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Online and mobile food ordering company Grubhub Inc. on Friday said it is launching into to the ride-sharing business with a new product extension called Gruber. When customers need and request a ride, one of Grubhub’s delivery drivers will show up and drop them off before delivering someone else’s food, the company said in a news release. Grubhub is entering a space already dominated by the likes of Uber, but that is seeing more and more new entries. Shares of Grubhub are up 3.8% in the year so far, outperforming the S&P 500 Index, which is up less than 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

BlackBerry Ltd said Friday it had a net loss of $238 million, or 45 cents per share during its fiscal fourth quarter, after a profit of $28 million last year, or 5 cents per share. The adjusted loss for the quarter was 3 cents a share, less than the FactSet consensus of 13 cents. Revenue came in $464 million, a nearly 30% drop compared with $660 in the year earlier period, well below the $787 milllion FactSet revenue consensus. The company said it expects to grow its software and services about 30% and anticipates positive cash flow in fiscal 2017. Shares of BlackBerry were inactive in premarket trade, but in the year so far the company has seen shares fall 12.8%, while the S&P 500 index has gained just under 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News