What's moving markets today: Uber IPO and tariffs

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9:09 a.m. ET, May 10, 2019

Uber's massive IPO, by the numbers

From CNN Business' Seth Fiegerman

Uber just completed one of the largest technology IPOs ever. Here are the key numbers to know:

  • Uber raised $8.1 billion from selling shares in its initial public offering
  • The ride-hailing company was valued at $82 billion in its IPO
  • Uber reported a staggering net loss of $1.8 billion in 2018
  • It posted revenue of $11.3 billion for the year

Read more here.

9:35 a.m. ET, May 10, 2019

Thyssenkrupp shares pop after strategic shift

From CNN Business' Charles Riley

Shares in Thyssenkrupp spiked by more than 17% in Frankfurt on Friday after the German conglomerate dropped plans to split in two.

Thyssenkrupp said it would abandon the planned separation after discussions with the European Commission made clear that the German company would not be allowed to spin off its steel business into a joint venture with India's Tata Steel.

"The economic downturn and its effects on business development and the current capital market environment have led to the separation not being able to be realized as planned," the company said in a statement.

Instead, Thyssenkrupp said it would seek to slim down its structure and strengthen its capital base. It also plans to spin off its elevator business.

Even with the big jump posted on Friday, Thyssenkrupp shares are still down 11% this year.

9:13 a.m. ET, May 10, 2019

Thinking of investing in Uber? You may want to take a watch and wait approach

From CNN Business' Paul R. La Monica

It may seem tempting to buy Uber (UBER) today. But take one look at rival Lyft (LYFT) and you'll see why that may not be a great idea.

Lyft is now trading about 25% below its IPO price because of concerns about how much money it is losing, competition with Uber and underwhelming results in its first earnings report since going public.

Average investors should watch and wait when it comes to a buzzy IPO instead of diving on the first few days, recommends Jim Price, lecturer and entrepreneur in residence at the University of Michigan Ross' Zell Lurie Institute. Price's advice:

"Stay on the sidelines. These super hot IPOs are institutional investor plays."

He's referring to the large mutual funds and hedge funds that are able to buy in to an IPO at the offering price.

Read more here.

9:04 a.m. ET, May 10, 2019

State-backed funds prop up China's stock market

From CNN Business' Anneken Tappe

Chinese stocks closed higher today, seemingly shrugging off worries over this week's trade escalation between Washington and Beijing.

But resilience may not be the explanation.

State-backed investment funds were buying Chinese stocks, propping up the market, according to a Bloomberg report.

On Monday, the Shanghai Composite dropped 5.6%, its biggest one-day drop since February 2016. It closed up 3.1% today, having dropped 4.5% this week.

Last night, the US hiked tariffs from 10% to 25% on $200 billion worth of Chinese exports.

8:31 a.m. ET, May 10, 2019

It's Uber Day at NYSE

From CNN Business' Paul R. La Monica

CNN Business' Paul R. La Monica is spending the morning at the New York Stock Exchange ahead of Uber's debut. Some scenes from the ground:

7:39 a.m. ET, May 10, 2019

Christine Romans: Why stocks aren’t in a free fall 

From CNN Business' Christine Romans

The biggest question I am getting this morning is “Why aren’t global stock markets in free fall” now that the United States has made good on its tariff threat?

It’s a good question. These next days are crucial. The benchmark Standard and Poor’s 500 has been down four days in a row and futures are indicated lower again today, but the index is still relatively close to record highs.

Markets are still hoping for a resolution and seem to believe the president has a lot more leverage to get the Chinese back to their earlier promises.

That leverage: even more Chinese goods to tax. The president Thursday and again this morning said the “paperwork” has begun to slap 25% tariffs on another $325 billion in Chinese goods.

But I would call market stability here tenuous. Talks begin again at 9 am in Washington and it is unclear whether either side will budge. And the president is tweeting this morning his support for tariffs over a trade deal. Unclear if that is a negotiating ploy, or he is paving the way for the reality after talks break down for good.

6:52 a.m. ET, May 10, 2019

Buckle up: New tariffs have kicked in

From CNN Business' Julia Horowitz

It's happening. The trade war between the world's two largest economies is escalating again, after the US hit China with higher tariffs and Beijing pledged to retaliate.

The Trump administration raised tariffs on $200 billion worth of Chinese imports from 10% to 25% at 12:01 a.m. ET Friday.

Investors have been preoccupied with the trade fight all week, though the immediate market reaction was mixed.

All eyes will be on Washington as day two of trade talks with Beijing unfolds, and investors try to determine the path forward.

The first day of discussions did little to settle markets. The Dow closed down 0.5% on Thursday. The S&P 500 shed 0.3%, and the Nasdaq declined 0.4%.

6:52 a.m. ET, May 10, 2019

Uber's finally going public today

From CNN Business' Julia Horowitz

Trade could take some attention off of Uber's Wall Street debut, billed as the year's most-hyped IPO.

The company will start trading on the New York Stock Exchange today with the ticker UBER.

The company priced its IPO at $45 a share yesterday. That's at the low end of its original proposed price range of between $44 and $50 a share.

Still, the company will raise $8.1 billion and will rank among the largest US public offerings ever.

Uber has a tough road ahead. It needs to prove that it won't go the same way as competitor Lyft (LYFT), whose shares have plummeted since its own IPO in late March.