Stocks edge lower…GDP 3.2%…Uber, Slack IPOs
NEW YORK (AP) – Stock indexes are slightly lower in morning trading on Wall Street after weak earnings reports offset a report showing solid growth in the U.S. economy. Intel gave a cautious outlook for the full year. Its stock fell 9.3% and dragged down other chipmakers.
WASHINGTON (AP) – The government reports the economy grew at a solid 3.2% annual rate in the first three months of the year, overcoming a host of headwinds including global weakness, rising trade tensions and a partial government shutdown. It’s a far better outcome than expected. The advance in the gross domestic product marks an acceleration from a 2.2% gain in the October-December period.
NEW YORK (AP) – Ride-hailing giant Uber is planning to sell 180 million shares for between $44 and $50 per share, valuing the company at an estimated $80.5 billion to $91.5 billion. That’s lower than previous estimates that were as high as $120 billion. Uber gave potential investors a first look at its finances earlier this month, revealing nearly $8 billion in losses over a decade.
NEW YORK (AP) – Work messaging platform Slack has filed with the SEC to go public today, the latest in several highly anticipated tech IPOs. Slack says it made $400 million in revenue in 2018 on a net loss of $138.9 million. Slack plans to list its stock on the NYSE under the ticker “SK.”
DEARBORN, Mich. (AP) – Ford says the Justice Department has opened a criminal investigation into its U.S. emissions certification process. The automaker voluntarily disclosed the matter and said in a regulatory filing that they are fully cooperating with all government agencies.