NY Post : This ride-sharing app might actually challenge Uber, Lyft

Another New York City ride-sharing app is tailgating Uber.

Juno — a new app that charges drivers commissions of 10 percent of the total fare, less than half of what Uber and Lyft do — on Wednesday logged its 1 millionth ride since its invitation-only launch on May 10, The Post has learned.

That makes Juno the latest — and fastest-growing — challenger to Uber in the Big Apple, an increasingly crowded space for ride-sharing apps, which also includes Lyft, the carpooling app Via and others.

Beginning on Wednesday Juno was available to all.

The New York-based company lately has been booking rides at a clip of 100,000 a week, founder and Chief Executive Talmon Marco told The Post on Wednesday.

That number is still dwarfed by the 1.5 million weekly Big Apple rides logged by Uber, according to Uber officials.

Still, it’s impressive for an app that has been live for just 3¹/₂ months. The lifting of the invite-only restriction may accelerate growth.

Juno said it had amassed a 40,000-person waiting list.

By comparison, Lyft booked 280,000 rides last week, following a July that saw rides soar 380 percent from a year earlier, a source close to the company said.

Lyft was averaging about 160,000 rides per week in March, according to the NYC Taxi & Limousine Commission.

Elsewhere, Via — the popular carpooling app launched in Manhattan two years ago — says it books about 200,000 weekly rides.

Juno’s out-of-the-gate charge has been fueled, in part, by a 25-percent introductory discount rate for passengers and lower commissions for drivers.

That said, Juno doesn’t plan to be a discounted app forever, Marco said, and it will be interesting to see if companies can keep up with Uber once the price advantage disappears or is cut back.

Passengers can also expect Juno to introduce surge pricing in the near future, said Marco.

Juno wait times, which can sometimes be several minutes longer than Uber’s or Lyft’s, are “a byproduct of the fact we do not have surge,” he said, as drivers who work under multiple badges take calls first from companies that use surge pricing.

There are now about 13,000 drivers who have signed with Juno, Marco said.

On July 20, Juno released 25 million restricted stock units to 9,000 qualified drivers. Eventually, 1 billion shares will go to drivers — equal to half of the company.

“We believe passengers will continue riding with us because our drivers are better, and they’re more motivated because we’re nicer to them,” Marco said.

In a statement, Uber said it is “always striving to make it the best earning opportunity in the industry,” noting it recently partnered with the Machinists Union and raised its minimum fare.

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance
:
  • GES +17.8%, TLYS +14.4%, WDAY +8.9%, EDAP +7.4%, SFUN +6.9%, TIF +4.3%, CRH +4.1%, SDRL +4%
  • BURL +3.8%, PDCO +3.2%, REX +2.1%, HEI +1.2%, WSM +0.8%, PVH +0.5%
M&A news:
  • PTX +7.6% (ticking higher; stock has been mentioned in takeover speculation earlier this week)
  • KZ +3.6% (receives a revised non-binding proposal letter to be acquired for $7.18/share in cash), .
Select metals/mining stocks trading higher: MUX +1.9%, GFI +1.8%, AU +0.9%, AG +0.6%, GOLD +0.5%, AUY +0.5%

Other news:
  • XCOM +23% (after closing more than 50% higher on the day Wednesday)
  • NYMX +15.5% (after closing more than 80% higher on the day Wednesday)
  • PBMD +11.6% (receives European patent grants for its IMP731 antibody)
  • BLDP +10.6% (received notification from the U.S. Department of Commerce that its family of fuel cell propulsion systems are now designated as EAR99 compliant, creating a path for commercial export and deployment in a variety of civilian unmanned vehicle applications)
  • MNGA +6.6% (announces that the Pinellas County Fire Department's teams of emergency responders have chosen MagneGas2, and the MagneTote as their preferred metal cutting tool)
  • TOPS +4.3% (after 20% move higher Wednesday)
  • CSIQ +3.6% (in sympathy with peer SFUN (earnings))
  • MYL +3.3% (announces that the EMA has accepted for review Mylan's Marketing Authorization Application for a proposed biosimilar Trastuzumab; also announces initiatives to ease access to EpiPens)
  • HMY +3% (announced that an application for a special mining lease for the Wafi-Golpu project was submitted today to the Mineral Resources Authority in Papua New Guineag)
  • SEED +2.4% (continued strength after strong move yesterday)
  • BLRX +2.1% (establishes JV with I-Bridge Capital, a Chinese venture capital fund focused on developing innovative therapies in China)
  • GEO +1.3% (Geo Group executes Letter of Offer with HSBC Bank Australia providing for a bank guarantee line and bank guarantee/standby sub-facility in an aggregate amount of $76.8 mln )
  • VRX +1% (continued strength)
  • CRM +0.9% (following WDAY results)
Analyst comments:
  • NFLX +1.4% (upgraded to Outperform from Market Perform at William Blair)
  • RIG +0.7% (upgraded to Neutral from Sell at Citigroup)
  • CREE +0.5% (initiated with a Buy at ROTH Capital)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:
  • SIG -13.4%, DG -8.5%, DLTR -7.3%, HPQ -5.6%, JKS -5.6%, SBGL -5.5%, EURN -4.4%
  • SHLD -4.1%, MOV -4.1%, FLWS -1.1%, ORPN -1.1%, TECD -0.8%
Other news:
  • XGTI -8.9% (files for ~833.3K share common stock offering by selling shareholders)
  • CRC -4% (light volume - S&P downgrades California Resources Corp. to 'SD')
  • REN -2% (light volume, announces that Nicholas J. Sutton will retire as CEO, Richard F. Betz Named Successor CEO Effective January 1, 2017)
  • MNTA -1.6% (following late strength on Copaxone ruling; Mylan confirms invalidates two of Teva's Copaxone 40 mg/mL Patents Via U.S. Patent and Trademark Office's Inter Partes Review proceeding)
Analyst comments:
  • INFN -3.9% (downgraded to Sell from Neutral at Citigroup)
  • OZM -3% (downgraded to Sell from Neutral at Citigroup)
  • S -1.5% (downgraded to Underperform from Neutral at Buckingham Research)
  • EXPR -0.6% (downgraded to Sell from Neutral at UBS)

(StatNews) Mylan may have violated antitrust law in its EpiPen sales to schools,



Schools across the country keep EpiPens in their nurses’ offices in case a student has a severe allergic reaction. For years, Mylan Pharmaceuticals has been selling the devices to schools at a discounted price, giving them a break from rising costs. But the program also prohibited schools from buying competitors’ devices — a provision that experts say may have violated antitrust law.

Mylan’s “EpiPen4Schools” program, begun in August 2012, offers free or discounted EpiPens to schools. Over 65,000 schools receive free EpiPens through the program; an unknown number of schools buy the epinephrine auto-injectors at a discount. Laws in at least 11 states require schools to stock epinephrine, and keeping a stockpile is incentivized by federal law across the country.

As of last year, the EpiPen4Schools discounted price was $112.10, according to company documents. That is about a quarter of the cost charged to pharmacies at the time, according to data from Elsevier’s Gold Standard Drug Database.

However, in order to qualify for that price, schools had to agree they would “not in the next twelve (12) months purchase any products that are competitive to EpiPen(R) Auto-Injectors,” the agreement stipulates. (In the course of STAT’s reporting, this agreement was removed from the EpiPen4Schools website.)

A Mylan spokesperson said this requirement is no longer part of its program, and did not say when the requirement was dropped. STAT found such language on EpiPen4Schools order forms dated August 2014 and June 2015.

“It is illegal to issue a discount on the condition the customer not acquire a competitor’s goods — if the effect may be to substantially lessen competition,” said Herbert Hovenkamp, a University of Iowa law professor and antitrust expert.

At issue is the notion of an exclusionary contract, which requires a customer to promise not to deal with a competitor. Exclusionary contracts are a common tactic for keeping a lock on a market, Hovenkamp said.

But using such a contract while also having a dominant market share may hinder competition, which he explained can be an antitrust violation. Last year, EpiPen made up 89 percent of the epinephrine auto-injector market, according to IMS Health, a market research firm.

Schools might have to buy more auto-injectors in that 12-month window for a variety of reasons: they might use the auto-injectors and need to replace them, or the devices might reach their expiration date.

Earlier this week, Senator Amy Klobuchar (D-Minn.) called on the US Federal Trade Commission to investigate possible antitrust violations in the pricing of the EpiPen.

In response to Klobuchar’s letter, an FTC spokesperson said that “the Commission takes seriously its obligation to take action where pharmaceutical companies have violated the antitrust laws, and it will continue to closely scrutinize drug market competition on consumers’ behalf.”

The fact that Mylan used to have such a stipulation may still be problematic, said Harry First, a professor at the New York University School of Law, who specializes in antitrust matters.

“It’s like the bank robber saying ‘Don’t worry, we don’t rob banks anymore,’” First said. “But if you make such a change, it casts doubt on why you needed to have such a requirement in the first place.”

The inflation-adjusted list price of EpiPens has increased by about 450 percent since 2004, according to Elsevier data. That rising price has become an issue for schools. John Torre, public information officer for Fairfax County Public Schools in Virginia, said that the district is worried that the price of EpiPens sold through Mylan’s discount program might change.

Fairfax County Public Schools, Virginia’s largest district with over 180,000 students, orders about 1,100 EpiPen 2-Paks each year at the discount price offered by Mylan, Torre said.

The district also receives about 400 EpiPen 2-Paks for free each year from the company. These agreements contain no restriction on a district purchasing auto-injectors from other companies.

Torre said that the district is “closely monitoring the Mylan situation” and “actively exploring alternative vendors to meet our needs for the annual supply of epinephrine.”

At least 11 states have laws mandating that schools stock epinephrine, according to the advocacy group Food Allergy Research and Education (which receives funding from Mylan). As of July 2016, all other states — except Hawaii — allow, but don’t require, schools to stock epinephrine that can be used for any student experiencing anaphylaxis.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: NYMX +36%, EDAP +29.1%, GES +21.8%, TLYS +16.4%, XCOM +14.8%, BLDP +11.1%, WDAY +10.1%, PTX+9.1%, PBMD +7.1%, BURL +5.1%, TIF +4.5%, TOPS +4.1%, CSIQ +3.6%, MYL +3.5%, CRH +3.5%, PDCO +3.2%, MOV+2.6%, GFI +2.5%, SEED +2.4%, SDRL +2.4%, MUX +2.2%, REX +2.1%, VRX +1.6%, CRM +1.5%, HEI +1.2%, AUY +1.1%,RIG +1%, GG +1%, SHLD +1%, NFLX +0.9%, GOLD +0.8%, AG +0.6%

Gapping down: XGTI -17.9%, SIG -13.4%, DG -7.4%, HPQ -7.3%, JKS -6%, JKS -6%, SBGL -4.9%, EURN -4.3%, REN -1.5%,CRC -1.3%, STM -1.3%, EXPR -1.3%, SHPG -1.2%, FLWS -1.1%, FCX -1%, DB -0.8%, SSL -0.8%, TECD -0.8%, OAS -0.7%, BCS-0.7%, NVS -0.6%

>>> BPER expected to table offers for for Banca Marche and Banca Etruria today

BPER expected to table offers for for Banca Marche and Banca Etruria today

BPER, the listed Italian banking group, is expected to table offers today 25 August for Banca Etruria and Banca Marche, Italian-language daily Milano Finanza reported.

The unsourced report said that the BPER board is expected to meet today to approve the bids.

The report said that BPER is expected to offer a total of EUR 300m for both banks.

The report noted that Banca Marche and Banca Etruria are two of the four “good banks” restructured in a government-backed bailout. The other two lenders are CariFe and CariChieti, the item said.

Milano Finanza daily edition

>>> Mediaset Premium shareholder Telefonica rules out increasing stake

Mediaset Premium shareholder Telefonica rules out increasing stake 

Telefonica [BME: TEF], the Spanish telco, is understood to have ruled out increasing its stake in Mediaset Premium, the pay-TV arm of Italian media group Mediaset [BIT: MS], Italian language daily Il Sole 24 Ore reported.

The report cited sources close to Telefonica that noted it had indicated its 11% stake was not strategic and it was more likely to sell the holding than boost it. There had been speculation Telefonica might act as a strategic investor as part of moves to solve a dispute between Vivendi [EPA: VIV] and Mediaset after Vivendi backed out of a deal to acquire Mediaset Premium, it added.

Mediaset Premium has a valuation of EUR 756m, as previously reported.

The original article appeared in print: page 22


Source Il Sole 24 Ore

>>> Ocado shares gain on rumours of interest from Amazon, Walmart - report

Ocado shares gain on rumours of interest from Amazon, Walmart 

Ocado’s [LON:OCDO] share price gained 3% yesterday, 24 August, on speculation that the UK-based grocery delivery service may have attracted takeover interest from Amazon [NASDAQ:AMZN] and Wal-mart Stores Inc. [NYSE:WMT], the Daily Express reported. The newspaper’s market report section did not cite a source for the rumour.

Ocado’s share price closed 8.9p up at 300.0p in London yesterday, giving the company a market capitalisation of GBP 1.78bn (EUR 2.08bn).

Background:

Rumours of Amazon’s interest in buying Ocado date back to 2011, with the Seattle, Washington-based online retailer said to have hired advisers to work on a bid approach in January this year, according to a Daily Mail report on 19 January.

WalMart’s UK supermarket subsidiary Asda was named as a potential bidder for Ocado in market reports in January 2011.

The report appeared on page 54 of the print edition of the Daily Express on Thursday, 25 August

Daily Express

>>> What to look at today -25th of August 2016

Dow -0.35% S&P -0.52% Nasdaq -0.81% Russell -0.92%
US MArket closed lower after weaker New home sales and a downturn in crude oil, Crude oil extended its loss after the Department of Energy confirmed API's disappointing inventory data. The EIA disclosed that crude oil stockpiles rose by 2.50 million barrels (consensus: -0.45 million) while gasoline inventories increased by 0.03 million barrels (consensus: -1.66 million). As a result, WTI crude ended its day lower by 2.9% ($46.76/bbl; -$1.39), extending its week-to-date loss to 4.7%. Biotechnology weighed on the health care space (-1.6%), evidenced by the 3.4% decline in the IBB. The S&P 500 (-0.5%) violated its 20-day simple moving average (2177.84) in the final hour, finding support near the 2170 price level. Nine sectors ended in the red with materials (-1.2%) and health care (-1.6%) acting as noticeable laggards. Conversely, the utilities (UNCH) sector finished the day flat. Volume were below average @ 737mil shares. US After Hours GES +14%, WDAY +11%, TLYS +9% higher following earnings / guidance, NFLX +1% on analyst upgrade... HPQ -5% following earnings / guidance. Asian equity markets are mixed to modestly lower, tracking a more pronounced decline in US indices as investors have turned uneasy over the prospects of Fed Chair Yellen communicating that a September hike is still on the table during Friday's Jackson Hole address. After using 14-day reverse repos for the first time in 6 months yesterday, PBoC followed up with a 2nd similar injection. Analysts have questioned the move being potentially in response to tighter liquidity, rising leverage in the bond market, and resulting reluctance by the PBoC to undertake more direct response such as RRR or an outright interest rate cut. Japan Services PPI hit a 10-month high of 0.4% y/y. Recall the July Services PMI noted a marginal increase in input prices, even as the figure returned to expansion.

Nikkei -0.25% Hang Seng +0.11% CSI -1.09% Shanghai -0.96%

Eur$ 1.1274 CNH 6.6699 CNY 6.6565 JPY 100.45 GBP 1.3229 CHF 0.9964 RUB 65.0769

S&P +0.02% EuroStoxx -0.07% Dax -0.11% SMI -0.13%

Macro :
- France Plans Plane-Ticket Tax in 2017 for CDG Rail Link: Echos
- Phibro CEO Sees Floor for WTI Crude at $25-$30 A Barrel
- Greek Banks Profitability May Suffer From Provisions, KBW Says

Keep an eye on :
- AD NA : Ahold Standalone 2Q Underlying Operating Income Beats Ests.
- AZN LN : AstraZeneca Case Over Generic Brilinta Dropped by HEC
- BMPS IM : Italian Treasury May Want Seat on Monte Paschi Board: Stampa
- BFIT NA : Basic-Fit 1H Adj. Ebitda Up 39%, Reiterates Medium-Term View
- CABK SM : Caixa Econ. Montepio Geral 1H Loss EU67.6m vs Loss EU28.9m Y/y
- CAI AV : CA Immo 1H 2016 FFO I/Shr EU0.46, Up 21% Y/y
- FIE GY : Fielmann 2Q Group Sales Rise About 5%, Profit Up 17%
- GILD US : Gilead, AbbVie Drop Two Patent Suits Over Hepatitis C Drugs
- GLEN LN : -2.3% in HK
- HSBA LN : HSBC Bought Back 2.2m Shares at Avg 541.82 Pence Each Aug. 24
- HUBN SW : Huber & Suhner, Bombardier Sign 5-Yr Cable Supply Agreement
- IBAB BB : Ion Beam 1H Adj. Ebitda EU18m vs EU14.6m Y/y; Maintains Forecast
- KIN BB : Kinepolis 1H Net Falls 8.2%, Takes EU9.4m Tax-Rulings Provision
- SDF GY : K+S Names CFO Lohr Chairman as Steiner Retires
- LEAS BB : Leasinvest 1H Adj. EPS Beats Ests.; Dividend Forecast Maintained
- LHA GY : Lufthansa Welcomes UFO Union Approval for Wage Contracts
- NOVN VX : Novartis Has Positive Phase 3 Results for BAF312 for SPMS
- ORA FP : Orange Denies Challenges Report on Telecom Italia, Canal Plus
- RAND NA : Monster Says in Letter to Holders MNG Letter Has ‘Inaccuracies’
- RTL LX : RTL 2Q Revenue Declines, Upgrades 2016 Ebita Outlook
- SFQ GY : SAF-Holland Withdraws All-Cash Offer for Haldex
- SHBA SS : Handelsbanken Sells All Its Industrivaerden Class A Shares
- SPSN SW : Swiss Prime Site 1H Ebit Falls; Sees Higher FY Rental Income Y/y
- SRCG SW : Sunrise 2Q Rev. Beats Ests.; Keeps Outlook Unchanged
- TAMN SW : Tamedia 1H Revenue Down, Starts Quality Monitoring
- TSCO LN : Tesco to Offer 3-Hour Online Order Collection: FT (Yday)
- TIF US : *TIFFANY DOWN 1.6% POST-MARKET; DUE TO REPORT PRE-MKT TOMORROW
- UQA AV : Uniqa 1H Net Income Falls 42%; Outlook for 2016 Confirmed