date:

The Opening Bell is powered by The Water Coolest. (Confused? Don't worry, we've made you a new friend.)

b30108aa-a54f-11e8-8e48-aa42afc7ae42

Mustache rides [The Water Coolest]

Lyft has filed paper work for an initial public offering that could bring the company to a stock exchange near you as soon as March of 2019. The fist-bumping ride hailer which recently chose JPMorgan, Credit Suisse and Jefferies to take it public is expected to fetch a valuation of $15.1B.

This pales in comparison to Uber's estimated $120B valuation. But being the first to public markets could be a boon for the preferred ride-sharing service of passengers banned by Uber. Currently Lyft only operates in Canada and the US. Uber is available in almost 70 countries.

On the plus side, Lyft only has to explain a $254M loss in Q3 vs. Uber's $1.07B deficit. Lyft and Uber earned $563M and $2.95B, respectively, in the most recent quarter. And something tells us that Lyft's roadshow deck will remind investors that they never killed anyone nor have they ever employed Travis Kalanick.

In taking its talents to the public markets, Lyft is hoping to cash in on the hot US IPO market.

Lyft Sets Stage for Early 2019 IPO [WSJ]

Cut it out [The Water Coolest]

What’s the worst that could happen when Russia, Iran and Venezuela get in a room together?

Seems like just yesterday Saudi Arabia and Russia agreed to cutting oil production in order to help increase the price of crude. Well, actually it was Wednesday but now it sounds like the two partners are getting cold feet.

Saudi Arabia is the largest oil producing member of OPEC, so as they go, so does the oil. Apparently after agreeing to cut production with Russia, they are waiting for a hard number to move forward. Uncertainty the markets do not like.

Initially, OPEC and Russia agreed to reduce oil production by 1.3M barrels per day. Since that "agreement," it seems as though there has been a lack of commitment from the former USSR. No matter how much OPEC reduces output unless they get buy-in from the other top oil producing countries (read: the US of A) oil prices could continue to drop.

OPEC, Russia move closer to cutting oil output [WSJ]

Ready to get The Water Coolest delivered to your inbox daily? Signup now.

Related