DoorDash valued at $16 billion in pre-IPO funding round

DoorDash said here on Thursday it was looking to raise about $400 million from investors, valuing the food delivery company at about $16 billion ahead of its initial public offering.

The company, backed by SoftBank Group, filed here for an IPO in February, setting it up as one of the most high-profile listings of 2020.

DoorDash, which competes with Uber Eats, GrubHub and Postmates, said the latest funding round would be led by new investors Durable Capital Partners and Fidelity Management & Research and existing investors, funds and accounts advised by T. Rowe Price Associates.

The funding round follows a massive jump in demand for food delivery services as a large number of people ordered in due to COVID-19 mandated lockdowns.

DoorDash said the funds would be used for new products and services.

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Stock Alert: HDFC Bank Trading 3% Higher

Shares of HDFC Bank Limited (HDB) are climbing more than 3% Thursday morning at $44.33.

Wednesday, India’s largest private sector bank said its consumer finance loans disbursed has recovered to the pre-COVID levels of Rs 1,000 crore a month. It had fallen by 80-85 percent in March.

After touching its 52-week low of $29.50 in March, HDB has gained more than 50%. The stock’s 52-week high is at $65.89.

When the bank reported third-quarter results in February, profit had increased 33% year-over-year.

DACA Will Remain in Effect After a Landmark Supreme Court Ruling

In the second landmark ruling of the week, the Supreme Court has voted against President Trump’s call to end Deferred Action for Childhood Arrivals, a.k.a. DACA. This is a major victory for hundreds of thousands of children, known as “Dreamers,” and allows them to remain safe from deportation.

The Obama-era legislation lets children of immigrants brought into the country before their 16th birthday, prior to June 2007, live and work in the U.S. The Supreme Court voted 5-to-4, with Chief Justice John Roberts casting the fifth vote and stating that the Trump administration’s call to shut down the legislation was “arbitrary and capricious.” Justices Ruth Bader Ginsburg, Stephen Breyer, Elena Kagan, and Sonia Sotomayor also voted in favor of keeping DACA.

The White House could try to repeal DACA again, but as NBC News’ Pete Williams puts it, “The White House might not want to end such a popular program in the heat of a presidential campaign.” Naturally, people are thrilled with the decision—especially after the Supreme Court voted in favor of protecting LGBTQ rights in the workplace just a few days prior.

You can read the Supreme Court’s full decision here.

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From: Marie Claire US

LATAM Airlines says operations to plunge 50% by year´s end

SANTIAGO, June 18 (Reuters) – LATAM Airlines Chief Executive Roberto Alvo said on Thursday he expects the region´s largest carrier to be operating at half of pre-pandemic levels by the end of 2020, and that a full recovery was unlikely for at least 3-4 years.

LATAM filed for U.S. bankruptcy protection last month, aiming to restructure $18 billion in debt. It was the world’s largest airline to date to seek an emergency reorganization due to the coronavirus pandemic.

Alvo said the company plans to file a $2 billion plan with the U.S. bankruptcy court in the coming days to address the crisis.

Trump Promises New List of Supreme Court Candidates After DACA Loss

President Donald Trump said he’d release a new list of his choices for the U.S. Supreme Court, should a vacancy open, after a divided court blocked him from ending the Obama-era program that shields 670,000 young undocumented immigrants from deportation.

“Based on decisions being rendered now, this list is more important than ever before (Second Amendment, Right to Life, Religous Liberty, etc.) – VOTE 2020!” Trump tweeted on Thursday, misspelling “religious.”

Trump took a similar approach ahead of the 2016 election, making public a list of candidates to appease concerns among Republicans that his court picks wouldn’t be conservative enough. His plan for a new list appeared intended to firm up support among conservatives as polls show Democrat Joe Biden leading nationally and in some key swing states.

The new list “may include some, or many of those already on the list,” Trump said in another tweet, promising to announce it by Sept. 1.

On Thursday, a divided court dealt a surprise blow to Trump, saying that his administration didn’t adequately consider its options or the implications before rescinding the Deferred Action for Childhood Arrivals program. DACA, as it’s known, protects people who were brought into the country illegally as children.

U.S. Jobless Claims Drop Much Less Than Expected To 1.508 Million

A report released by the Labor Department on Thursday showed a continued decrease in first-time claims for U.S. unemployment benefits in the week ended June 13th, although claims fell by much less than expected.

The Labor Department said initial jobless claims dropped to 1.508 million, a decrease of 58,000 from the previous week’s upwardly revised level of 1.566 million.

Economists had expected jobless claims to tumble to 1.300 million from the 1.542 million originally reported for the previous week.

Jobless claims fell by much less than anticipated but still pulled back further off the record high of 6.867 million set in the week ended March 28th.

Noting the latest weekly decrease reflects the smallest decline since claims began retreating from their late March peak, economists at Oxford Economics said, “The latest jobless claims data reminds us that significant stress remains in the labor market.”

The report said the less volatile four-week moving average slid to 1,773,500, a decrease of 234,500 from the previous week’s revised average of 2,008,000.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also dropped by 62,000 to 20.544 million in the week ended June 6th.

The four week moving average of continuing claims tumbled to 20,814,750, a decrease of 1,092,000 from the previous week’s revised average of 21,906,750.