The US economy kicked off the new year with a bang, overcoming a prolonged government shutdown, trade tensions and a global economic slowdown to deliver first-quarter growth that trounced analysts’ estimates. Gross domestic product rose at an annualized pace of 3.2% during the first three months of the year, an initial reading from the commerce department showed on Friday, handily topping Wall Street predictions for 2.3% growth. It is also a leg up from the 2.2% pace of expansion recorded during the fourth quarter. (CNBC)
Uber is reportedly aiming for an IPO valuation of as much as $90B, seeking to price its shares in the $44-$50 per share range and hoping to raise $8B-$10B. Uber is expected to make the price range public in a filing later this morning, which is likely to also include news of a roughly $500M investment in Uber by PayPal. PayPal already partners with Uber on processing its fares. (WSJ)
Amazon reported first-quarter profit yesterday of $3.6 billion, or $7.09 a share, on sales of $59.7 billion, doubling earnings per share from a year ago. The company has committed to bringing one-day shipping to its Prime customers, as the company predicted a sharp decrease in operating profit next quarter. Amazon Web Services, the company’s cloud-computing arm, grew profits nearly 40%. (Marketwatch)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.