Lyft has hired JPMorgan Chase as lead underwriter for its initial public offering, which is expected in the first half of 2019, sources say. Other banks participating in the deal reportedly include Credit Suisse and Jefferies.
Instacart, which competes with Amazon in the grocery-delivery business, has raised $600 million in a funding round that gives it a $7.6 billion valuation. The company says it will use the money to fund hiring, marketing and continued expansion across North America.
Devoted Health, a medical insurance startup, raised $300 million in its most recent funding round and has begun signing up customers for its Medicare Advantage plan in eight Florida counties. The company hopes to eventually offer health insurance to senior citizens throughout the country.
Lithium Werks, a Dutch startup that specializes in making storage batteries the size of shipping containers, has signed a $1.85 billion deal to build a battery factory in China. The financing will come from the startup's existing investors, internal company funds, development banks and Chinese or regional sources.
Unifonic, a cloud communications platform active in the Middle East and North Africa, has raised $21 million in a funding round. The company will use the capital to improve its platform and to scale up across the region and then overseas.
Cognata, an Israeli startup that developed an autonomous-vehicle simulation platform that it says cuts the cost and increases the safety of self-driving vehicle testing, raised $18.5 million in a funding round that included an investment from Airbus Ventures. With the capital, Cognata will add to its engineering team and expand in the US, Europe and Asia.
Smule, a startup that began as an app developer but pivoted to become a social media music company, has received a $20 million strategic investment from Times Bridge, the venture capital arm of the Indian media company The Times Group. Times Bridge has formed a partnership with Smule to help the startup handle marketing in India and make connections with local artists.
Leading tech names have faced headwinds, but technical analyst Chris Vermeulen expects them to shake off the downturn and to rally more than 15% from recent lows. Chart readings of the QQQ and TECL exchange-traded funds, which track tech stocks, show clearly defined price channels and support levels, which suggest capacity for a turnaround as long as the ETFs hold above support.
Fund managers' optimism about global growth is at the lowest level since November 2008, according to a survey by Bank of America Merrill Lynch. The global economy is in the late stage of a growth cycle, 85% of respondents say.
Netflix soared almost 12% in late-hours trading Tuesday after an earnings report revealed subscriber figures far above expectations. However, technical analysts Todd Gordon and Bruce Kamich, CMT, are among market watchers who see technical factors that could undermine a sustained ascent.