Savagery At Its Finest

[The beef 675] [I'm an image] “Wound, meet salt.” - Jeff Hey there carnivores, Markets were up on Thursday. And today we’re talking about Uber's poor timing. Keep raging, Jeff & Jason [Image] [I'm an image] What a ride Uber just can’t stay out of the news, can it? The ride-sharer posted Q1 results yesterday, and let’s just say it wasn’t pretty. For starters, the company posted a net [loss of $2.9B](, its largest loss in three quarters. On an EPS basis, the loss works out to $1.70 per share. And its [revenue of $3.54B]( makes its loss even more impressive. So, where’s the problem? Well, Uber said that its ride-booking business fell 5% YoY, and was down 80% in April. Hey, it could be worse Uber, you could be a cruise line. But CEO Dara Khosrowshahi said there’s reason to have faith... Uber’s Chief Dispatcher (read: CEO) tempered worries by letting investors know that while it’s core business got a flat in a bad neighborhood, its UberEats product had itself a five-star quarter. Eats' revs were up more than 50% YoY and brought the company $4.68B in sales. And if that wasn't enough... Khosrowshahi also said that ride-booking numbers have increased every week for the last three weeks. The news got investors all hot and bothered. How much? Enough that even after reporting the company’s worst quarter in the last year, shares jumped 10% after-hours. DK going full spin zone probably didn’t hurt either. The bottom line... While investors are happy, you know who isn’t? The 3.7k employees the company sent packing earlier this week. Beyond just finding out that they’d lost their jobs as part of a cost-cutting effort, they also found out yesterday that Uber is leading an investment round for Lime Scooters [worth $170M.]( “Seriously? You fired us for f*cking scooters?” - Uber’s former employees, probably. It’s worth noting that $2.1B of the $2.9B Uber lost this quarter were impairment charges from companies Uber has a stake in. Uber’s had a long road to get to where it is today, from a company that hemorrhages money and has a toxic culture led by its tech bro CEO, to a company with a less toxic culture that loses money a little bit slower. It’s got a long way to go, but there’s hope for investors if Dara and the UberEats numbers are to be trusted. [Image] Flash Sale Jeff Williams Drops His Next Weekend Wiretaps Trade In Just A Few Hours [Alternate text]( Receive One Month Of Weekend Wiretaps For Only $4 [Join Now]( [I'm an image] ☑️Bombing. Raytheon dropped some big news on its employees on Thursday. It plans to [cut $2B]( in costs. And how will it do it? Furloughs! Raytheon hasn’t said yet how many employees will be furloughed, but it did say they’ll all happen in the commercial aviation business. As airlines themselves have taken a coronavirus hit, so have the companies that build their planes. Ah yes, trickle-up industry collapse. Raytheon said shop visits from potential buyers on its commercial air business were down some 70% in April compared to last year. And if they ain’t visiting, they sure as hell ain’t buying. ☑️Slap on the wrist. Sinclair will have to pony up and pay the largest civil fine in the history of the FCC. Yes, even bigger than Eminem. Sinclair agreed to [pay $48M]( to the FCC, and also said it would cooperate with investigations into its failed purchase of Tribune Media. The deal was worth $3.9B, and Ajit Pai, the chairman of the FCC himself said he wasn’t a fan of it. He also said he believes that many of Sinclair’s divestments as part of the deal were a “sham.” The FCC really must be fun at parties, huh? The previous record fine was just $24M, so you know Sinclair f*cked up good. ☑️No more caviar. Neiman Marcus officially [filed for chapter 11 bankruptcy]( yesterday as the “retailer for the rich” has become the latest department store to “restructure.” As you can imagine, the purveyor of items like $900 deal sleds has suffered greatly thanks to COVID (because only people who shop at Macy’s call it coronavirus), but it was already facing headwinds thanks to Amazon, and the rise of online commerce. The bankruptcy filing seeks to eliminate $4B of the company’s $5.1B in debt. Where did that debt come from in the first place you ask? Two successive leveraged buyouts have left Neiman putting any profits to servicing the debts. Clearly that wasn’t enough to make a dent... RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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