Aug 7, 2019

Snap prices $1.1 billion of convertible notes

Illustration: Axios Visuals

Snap priced $1.1 billion of convertible notes, due in 2026. This is slightly up-sized from a $1 billion offering size, and expectations are that it will close by Friday.

Why it matters: It reflects how Snap has become tech's comeback kid. The "camera company" was valued at $29 billion in its first day of post-IPO trading in early 2017 — or $26.05 per share — before bottoming out at less than $5 per share at year-end 2018. Last week it briefly regained its $17 IPO price on better-than-expected Q2 earnings, and the $1.1 billion infusion should help it invest more in both content and features.

Go deeper: Snapchat snaps back

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Uber stock price drops after missed Q2 expectations

Photo: Jaap Arriens/NurPhoto via Getty Images

Uber's stock price dropped by more than 12% after its Q2 revenue and losses missed analyst expectations.

WeWork files for long-awaited IPO

Illustration: Rebecca Zisser/Axios

WeWork on Wednesday filed to raise $1 billion in an initial public offering, although the ultimate offering amount is expected to be at least three times larger.

My thought bubble: There is a ton of investor skepticism over WeWork's business model, with expectations that it could receive Tesla-like treatment from public shorts. That's one reason why the company plans to increase its cash cushion by securing a $6 billion credit facility in conjunction with the IPO.

FinancialsArrowUpdated Aug 14, 2019

Lyft stock price up after strong revenue and raised outlook

Lyft listing on the Nasdaq. Photo: DON EMMERT/AFP/Getty Images

Lyft's share price is up by more than 11% after the company's Q2 earnings beat analyst revenue expectations, but also posted much wider losses than predicted (largely because of IPO-related stock compensation).

The big picture: Lyft also raised its sales outlook for the year to roughly $3.5 billion.

Go deeperArrowAug 7, 2019