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3 hours ago
Uber decides to shut down alcohol delivery service “Drizly”
Uber has decided to shut down Drizly, the alcohol delivery service it acquired three years ago for $1.1 billion, Axios reported on Monday.
“After three years of operating independently within the Uber family, Drizly is closing its doors and giving consumers access to nearly everything from food to groceries to alcohol in one app. “We decided to focus on our core Uber Eats strategy,” Pierre-Dimitri Gore-Coty, Uber’s SVP of delivery, told Axios.
Drizly, which grew to become the country’s largest online alcohol marketplace amid the pandemic-induced home delivery sales boom, will officially shut down at the end of March 2024, Uber announced.
Uber’s stock price, which soared last year, is up more than 2.5% this year. The ride-hailing company joined the S&P 500 on December 18th.
— Peer Singh
3 hours ago
NYSE chairman sees ‘robust’ pipeline of IPO candidates this year
New York Stock Exchange Vice Chairman John Tuttle said initial public offering activity should pick up in 2024.
“We have a strong pipeline from different sectors and regions,” Tuttle told the Reuters Global Markets Forum ahead of the World Economic Forum’s annual meeting in Davos. “We are finding when investors are interested in these companies and when they are ready to take off.”
Tuttle said the increased IPO activity could be due to greater stability in U.S. interest rates, record high stock index levels and significantly lower market volatility. IPO activity reached its lowest level in 2023 after 2016 due to rising interest rates and widespread economic uncertainty.
Read the full story from Reuters here.
— Peer Singh
4 hours ago
Stock futures open in the red
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