Uber and Russian search engine Yandex NV (YNDX - Get Report) announced on Thursday that they are forming a partnership between the two companies' ride-hailing services that will operate in Russia and Eastern Europe.
The combined company, should it receive regulatory approval, will be valued at about $3.4 billion.
Uber will invest $225 million into the company while Yandex will invest $100 million and retain majority stake with Yandex.Taxi CEO Tigran Khudaverdyan is taking over as chief executive of the new company, which is yet-to-be-named.
"Together, we will continue to build a ride-sharing service that offers a viable alternative to automobile ownership or public transportation," Khudaverdyan said in a statement.
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"At some point it has to fall to gravity," he said told TheStreet's Scott Gamm in an interview. "It's been trading on a different planet for years and now it has to trade on Earth." Amen.
Relax Apple stock bulls: For now, reports suggest a moderate delay in the Apple (AAPL - Get Report) iPhone 8 ramp, rather than something more severe points out TheStreet's Eric Jhonsa. So far, the market has shrugged off concerns on a possible delayed iPhone 8 release (as in it misses the holiday launch window). But it's worthwhile to keep something in mind: Apple shares have lagged the S&P 500 over the past month, so some doubt may be trickling into the bull camp.
This beverage executive just went off the rails: Hat tip to TheStreet's Lindsay Rittenhouse for an insightful interview with SodaStream's (SODA CEO Daniel Birnbaum, who pulled no punches in his views on PepsiCo (PEP - Get Report) and Coca-Cola (KO - Get Report) .
Said Birnbaum on why his company's stock has surged this year:
The company is addressing mega trends - health and wellness, convenience, consumer choice and good, important values. We have the right product at the right time. Our competition is prehistoric and that might explain the success we've seen around the world, particularly in Japan, New Zealand, Canada, Germany, Norway, all over the world. This is not a local phenomenon. This is a global mega trend. We're looking to embrace a sustainable world for our children to live in.
Birnbaum didn't shut the door on making acquisitions, either.
OK Target, we see you: It looks like shoppers are noticing some more deals scattered about Target TGT stores.
The discount retailer, which has sought to slash prices this year to better compete with rivals Walmart (WMT - Get Report) and Amazon (AMZN - Get Report) , said Thursday its second quarter results would come in above the high-end of its estimates for 95 cents a share to $1.15 a share. Target credited improved traffic and sales trends through the first two months of the second quarter.
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