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That was fast: On their second day of trading yesterday, shares in Lyft fell 12 percent, to .01, below their I.P.O. price. That darkens the outlook for the ride-hailing company, and for other tech unicorns planning to go public.
Lyft crashed below its I.P.O. price quickly. Other tech companies with big losses, like Groupon, Twitter and Snap, have suffered the same fate, but it took a while — almost two weeks, for Groupon.
Investors may be worried about Lyft’s losses. The company lost nearly billion last year. And it can’t say when it will turn a profit, as it plans to invest heavily in technology like autonomous vehicles.
Other I.P.O. candidates have reason to worry, too. Lyft’s troubles suggest that no one — not underwriters nor investors — knows how to value a company with such sharp growth and steep losses. “The ones following in the wake of Lyft will be priced more reasonably,” Kathleen Smith of Renaissance Capital said.
Lyft should expect more pain. Short-sellers, who profit when a company’s stock price goes down, are expected to bet against it within days.
Facebook still hasn’t solved its many problems with hosting false or misleading information, but Mark Zuckerberg says that it may start a dedicated news service.
• In India, Facebook is struggling to cope with disinformation and hate speech circulating ahead of elections. When local news outlets have raced to post “exclusive” information about hostilities between India and Pakistan, for instance, much of it has been false.
• Singapore has stopped waiting for Facebook to clamp down on false information and introduced draft legislation that would, among other things, require websites to run corrections alongside “online falsehoods” and would “cut off profits” of sites that spread it.
Against that backdrop, Mr. Zuckerberg is pitching the idea of a dedicated news service on Facebook. In an interview with Mathias Döpfner, the C.E.O. of the German publisher Axel Springer, he explained how a dedicated tab on the social network could feature content from third-party publishers — which Facebook might pay for.
“It’s important to me that we help people get trustworthy news and find solutions that help journalists around the world do their important work,” Mr. Zuckerberg said.
The plane maker has pushed back the timeline for updating the anti-stall software under suspicion in two recent fatal crashes, David Gelles of the NYT reports.
Boeing was hoping to submit a fix to the Federal Aviation Administration this week. But employees who reviewed the update appear to have raised concerns about it, Mr. Gelles reports. It isn’t clear what their issues were.
“Time is needed for additional work by Boeing as the result of an ongoing review of the 737 Max Flight Control System to ensure that Boeing has identified and appropriately addressed all pertinent issues,” the F.A.A. said in a statement yesterday.
Meanwhile, Boeing’s problems are growing. “Some airlines are demanding that Boeing compensate them for lost revenues as they cancel flights and their planes sit idle. At least one airline is seeking to cancel its deal to buy more Max jets,” Mr. Gelles writes.
And lawyers are preparing for battle. Families in the Ethiopian Airlines crash are likely to sue Boeing and the carrier.
More: After the crash of a Lion Air flight last year, Boeing reportedly suggested foreign pilots were at fault. And Singapore Airlines grounded two Boeing 787-10s after inspections revealed premature engine deterioration.
A year ago several big names in the world of finance were making grand plans to enter the cryptocurrency markets. Most of those efforts are now faltering, Nathaniel Popper of the NYT reports.
• “Goldman Sachs said it was opening a Bitcoin trading operation to serve clients. A year later, customer interest has been weak, and the bank has not received regulatory approval to buy and hold actual Bitcoins for customers.”
• “The parent company of the New York Stock Exchange has been forced to delay the opening of the cryptocurrency exchange it announced last year, and there is still no clear sign of when it will get the approval needed from regulators.”
• “The Chicago Board Options Exchange said last month that it was going to stop offering a Bitcoin trading contract that it started with great fanfare in late 2017.”
“The smart money knows that crypto is not ready,” Ciaran Murray, a cryptocurrency trader in London, told Mr. Popper.
Enthusiasts had hoped Wall Street would legitimize cryptocurrencies and encourage more traditional investors to buy them. But the second-guessing at big financial institutions shows how hard it is to take a technology “from the fringes of the internet into the mainstream financial world,” Mr. Popper writes.
Britain’s Parliament reached no majority yesterday on proposals for the country’s exit from the E.U., worsening the disarray over Brexit less than two weeks before the deadline to depart, Stephen Castle of the NYT reports.
“The plan that lost most narrowly was for a customs union that would keep Britain in the same tariff system as the rest of the European Union countries, tying the country closely to the bloc. It failed 276-273.”
“The failure to agree on any of them means Britain is facing the deadline with nothing resolved and all the options remaining on the table,” Mr. Castle writes. “It also underscores the stalemate in Parliament where different factions appear unable to compromise enough to swing behind any one vision for Brexit.”
“Something will have to give soon, however. By April 10, Mrs. May needs to get a Brexit agreement through Parliament or ask the leaders of the European Union for a longer delay if she wants to avoid leaving without a deal,” Mr. Castle adds. A last-resort option: a general election.
Mrs. May’s cabinet will hold a five-hour meeting today, which the FT says “is likely to be a brutal and potentially decisive meeting to discuss what route, if any, can be charted.” Parliament is expected to debate Brexit again tomorrow, and may attempt to wrest control from Mrs. May once more.
More: Brexit hasn’t officially happened, but it has already cooled investment and damaged the nation’s reputation as a haven for commerce. And banks haven’t moved many people in the run-up to the departure from the E.U. — yet.
As the M.&A. boom declines, top investment bankers are scrounging around for much smaller transactions than they once handled, Liz Hoffman of the WSJ reports.
• “ ‘Every 10 years or so, the big banks get the idea to move in,’ said Mark Brady, head of mergers and acquisitions at William Blair & Co., a Chicago-based firm where the average deal is 0 million. ‘As soon as there’s a down-cycle, they disappear.’ ”
• JPMorgan Chase bankers, who helped arrange the billion sale of Celgene, sought business from Cianna, a medical company with million in revenue. “I kept saying, tell me again why you’re interested in this deal?” Cianna’s then-C.E.O. told the WSJ.
• And “a Goldman Sachs Group Inc. partner cold-called his way onto a 2 million stock-offering deal for a Texas-based chemicals company.”
• There’s an advantage to smaller deals, Ms. Hoffman writes: “While fees in the middle market are smaller, they are typically split between fewer banks. Deals also close faster and require fewer staff than complex, trans-Atlantic takeovers.”
Trump administration officials worry that the world’s wireless networks will be dominated by Huawei, the Chinese telecom company they have tried to block as a security threat, Ellen Nakashima and Souad Mekhennet of the WaPo report.
• “Officials have begun discussing ways to use encryption, segmented network components and stronger standards to protect key systems.”
• “Officials have not let up on their campaign to urge other countries to block Huawei — a firm with close ties to the Chinese government — from their burgeoning 5G networks, which will power everything from self-driving cars to military operations.”
• “But they are cognizant that many countries already use low-cost Huawei equipment and will probably continue to rely on it as they transition to the next generation of mobile telecommunications.”
• “ ‘You have to presume a dirty network,’ Sue Gordon, a senior U.S. intelligence official, said recently. ‘That’s what we’re going to have to presume about the world.’ ”
Michael Cerda, the head of product for Goldman Sachs’s consumer division, Marcus, has reportedly quit.
• Paul Jacobs, the former chairman of Qualcomm, has finally given up his quest to buy his old employer. (WSJ)
• Kellogg agreed to sell its Keebler and Famous Amos cookie brands to Ferrero for .3 billion. (CNBC)
• Andreessen Horowitz is celebrating after having backed Lyft, PagerDuty and other unicorns now set to go public in big I.P.O.s. (FT)
• Tencent plans to sell billion in bonds to raise money and fight new rivals. (FT)
• Toast, which makes restaurant management software, has raised 0 million at a .7 billion valuation from investors like TCV and Tiger Global Management. (TechCrunch)
Politics and policy
• President Trump tweeted that Republicans wouldn’t try to replace the Affordable Care Act until after 2020. (Axios)
• The Trump administration is moving to limit claims of employment-law violations by franchisees and contractors. (NYT)
• A federal judge sealed the divorce records of Stephen Moore, President Trump’s pick for the Fed, after the Guardian posted them online. (NYT, Guardian)
• A White House whistle-blower has told lawmakers that the Trump administration gave at least 25 individuals security clearances despite objections from staffers. (NYT)
• Senator Kamala Harris’s campaign said it raised million in the first quarter, vaulting her into the upper tier of 2020 Democratic candidates. (NYT)
• The E.U. is dragging its heels over trade discussions with the U.S., which could anger President Trump. (Bloomberg)
• Who’s fighting whom in video streaming? This Venn diagram explains. (WSJ)
• The Chinese tech giant Tencent has been quietly testing a game-streaming platform. (CNBC)
• Researchers say small stickers on the road could trick Tesla’s Autopilot software into steering into oncoming traffic. (Ars Technica)
• A group of former American government hackers reportedly helped the U.A.E. spy on prominent media figures. (Reuters)
• Google’s new A.I. ethics council hasn’t impressed employees. (MIT Technology Review)
Best of the rest
• While investigating Carlos Ghosn, the Renault-Nissan alliance reportedly discovered that it had three more jets than it previously knew. (FT)
• Mr. Ghosn’s lawyers asked that his trial be held separately from that of a former colleague, Greg Kelly. (Reuters)
• Dubai’s rulers are worried that the emirate’s building boom is ending. (FT)
• A peek into Saudi Aramco’s books showed it to be vastly profitable, but investors now wonder: What are its sustainability plans? (FT)
• A British government report suggests breaking up the country’s four big accounting firms. (FT)
• Manufacturing activity in the U.S. and China has picked up, easing fears about a coming global recession. (WSJ)
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2017年精准两肖四码【玄】【云】【心】【头】【一】【颤】。 【其】【实】【她】【也】【早】【有】【心】【理】【准】【备】，【知】【道】【邵】【阳】【此】【番】【过】【来】，【所】【为】【的】【多】【半】【也】【是】【这】【件】【事】。 【但】【当】【年】，【她】【还】【敢】【配】【合】【着】【玄】【淑】【隐】【瞒】，【现】【在】……【邵】【阳】【只】【是】【淡】【淡】【开】【口】，【却】【已】【经】【给】【了】【玄】【云】【一】【种】【十】【分】【沉】【重】【的】【压】【力】。 【邵】【阳】【看】【她】【一】【眼】，【顿】【时】【清】【楚】【玄】【云】【必】【然】【知】【道】【些】【什】【么】。 【所】【以】，【邵】【阳】【淡】【淡】【道】：“【你】【们】【塔】【云】【山】【一】【脉】，【或】【者】【说】【陆】【心】【怡】，
【晚】【风】【微】【微】【拂】【动】，【隐】【隐】【传】【来】【男】【人】【隐】【忍】【的】【哭】【声】~ “【阿】【辰】，【别】【哭】，”【米】【娅】【努】【力】【强】【撑】【着】【沉】【重】【的】【眼】【皮】，【沾】【了】【血】【的】【手】【指】【抚】【上】【他】【的】【脸】【颊】。 【林】【辰】【握】【着】【她】【冰】【凉】【的】【手】【指】，【也】【不】【知】【是】【为】【了】【安】【慰】【她】，【还】【是】【安】【慰】【自】【己】，【努】【力】【压】【着】【内】【心】【的】【恐】【惧】，【喋】【喋】【不】【休】【道】，“【嗯】，【嗯】，【我】【可】【以】【救】【你】，【我】【可】【以】【救】【你】，【取】【一】【颗】【子】【弹】【而】【已】，【米】【米】，【答】【应】【我】，【撑】【住】【好】【吗】
“【我】【真】【的】【有】【那】【么】【明】【显】？” “【你】【这】【还】【不】【明】【显】【吧】，【你】【看】【这】【几】【天】【你】【换】【了】【发】【型】【换】【了】【衣】【服】，【嘴】【里】【张】【口】【闭】【口】【的】【全】【部】【都】【是】【说】【的】，【他】【好】【像】【让】【全】【天】【下】【的】【人】【都】【知】【道】【你】【喜】【欢】【他】【一】【样】。【不】【管】【是】【什】【么】【样】【的】【男】【生】，【即】【便】【是】【他】【都】【不】【会】【喜】【欢】【过】【于】【主】【动】【的】【女】【孩】【子】，【即】【使】【是】【你】【们】【以】【后】【真】【的】【有】【机】【会】【交】【往】【了】，【他】【也】【不】【会】【把】【你】【太】【放】【在】【心】【上】。” 【胡】【芳】【有】【些】【不】【好】【意】【思】2017年精准两肖四码【无】【论】【是】【她】【的】【这】【位】【老】【师】，【又】【或】【者】【此】【身】【的】【那】【位】【主】【体】，【抑】【或】【是】【那】【些】【来】【自】【于】【过】【去】【未】【来】【一】【切】【时】【空】【的】【渊】【兽】，【全】【都】【是】【独】【一】【无】【二】【的】‘【奇】【迹】’。 【与】【之】【相】【对】【的】，【她】，【他】【们】，【所】【有】【虚】【假】【时】【间】【轴】【上】【的】【那】【些】，【只】【不】【过】【是】‘【伪】【物】’【罢】【了】。 【独】【属】【于】【她】【的】【那】【条】【时】【间】【轴】【上】，【在】【一】【切】【归】【于】【永】【寂】【之】【前】，【她】【曾】【经】【亲】【眼】【目】【睹】【了】【另】【一】【个】【与】【她】【拥】【有】【着】【同】【等】【位】【格】【的】‘【苏】
—————————— （【替】【换】【中】. 【明】【天】【期】【中】【考】，【所】【以】【今】【天】【就】【没】【有】【了】。 【等】【待】【替】【换】，【担】【待】【担】【待】。 ） 【正】【喝】【茶】【的】【王】【柏】【对】【掌】【柜】【的】【进】【来】【并】【不】【惊】【讶】。 【虽】【然】【在】【对】【方】【的】【铺】【子】【里】，【他】【不】【好】【放】【出】【神】【识】【肆】【意】【查】【探】，【但】【是】【修】【真】【者】【经】【过】【增】【强】【后】【的】【感】【知】，【依】【旧】【让】【他】【清】【晰】【的】【听】【到】【了】【门】【外】【两】【人】【的】【对】【话】【声】。 【王】【柏】【起】【身】