right can with an eight billion dollars but ahead of the i.p.o. uber drivers in some u.s. cities have taken to the streets and protest complaining about what they say are working conditions and when doing levels of pay. date of washington correspondent helen humphrey met one driver who like many of his colleagues is struggling to make ends meet she reports some analysts all saying that his business model is not sustainable because it relies on cussing pay even mall for the drivers. off your gnome flight business shortage of weary travelers eager to jump in here at washington's one hundred reagan airport right hailing services have never been more in demand but drivers say they're not seeing the benefits of choice been an eva driver for three years in that time rival service lift he's come on the scene meaning greater competition a few a customer as it used to be relatively easy to just go online you know turn the up on and go online and know that you would make decent money and now it's having to be more strategic with it in terms of where and when i drive. these days troy

uber will set their i.p.o. price tomorrow. we are expecting shares to come in in the 40-$50 range. that will give it an evaluation of $90 billion. >>> drivers, united. >> ahead of that i.p.o., uber and lyft drivers issued strikes around the world. in san francisco, they shut down part of market street for more than one hour. what did the drivers want? they want better benefits, more transparency, and higher wages. uber says drivers make about $18 per hour on average. that is before expenses. there is more to come tomorrow, taxi drivers who have seen their industry tank will rally in front of uber headquarters as well. they want more rideshare regulations. >>> the fire marshal took the stand in day five of testimony in the gaucher warehouse trial. the rvs and trailers inside of the warehouse were a safety violation. he went on to say that prantank flames. the defense fired back saying that code violations were not the culprit. 36 people died in the fire. testimony continues tomorrow. we will have continuing coverage starting at 4:30. you can get the latest on our website, sanfrancis

. >>> happening today, uber is setting its i.p.o. price, a day before the ride share goes public. we are expecting shares to be in the $40 to $50 range. that would give it a valuation of about $90 billion. but the people driving the drivers, united. say "not so we'll never be defeated. >> ahead of the i.p.o., uber and lyft drivers staged strikes in the city and shut down parts of market street for more than an hour. drivers are demanding more benefits, better tranparency and wages. uber says drivers make about $18 an hour but that's before expenses. >>> and rallying in front of uber headquarters. they want more ride share regulations. >>> new details on a scenic mountain road in santa clara county. the winding road is popular for bikers. but it is dangerous. chp tells us that the victim is in her 20s. her identity has not yet been released. no other vehicles have been identified and the crash is now under investigation. >>> solana county this morning, chp is investigating a deadly chain-reaction crash in fairfield. officers call it a mass casualty incident. chp says it all started

and that could factor in heavily for uber's i.p.o. uber will price its i.p.o. r the closing bell today. anywhere between $44 and $50. uber, according to the wall street journal, might lead towards the lower or middle end of that range. and because of lyft's post i.p.o. slide. it is trending well below its i.p.o. price. dow dropping over 230 points. nasdaq down 88 points. s&p talling 26 points. michelle and kenny, back to you. >> you almost called me rebeck a. who is rebecca? >> rebecca corel, our wonderful midday anchor here at kcbs radio. i must have been thinking about rebecca there. >> you must have been. >> it's early. trust me. it's a compliment. >> i'm not offended. >>> coming up. what's coming up on, norah o'donnell joins us now from new york. >> good morning to you, michelle. ahead here on "cbs this morning." republican senators subpoena the president's oldest son. looking at the growing attention between president trump and congress. and whether a constitutional crisis is ahead. >>> and katie couric joins us with a new cancer care program, helping patie

far, we've seen skittishness when it comes to the uber i.p.o. >> reporter: uber's had af rat of bad p.r., labor issues, do you think any of those clouds are going to going the rain on tomorrow's parade? >> they already v. the comdipany want to price its i.p.o. valuing the company at $120 billion or at least $100 billion. the exefnghts who rrently ru the company are heavily incentivized to get that valuation to that level. they get massive bonuses if the company reaches. but the expectations ra affidavit eted down and uber had the worst quarter ever, lost more thana billion dollars overall. the questions continue to mou and the company is saying, look, trust us. the competition that we face currently in the united states and around the wor, it will abate and be able to make money. it's very difficult to see that path at the moment. >> farhad manjoo, you wrote a blisring piece in the "ne york times" recently where you admitted optimism about the idea of uber and it as a company but you've obviously changed your mind and referred to this i.p.o. as a moral stain on the culture of silicon va

. >> tell uber, enough is enough! >> reporter: in its i.p.o. the complaint, saying, "as we aim to reduce driver incentives to improve our financial performance, we expect driver dissatisfaction will generally increase." uber is right about that, but the future of the company may also depend on what happens when stock market investors take the wheel. john blackstone, cbs news, san francisco. >> glor: coming up here tonight, a man speaks out after his fiancÉe's death at the hands of a police officer. a police officer. you know what i'm thinking? why not use it? i mean, we're talking about six trillion dollars here. that's a whole lotta cash out there people are just sitting on many older americans are in a tough spot right now. they just don't have enough savings to get by. it's their biggest concern. they could be our family, our friends. and then there's that six trillion dollars. that's the amount retired homeowners have already paid into their homes. it comes down to an average of more than two hundred thousand dollars per senior household. so

despite the shaky start of the uber i.p.o. has still made the company's wealthy founders even wealthier but will over mean what will it going public mean for their most important resource their drivers they mark this week with a worldwide protests over unfair wages and working conditions our correspondent helen hunt 3 followed one driver on his route. offshore gnome flight there's no shortage of weary travelers eager to jump in the back here at washington's ronald reagan airport right hailing services have never been more in demand but drivers say they're not seeing the benefits of choice been an driver for 3 years in the time rivals of his lift he's come on the scene meaning great to competition a few a customer as it used to be relatively easy to just go online you know turn the app on go online and know that you would make these some money and now it's having to be more strategic with it in terms of where and when i drive strategy is key for troy he doesn't benefit from employee protections like health insurance a pension p

i think the uber i.p.o.nd its failures and the attention it has put on the whole notion of chronic money-losing businesses that you just cross your fingers are going to be giant amazon, facebook-like down the road is being put into question and tesla has been a company for its entire life that people have pretty much had in that category. some day it's going to dominate. not today but therefore i'll buy its funds and stocks because i believe in that long-term story. general execution seems to be a serious negative. taylor: max, you've had a lot of analysts wonder if they were going to miss the targets they sought for themselves, even though elon musk in his email said we're ahead this week, he said we're going to meet the targets. do they look like they're on track to meet those targets? max: it's really hard to say, especially because tesla has sloan the tendency to try to -- elon musk is watching the stock market. it's hard to know whether that email was leaked strategically or whether what we're seeing wa

i had a question on my mind, especially with uber's i.p.o. being pretty recent, that one thing that folks were happening around the strike that happened in san francisco and other cities recently was in advance of the i.p.o., there were new inconsistencies, and i also heard this from uber passengers like there's been a lot of tinkering with compensation structures. they're doing -- they're making a lot of changes to their interface that is affecting the drivers, as well. someone told me that they signed up just for a single person ride, but then, you know, their driver took that ride, but then, at one point, it got switched to a pool so that driver would not have necessarily been warned. there was some cash back incentives, like, if you pay this driver, you'll get uber cash back for food. there's all sort of incentives, innovations that are popping up that i think they're related to the i.p.o.? in general, i.p.o. aside but taking it into account, did you talk about different fees and comparabilities in the compensation structure that was dete

uber could be four times larger then the largest i.p.o.we have ever seen and seven cisco, and it would be larger than everything else on this list together by far. so that is why, and unfortunately from the perspective of this analysis in one of the reasons they will give you such a wide range of impact is they are the company that we have the least information to date about how many shares are being set aside to fulfil their stock option obligation and what the share price will be. we have made an estimate that on the high-end, uber, about 10% of the market capitalization of uber, a little bit more will be held by their employees. that is a rule of thumb when we've looked at other companies in the past that have provided detailed information, and they certainly well, they just haven't done it by the date of this hearing. they will do that before they have their i.p.o., with that explains why our range is as wide as it is. let me briefly talk you through the estimate process before i give you the numbers. for each company, of the three tha

i.p.o. and investors in uber not thrilled that the share price down 7% so far. >> have you ever been on a cruise cruise line has just announced it's introducing a first of its kind amenity to it's ship. >> you may not have been on a ship but companies are spending hundreds of millions trying to win the competition for market share, including private islands, 800 foot water slides and the carnival "mardi gras" will have a roller coaster. >> unbelievable. they've had some tough times has to cruise ships. willem, thank you, sir. >> coming up, a look at axios' "1 big thing." and michael schmidt will have more on pressing don mcgahn that he never obstructed justice. [farmers bell] (driver) relax, it's just a bug. that's not a bug, that's not a bug! (burke) hit and drone. seen it, covered it. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ you see clear skin. cosentyx can help people with moderate to severe plaque psoriasis find clear skin that can last. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an

this morning, there is a lot of talk about how uber's recent i.p.o. and all other tech i.p.o.s would affect the real estate market. according to compass, the chief commit were already seeing more home sales. recent data shows buyer demand is picking up again. contracts in april were up nine% year over year across the bay area. that's the highest increase since the summer of 2017. that suggests strong home buying in the month ahead. >>> there's that six-month walkup period. different classes of stock. so i think it's going to trickle in over the next year, year and a half, two years. there's not one magic day that all of this cash is going to appear on the market. >> the luxury market seems to be benefiting most home sales. prices have surged. >>> 5:06 now. a suspect in a grizzly san francisco homicide is due in court for a hearing. last year, police did a welfare check at a san francisco home after a coworker reported. 70-year-old benedict ching did not show up for work. they found his dismembered body stuffed in a freezer. police arrested ching's dau

no easy ride as uber gear is up for its ninety billion dollar i.p.o. in new york the company's drivers are striking for fairer conditions are around the world. also on the show detained while away executive a man one joe tries to avoid extradition to the u.s. in court while washington wraps up the rhetoric against the chinese taxi. flyer. and belt tightening during ramadan soaring prices in algeria mean many families are struggling to afford the traditional sunset feast after fasting. bookham to d.w. business i'm joined now on in berlin thank you very much for joining us over drivers in australia the united states england and south america have gone on strike they say they want to send a message to before it becomes a publicly traded company on friday they're striking for livable incomes job security and regulated fares to date it's the biggest internationally coordinated effort against the ride hailing startup. as defined the same just has been driving for since twenty fifteen but today she switched off her app and went on strike. because of the low r

yvonne: uber closed 17% below last week's i.p.o. price. the c.e.o.an email to staff during the session acknowledging another tough day in the market, warning of a difficult few months ahead he also noted that facebook and amazon face a rocky road when they first listed but their shares have recovered since. rishaad: and a report that pollution devices on two models failed to work under a wide range of driving conditions. three years ago they faced criticism of a defeat device similar to the one found. yvonne: in hong kong, we're playing catch-up on the hang seng. galaxy entertainment, the biggest movers here in the city down 4 1/2%. a lot of trade war concerns like w.h. group, down 3.3%, the tech sector continues, a.f.c. technologies down also 68 .6%.ad: the nikkei off set to be opposing these efforts to merge under a holding company. soft bank realing with that uber idea. and also with that drop and that holding, that's taking its toll. this is bloomberg. ♪ yvonne: it is 10:29 a.m. in hong kong, 10:29 p.m. in new york. >> we begin with the late oast

uber is set to announce its i.p.o. for tomorrow. we're expecting shares to be in the $40 to $50 range. that would give it a >> drivers, united, we'll never be defeated. >>> ahead of the i.p.o., they staged protests and strikes. in san francisco, they shut down part of market street for more than an hour. drivers are demanding more benefits, better tranparency, and higher wages. they make $18 an hour on average. but that's before expenses. happening today, taxi drivers will be protesting what they call uber's unlawful, unethical and distracted policies. they're encouraging people not to use their services and not to buy their stock. that's why a lot of taxi drivers will be out here in front of uber headquarters at 1:00 this afternoon. live in san francisco, jackie bord, kpix 5. >>> doctors are under investigation for allegedly letting kids off the hook with genetic vaccines. he subpoenaed anonymous medical records from dr. kenneth stoler. the doctor is a vocal opponent to vaccines and used 23 and me to fabricate things. this comes am

. >>> today, uber is set to announce its i.p.o. price.harings expected to be in the $40 to $50 range. that would give the company a valuation of about $90 billion. the ride share giant officially goes public tomorrow. >>> and a crowd of bicyclists are making their way through town for a bike to work day. the event is happening all over the bay area. >>> news updates throughout the day on your favorite platforms, including our website, kpix.com. platforms, including our website, kpix.com. >>> good morning. here at 7:27. if you are headed into san francisco this morning, expect delays. there is an accident at hospital curve that is causing quite the backup. take a look at this map. they've not been able to move this out of the way completely. you are down to 5 miles an hour. as you're passing 280. 11 miles an hour through bay shores. and 23 miles an hour, as you're getting through brisbane. that accident is really causing a backup. in fact, let's take a quick look at our live camera out there, where you can see that backup is not quite movi

meanwhile, uber drivers are protesting unfair wages and treatment, and other tech companies in our city are reportedly planning i.p.o. including therapy and the cath post meets, slack and cloud fire the new york times warns that san francisco will drown in millionaires and let offend acquired that post- i.p.o. employees alone could buy every home currently on the market in the city. we have seen the aftermath when the major startups go public before, hinting at thousands of millionaires and billionaires overnight. this tech i.p.o. earthquake beginning to shake our city is unprecedented in scope, and it is also not an accident or natural occurrence. over the past decade, the city enacted policies to grow the tech sector in our safety three tax cuts and exemptions. these policies have been extremely effective and, dominates our economy and the sector has added over 100,000 jobs, high-paying jobs in recent years. the boom field by tax breaks has also been a primary cause of so many of the major challenges we are now grappling with as a safety and as a board including wealth and equality, housing affordability, gentrifi

i.p.o. spacing we now see a number of struggles globally including this latest class action lawsuit in australia what can you tell us about it. thousands of drivers have actually gotten together in australia saying that uberis affecting their livelihood that the companies operating illegally in australia there's a class action lawsuit in the southern province of victoria that's going on right now and actually kicked in the last friday that's been confirmed and what we're looking at is six thousand drivers who are saying not only is their livelihood being affected but also the value of their either taxi or limo license has diminished if you have uber drivers around obviously that once coveted taxi or limo drivers license or when we have a very similar structure here in toronto i know many other cities do as well it costs a lot of money to get these licenses so people paying for these license and then you also you've got all these uber drivers around that didn't have to go through that process so that is a part of the lawsuit we have mentioned six thousand people involved here. though is saying that the spokes person came out and said first of all that they they didn't even know about this lawsuit but secon