May 10, 2019

Uber shares begin trading below IPO price

Illustration: Lazaro Gamio/Axios

Shares of Uber opened trading Friday at $42 per share, below its $45 IPO price.

The bottom line: Investors who plugged over $8 billion into the IPO are instantly underwater, something almost unheard of for such a large, well-publicized offering. Factors weighing on the stock include U.S.-China trade tensions and huge losses.

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Coronavirus could hit developing countries hardest

Disinfecting in Dakar, Senegal. Photo: John Wessels/AFP via Getty Images

The coronavirus is spreading most widely in countries that should be among the best equipped to handle it. There's no reason to expect that to remain the case.

Where things stand: 88% of new coronavirus cases confirmed on Wednesday came within the OECD club of wealthy nations, which together account for just 17% of the world's population. While that data is based on uneven and inadequate testing, Europe and North America are clearly in the eye of the storm.

Go deeperArrow3 mins ago - World

The Humanity First push for a coronavirus vaccine

Illustration: Aïda Amer/Axios

Policy responses to the global coronavirus crisis have been every-country-for-itself and — in the case of the U.S. and China — tinged with geopolitics.

The flipside: The scientific work underway to understand the virus and develop a vaccine has been globalized on an unprecedented scale.

Go deeperArrow10 mins ago - World

Trump attacks Schumer for impeachment in letter about coronavirus crisis

President Trump briefs reports on April 2. Photo: Win McNamee/Getty Images

President Trump accused Senate Minority Leader Chuck Schumer of being "missing in action" during the coronavirus crisis, writing in a scathing letter on Thursday that Schumer's focus on the "ridiculous impeachment hoax" resulted in New York being ill-prepared for the pandemic.

Why it matters: It's a blistering response to Schumer urging Trump to assign a senior military officer to enforce the Defense Production Act to produce more medical supplies.