Uber CEO Dara Khosrowshahi. Photo: Jerod Harris/Getty Images for Fortune

Uber has picked Morgan Stanley to lead its IPO, per Bloomberg.

The big picture: That's a pretty big upset, given that Goldman Sachs was considered a shoo-in for the role before last year's Uber management shakeup. Got to wonder if it helped that Morgan Stanley's Michael Grimes moonlighted as an Uber driver.

Someone mentioned to me that Uber could, at least in theory, tell prospective IPO buyers that their allocations would be tied to agreements not to buy into Lyft's IPO. Again, no inside info here — just a theory based on its prior hardball tactics with private market investors.

  • One banker tells me he thinks it wouldn't be legal, at least for public mutual funds, but that there could be wink-wink agreements for investors that put themselves on the cover with pre-arranged purchase agreements. Kind of like we see with extended lockups.

Go deeper

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.