Illustration: Aïda Amer/Axios

Uber on Thursday will disclose plans to raise $10 billion in its IPO, as first reported by Reuters. This would set up an investor road-show for the week of April 29, and a listing in early May.

Why it matters: The S-1 filing should provide us with a much more complete understanding of Uber's finances, which to date have been selectively self-disclosed.

Where it ranks: At $10 billion, Uber's IPO would be the largest so far in 2019 and among the 10 largest of all time.

Price talk: Bankers reportedly pitched Uber last year on a $120 billion initial public valuation, compared to its last private mark of $72 billion, but word is that expectations have been scaled back below $100 billion (possibly due, in part, to Lyft's soft aftermarket performance).

Digging deeper: "Contribution margins, a measure that’s meant to show which businesses can operate profitably, will be one tool provided for digging through its spreadsheets. Uber calculates its contribution margin by tacking on more costs than Lyft does, according to people with knowledge of the matter. Uber’s more conservative metric may give investors a better sense of its business, even if it makes direct comparisons with Lyft more difficult." — Eric Newcomer & Olivia Zaleski, Bloomberg

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Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Zeta, now a Category 2 Hurricane, closes in on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened on Wednesday afternoon, on track to make landfall along the southeastern coast of Louisiana by the afternoon as a "significant" Category 2 hurricane, per the National Hurricane Center.

The state of play: Zeta is producing 100-mph maximum sustained winds and stronger gusts. The storm is gaining strength as it heads northeastward at 20 mph. Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday.