LYFT

The renaming follows Facebook's rebranding of its digital wallet earlier this year to Novi from Calibra.

Wall Street analysts say clients should buy stocks that will recover when the coronavirus passes, like Ulta and Macron.

The Securities and Exchange Commission announced a new proposal on Tuesday, which could allow companies like Uber Technologies Inc (NYSE: UBER) a

(Bloomberg Opinion) -- If you’re in the business of selling picks and shovels for the gold rush, then there’s a logic to raising money when the scramble is at its most frenzied.Stripe Inc. co-founders Patrick and John Collison certainly get the idea. The Irish brothers are raising funds for their online payments company at a valuation of between $70 billion and $100 billion, Bloomberg News reported on Tuesday. In April, the San Francisco-based firm was valued at just $36 billion. But soaring private valuations do come with a risk.Stripe is a beneficiary of the virus-induced lockdowns. E-commerce was booming before Covid-19 struck, but global stay-at-home orders have taken things to a whole new level. Online sales grew an average of 15% annually between 2010 and the start of this year, according to the U.S. Census Bureau. Then in the three months through June, they jumped 45% from a year earlier, as shops were shuttered and spending shifted online. The pace of growth decelerated to 37% in the third quarter as some lockdown measures eased.The increase must have been good news for the Collisons, whose firm takes a cut of payments made to merchants that use its products. As a private company, Stripe doesn’t publish any of its financials, but publicly traded Dutch competitor Adyen NV provides a useful yardstick.The Amsterdam-based rival said that the weekly volume of online retail payments it processed almost doubled between January and mid-September. Even though its overall pace of sales growth almost halved — it’s been held back by significant exposure to the travel industry, where payment volumes fell by about two-thirds in the same period — Adyen’s stock has more than doubled since the start of the year. As of Wednesday, it’s valued at 48 billion euros ($57 billion).Stripe is tracking that same trajectory: A new valuation of $70 billion would represent a doubling since April. The companies are broadly similar, offering a global product that no others have yet managed to match. But their customer base has differed, according to ABN Amro Bank NV analyst Cor Kluis. Adyen has historically focused on large multinational clients such as Uber Technologies Inc., eBay Inc., Gap Inc. and Booking Holdings Inc., while Stripe has concentrated on smaller businesses, he said. That has allowed Adyen to charge less than Stripe, since it’s more affordable to scale your services for large clients than for a panoply of smaller ones. Increasingly, though, the payments processors are encountering each other in the middle, as Stripe extends its offering upward into medium-sized companies and Adyen moves downward into the same space.There will be unanswered questions about Stripe’s valuation, though, particularly if it lands at the upper end of the reported range. The accelerated adoption of e-commerce this year might make it harder to replicate the pace of growth in the years to come.The new funding round might give the Collisons the choice of pushing any prospective initial public offering further down the line, but a punchy private valuation might also make such a delay necessary. If e-commerce growth slows once life returns to a semblance of normality, then justifying a $100 billion valuation to the public markets could be tougher. Silicon Valley stars from Lyft Inc. to Slack Technologies Inc. have shown that life under the withering gaze of public investors can be difficult — both stocks continue to trade below their IPO price.There’s a lot to be said for making hay while the sun shines. But beware of sunburn.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

SAN FRANCISCO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Lyft, Inc. (Nasdaq:LYFT) announced today that John Zimmer, President and Co-Founder, will participate in a fireside chat at the Credit Suisse 24th Annual Technology Conference, a virtual event, on Wednesday, December 2, 2020. Mr. Zimmer is scheduled to appear at 1:10 p.m. Eastern Time. A live webcast of the event will be available on the investor relations section of the Lyft website at http://investor.Lyft.com.About Lyft, Inc.Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft is at the forefront of this massive societal change. Our transportation network brings together rideshare, bikes, scooters, car rentals and transit all in one app. We are singularly driven by our mission: to improve people’s lives with the world’s best transportation.Forward Looking StatementsIn the fireside chat Lyft may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft’s future financial or operating performance as well as Lyft’s other expectations, strategies, priorities, plans or intentions. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described in Lyft’s filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 12, 2020.Non-GAAP Financial MeasuresIn the fireside chat referenced above, Lyft may discuss certain non-GAAP financial measures, including Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin. Reconciliations of our historical non-GAAP measures are available on the investor relations portion of our website.Contacts: Investor Relations investor@lyft.comMedia press@lyft.com

The settlement comes less than two weeks after DoorDash filed its prospectus to go public.

Ride-hailing companies Uber Technologies Inc (NYSE: UBER) and LYFT Inc (NASDAQ: LYFT) have bagged a federal contract, worth up to $810 million, from the U.S. General Services Administration.