Uber To Acquire Postmates In All-stock Deal Valued At Approx. $2.65 Bln

Uber Technologies, Inc. (UBER) and Postmates Inc. have reached a definitive deal, under which Uber will acquire Postmates for approximately $2.65 billion in an all-stock transaction. Uber currently estimates that it will issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates. The transaction is anticipated to close in first quarter 2021.

Following the closing of the acquisition, Uber intends to keep the consumer-facing Postmates app running separately, supported by a combined merchant and delivery network.

Headquartered in San Francisco, Postmates operates in 4,200 US cities. The Postmates platform gives its customers access to more than 600,000 restaurants and retailers available for delivery and pickup, many of which are exclusive to Postmates.

Shares of Uber Technologies were up 8% in pre-market trade on Monday.

Gold Subdued Amid Equity Rally

Gold prices were subdued on Monday and global equities rallied as signs of an economic rebound in China as well as hopes of more stimulus measures helped offset worries over a spike in Covid-19 cases in some U.S. states and other parts of the world.

Spot gold edged down marginally to $1,775.48 per ounce, while U.S. gold futures were down 0.3 percent at $1,784.65.

China’s benchmark Shanghai Composite Index jumped as much as 5.71 percent today, marking the biggest advance since 2015 amid positive commentary on the market from state media, with the Securities Times saying that fostering a “healthy” bull market after the pandemic is now more important to the economy than ever.

The economy is recovering while its capital markets are attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial.

European markets followed the positive trend set in Asia overnight and U.S. stock futures advanced on hopes the world’s second-largest economy will lead a recovery from the coronavirus crisis.

Economic recovery optimism is in full swing, with a measure of Eurozone investor confidence index improving to -18.2 in July from -24.8 in June.

Retail sales activity also rebounded strongly in the euro area in May, U.K. construction activity surged back to growth in June and German factory orders advanced 10.4 percent month-on-month in May, boosting optimism on economic recovery.

Denver weather: Hot with a chance of early afternoon thunderstorms on Monday – The Denver Post

Denver weather forecasters say to expect more hot temperatures and a chance for afternoon thunderstorms on Monday.

The National Weather Service said the heat expected to reach about 94 degrees Monday, with a 20% chance of showers and thunderstorms beginning around 1 p.m.

Skies are expected to clear by about 8 p.m. and overnight lows will dip to about 64 degrees, forecasters said.

The same pattern of sunny skies and a chance for afternoon thunderstorms will repeat again on Tuesday, the weather service said.

Later this week, temperatures could reach triple digits.

Oil Prices Up On Recovery Hopes

Oil prices rose on Monday, with sentiment helped by signs of tighter supplies and a string of data from Europe pointing to a reasonably prompt economic recovery from the coronavirus pandemic.

Benchmark Brent crude rose 62 cents, or 1.45 percent, to $43.42 a barrel, while U.S West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.30 percent, at $40.77.

Investors shrugged off rising coronavirus cases in the United States and some other countries to focus on last week’s positive economic data from the U.S. and China.

Economic recovery optimism is in full swing, with a measure of Eurozone investor confidence index improving to -18.2 in July from -24.8 in June.

Retail sales activity also rebounded strongly in the euro area in May, U.K. construction activity surged back to growth in June and German factory orders advanced 10.4 percent month-on-month in May, boosting optimism on economic recovery.

China’s benchmark Shanghai Composite Index jumped as much as 5.71 percent today, marking the biggest advance since 2015 amid bets that a recovering economy and easier financial conditions would fuel a boom in corporate profits.

The economy is recovering while its capital markets are attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial.

Donald Trump threatens China for ‘great damage’ caused to US and rest of the world

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President Donald Trump has tweeted: “China has caused great damage to the United States and the rest of the World!”

More to follow..

Where the Nuggets rank in national power rankings entering the NBA’s season restart – The Denver Post

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Uber to buy Postmates in $2.65 bln all-stock deal

July 6 (Reuters) – Uber Technologies Inc said on Monday it has offered to buy food-delivery app Postmates Inc in a $2.65 billion all-stock deal. (Reporting by Subrat Patnaik in Bengaluru; Editing by Amy Caren Daniel)