lyft a little over $2.5 billion. then there is the reach, 250 cities worldwide for uber, while lyft is just in the states. for more on what this investment means, i want to bring in leslie picker, eric newcomer is here, as well as our editor at large cory johnson. cory, i want to start with you because this is a different kind of investment for carl icahn. why is carl icahn first of all investing in a private tech company, and why lyft over her? -- over uber? cory: let's think of all the reasons, one, he is wanted to make money. carl icahn has been a moneymaker, but a company builder not by any stretch of the imagination. he likes to look at what he thinks can be better that he can make money. 30 years ago, 30 years ago, he had borrowed money to help michael milken and drexel burnham lambert to help one of the corporate raiders taking over twa, and they broke up little pieces, selling it off. the company did not want to go through this as there were protests and complaints about all quarters, but he broke up the comp

lyft is as well.ome taxi drivers facing increases in taxes where they are trying to get state regulations. but it is not happening. where do you see this going? is the tide going against uber? gabe klein: i have a few thoughts. taxis should spend more time on innovation versus litigation. they think there is a huge opportunity for them to compete and so far they have basically let it pass them by. however, in terms of uber controlling all the ground transportation, i don't think there is a winner takes all possibility or strategy. i don't think that is practical. and i don't think cities want that in particular. so, it might be tempting to think you could push one button and get absolutely anything, but i think you will have the instacarts out there and these new bus services like bridge and you will have lyft and uber. lyft, for instance, grew by 400% this year. it is forecasting $800 million in revenue next year. i think there is a huge opportunity to dig deeper in the u.s. on the consumer ride mark

emily: here's a question, eric how much will icahn's investment help lyft, and will it help lyft compete with uber? eric: $1.5 billion, compare that with $50 billion, of course any amount of money helps, lyft is focused and susan agree on the red states, unlike uber so it can spend money in a more targeted fashion. i think it will help. we have to see how carl icahn will help the company, you know. he is not a traditional silicon valley investor. alix:emily: leslie, you have been doing a deep dive, you that your hands on a presentation to investors. what is your take on how much this investment from carl icahn is really going to help in the grand scheme of things? leslie: to cory's points, this man looks at companies that are value investments, so when you look at lyft, valued at $2.5 billion, you have to wonder your to himself -- what makes that a value investment? in the financials that you mentioned, we sell that the company is on track to make about $800 million in revenue this year, on track to beat over $1 billion next year, at a two point $5 billion valuation. compare that bit of

lyft is doing well. i was in san francisco last week and the lyft line product is phenomenal. there is a density of drivers and riders that they are bigger then uber in san francisco. multiple people are getting in cars and sharing rides. i think that is the future. i think this idea that we have -- that we will own cars in the future is not the way things will be in urbanized areas and we are rapidly reurbanizing. there is a huge opportunity -- the car business is a multi-trillion dollar business. when you think about the car business starting to decline, i think there is a lot of opportunity for these up-and-coming services. emily: lyft has a lot to prove. gabe and katie, thank you both. now, don't try this at home. a canadian teenager part of the hacker group that calls itself the lizard squad has pleaded guilty to some they called -- to what is called "squatting." it involves making prank calls to police and tell them in things like holding a family hostage or there is a bomb or somebody was killed. the purpose is to get somebody to center a swat team to wherever you want.

the reason why they invested in lyft is we see a very focused company.nt team really believes in transportation and also a company that is really more about social entrepreneur ship and as rate values which we think is -- and has great values which we think is sustainable for long-term and a valuation makes sense. emily: is this uber spending money on self driving cars and perhaps trying to buy into the business? they do this to form relationships with banks for the ipo which is difficult. it seems like they are trying to do that. katie: it is not because they are unfocused or they want to dabble. it is the idea of moving people through packages. even if uber has a great brand, i can get somebody to boot my packages move my packages around is not something i cannot get somebody to do. uber is becoming the platform that everybody ends of using further deliveries which is pretty powerful. emily: gabe, regulation regulatory issues still poses problems for ube. in d.c., they are facing a class action lawsuit. lyft as well. there are increases in taxes where

why is he investing in lyft over uber? >> let's think of all the reasons. he is investing in it to make money. for much of his career, he has been a moneymaker, but not a company builder by any stretch of the imagination. he looks at what he can make better and where he can make money. 30 years ago, he has borrowed money to become one of the world's preeminent corporate raiders, taking over twa and breaking it up into little pieces selling it off. the company did not want to go through this. there were a lunch of complaints about this all quarter. he broke up the company to pay off the debt so that twa could be a very different kind of company going forward. that title has stuck with him even 30 years later. this was an unbelievably different investment. emily: so here is the question eric, how much will their investment help lyft? and will it help them compete with huber? >> -- huber -- uber? >> i think it is a fair raise. obviously, any amount of money helps. lyft is focused on the united states, unlike uber, so it can spend that money and a much more tar

lyft.cooky. i think the question is with what kayla was saying, a ford or you know ford is ford or one of the big, gms, have to get into this ride sharing area. people eventually won't be buying car as much. google, there's all kinds of buyer. creating a self-driving car, you need a reservation system, so what are the reservation systems right now? they're uber and lyft and there's a whole bunch in china that are really interesting. and india and europe. and but it's still, you know right now, it's uber is dealing with it global and that's a challenge for them. this is probably an enormous amount of money in china to try to win there. but tough market. >> fair point. >> kara, it would be a miss not to bring up the other big deal news, the verizon/aol deal. you fweeted out, any time that aol has been sold, you can call that the mark of the top of the bubble. do you mean that and which bubble are you referring to? >> aol got sold in the last big bubble when everything fell apart. you know, i'

uber is up to challenge lyft. mark: what does call i can't see icahn see does carl in lyft?hat's just ahead. ♪ and welcome back to the bloomberg market day, i am betty liu here with mark crumpton. let's go directly to julie hyman with a look at the markets this afternoon. julie, hi. julie: i do want to focus on where we are seeing movement. movements seen big today and trading at a record, it is above $600 a share for the first time ever according to people familiar with the matter. we've been talking about this a lot today, netflix is in talks with the chinese media company backed by jack ma as it tries to enter the very lucrative online video market in china estimated worth $9.9 billion. ofre also watching shares yum! brands today, and it is now more of a probability and start a a -- probability instead of possibility that yum! would spin off its china business. there was this reaffirmed 13feve in yum! and his filing didn't confirm that as well -- did confirm that as well. is under pressure into 2016 and that there is a potential for liquidity crunch for farmers, which wou

his investment in uber competitor lyft. of course much more. >>> weak mart, after its earnings fall short of the street again, what do the biggest retailer, what to do with the biggest retailer on the planet? investor tom stenberg weighs in. we begin with stocks going for four straight up days, something that hasn't happened since january. may now shaping up to be the second-best month of the year for stocks. meantime, housing starts posting the strongest number in some seven years, sending interest rates higher. pete, so much for sell in may. i mean there was a little bit of selling in may. are you surprised, when i say we're on track? >> these expressions are ridiculous, sell in may, go away. i find that ridiculous. some of the old analogies. but you look at the financials, look at great performance you're getting out of the goldman sachs 's, we know where rates have been going, we've seen the push towards the 2.3 level in the 10-year. and you look at some of the derivative names as well. those are the names that are doin

olivia: explain what differentiates between lyft and uber.y: they really focus a lot on pleasurableave a experience, not just a professional experience. they also say no search pricing. surge pricing. elast summer wa tord that uber was trying buy lyft. good that be in the cards? cory: we do not know. wednesday will mark david letterman's last night in late night. he has been on the air for 33 years now. a generation of comics and heevision hosts say that is fired their whole career. >> he gave us the anti-talk show, in so many ways. he was so not about show business, and outside of show business. his show felt like a revolution to be. i think it was. i think was a seismic occurrence. i think affected a lot of the in the 80's and 90's. pimm: you can catch the full interview tonight. olivia: common uses even more hairspray than i do. he has an impressive amount of height. hisever is teasing as hair is great. pimm: let's tease something else. david cameron's victory. ♪ olivia: the united kingdom and the world have had a week to digest prime mini

lyft is operating in 59 cities across the country.n is still at $2.5 billion which pales in comparison to its biggest rival uber. uber's latest reported funding round could bring the startup to a valuation of $50 billion or more, making it the richest startup in the world. it makes icahn and andreasen horowitz, investors in the same company. an andreasen says all it fair in love war and ride sharing. >> money knows no border. they all come together there. >> that's right. >> thank you, kate very much. >>> what does $100 million and the icahn name for lyft in the long run? joining us, andrew romans. thanks for joining us today. what do you make of this investment by carl icahn? >> i think it's interesting transaction. it sends a signal in the market that in the past venture capitalists would invest and hand the baton to the public mark wet an ipo. when you see carl icahn joining us $680 million financing round it sends a signal that companies are staying private longer. they're raising the capital they need to execute and there may eve

emily: the bottom line -- let's watch -- is the growth that lyft is seeing not sustainable, or is lyftmber two and we should not count them out? leslie: either on the growth, it is saying it will likely slow sometimes. they showed an 11 fold increase from two years ago. that cannot sustain itself, but its growth pattern does look like they are gaining market share. they show in the document they are gaining market share from uber. it is one of those companies that is worth watching. now, whether it is a kind of market where there can be two players remains to be seen. some people say yes, some people say no. emily: leslie picker. check out that article on bloomberg.com. thanks. the biggest health insurer in the country has some big news today. if you are covered by united health care, a video consultation with a doctor will now get the same coverage as a trip to the clinic. you have to pay a regular co-pay and you can get instant access to a doctor via any device with wi-fi. united health care is working with three partners the now clinic, american well, and doctors on demand. joining

even though we're told how do you know who's driving them it is proprietor information according to lyft they're allowed to pick up their rates are not controlled by the city they can pass the complete airport fee into their passengers so this is a completely unfair situation and george the rolls and cruise the airport and see the lyft drivers circling the airport and as far as in the city you don't have enough enforcement officers on streets i can't go down because of tmcs parking in the bicyclist lanes and nobody is the po are not give ticket when they make u turned this is a ridiculous situation going on. >> thank >> thank you. next speaker, please. >> (calling names.) >> the last person. >> hi regarding the a card fee waiver there are thousands of urban insured drivers operating illegal not paying fees to the sfmta and it is unreliable inform apply to some taxis drivers are required to pay the fees than everyone should fees paid are acceptance are sensible to pay the taxi lanes and taxi stand and entertainment venues and picking up of the street hails the inform no protection of thos

, putting money into lyft accounting for the round of funding. of the managing directors at lyft's firm will join the board. and silver lake's bet on alibaba pays off daytime time. they sold 25 million alibaba sales for $2 billion. alibaba debuted in new york last year with the largest ever ipo. netflix shares traded about 600 for the first time today. that is after more of the online video service could get their door in -- their foot in the door in china. the "wall street journal" reports china could beef up the netflix subscriber base for it is folks for us and says they plan to be nearly global by the end of next year. those are some of your top stories. the s&p 500 closing at yet another record today. i want to bring in john manley, chief equity strategist at wells fargo fund management. john, so good to see you. what do you make of this rally that seems dispassionate, that we have to keep making these record highs? john: you mentioned it before, when the fed pushes money for the economy, that money encroaches the capital markets. unless the

. >> ride sharing companies like uber and lyft are used to getting resifrt ant but a new rule in the big apple is dealing not the compa driving but the apps and that has silicon valley in an uproar. call it new york tech. kate rogers has more. [ chanting ] >> today in new york city, the taxi and limousine commission held a hearing on proposed regulation over app based transportation companies including uber lyft and get. the tlc are looking to regulate passenger app modification to protect consumers just as it does with yellow cabs and limos. >> that is not software and source code or any advanced programming that we a transportation regulator, are ill equipped to evaluate. we are primarily concerned with the passenger and driver facing screens to ensure that important safety and transparency rules are being followed. >> they say it is an overstep as they don't have new york specific apps and that means updates to the international apps which take place every few weeks would have to go through a new york city regulatory body. and the tech community, including facee signed a letter to

the new york city wants the power to approve uber and lyft app updates.e will hear from both sides of the debate. plus, pandora's plan to expand into news, weather, and sports. i sit down with their founder. pebble's ceo is here with the new smart watch and we will compare it to the apple watch. that's ahead. first, google telephone -- developers dissenting on san francisco today for the company's annual i/o conference. there was a series of new features including an updated android operating system and an always on search feature. also a partnership with hbo to offer their standalone app on android devices. also, a new system called android pay. for more on google's reentry into the payments space, i am joined by googles manager, wanted. -- juan. what is different about android pay, how do customers benefit? juan: it makes it easy to do in app purchases and terminal purchases. what we make for other system players that make it easy to interact with their devices. emily: people browse, don't buy and that is something that google is trying to change. how d

while lyft says it will transport passengers with wheelclaires that can fit in the trunk or back seat without obstructing the view of the driver. >>> well aaa predicting this memorial day weekend will be one of the busiest for drivers in a decade due to cheaper gas prices. the federal gas tax of 18 cents on every gallon you buy goes to fix highways and bridges, many in need of serious repairs. congress now working to keep the cash flowing but only for about two months. nbc's tracie potts reports that lawmakers note they need a new way to pay for the repairs. the question is now. >> see the holes in the end of the beam? >> virginia bridge engineer shows us what happens when 45,000 cars a day drive over a bridge for 30 years. water and salt water pass through that joint on a regular basis. and that causes the corrosion of the steel beams. >> the federal highway administration considers one out of every nine bridges in the u.s. structurally distinguisheficient meaning it needs repairs, maintenance or replacement. and like the i-35 bridge in minneapolis that collapsed if 2007. congress is

ican has put $100 million in lyft. one of the managing directors at his firm will be joining the board. consumer confidence has fallen this month by the most in more than two years. the university of michigan index for may was lower than the lowest estimate of economists surveyed by bloomberg. news that the economy stalled in the quarter shook many americans' outlook. the increase in gas prices also hurt. people are more worried about losing their jobs than any other time since 2009. speaking of data, factory output stalled last month and manufacturing was virtually unchanged in april. for the fifth straight month, total industrial production decline. as youturers, mark, know, have been hurt by this strong dollar. mark: mitt romney's strong he's had in the ring again but this time it is a boxing ring. he is taking on former heavyweight champion evander holyfield at a charity bout in utah. mr. romney: you may think this is a joke but i'm taking this very seriously. hello? evander holyfield: that day, i got to be the bes

live here in downtown san jose home to a lot of young tech savvy professionals who love their uber, lyft, tax rabbit and instacart. this is where the on demand economy thrives. but that new report is providing some sobering numbers. it is called the 2015 1099 economy workforce report. it's the first broad look at work conditions for contractors across a wide variety of on demand companies. it shows that while these companies are making record profits and have multi-billion- dollar valuation, not much of that is trickling down to contract workers who have little job security and no benefits. the study found that a flexible schedule is one of the greatest perks of the job but the contractors often have to work nights, weekends and holidays when demand is greatest. on average more than a fifth of the contractors are working more than 40 hours a week. average pay is about $18 an hour. about a quarter of workers over age 25 do not have health insurance. more than a quarter of them say that this is their only job. and perhaps the most concerning, 8% of ridesharing drivers and 16% -- [ yelling

amount financing in this latest round of lyft.onsumer confidence has fallen this month by the most in more than two years. the university of michigan index was lower than the lowest estimate of economists surveyed by bloomberg. news that the u.s. economy stalled in the first quarter shook many americans outlook. gas prices in march also hurt. people are more concerned about losing their job in 2009 -- since 2009. unchanged in was april, and for the fifth straight month total production decline. manufacturers have been hurt by the stronger dollar. your top stories at noon. much more in the next hour. as the -- has the bond selloff run its course? u.s., advance for the second day. pimm: we will look at the challenges of operating a business in myanmar. betty: and this weekend, the kentucky derby winner is a preakness. win the can he goes all the way and when the -- when the trouble crowd? crown?the triple is there and the economic andngth to most stocks high keep interest rates low? betty: we want to bring in mr. goldilocks pimm:. h

commissioner of the new york taxi commissioner and the special collections partner and investor in lyft. what was the feeling? guest: most people were in favor of the rules with the exception of a couple of silicon valley interested that came forward and expressed concerns. they will make an amendment with changes to not stifle innovation but also to for the first time a think in this country's history to my knowledge, regulate an actual app. i cannot think of any industry where it has been done before. there was some opposition from some people that were well outside of the transportation sector including silicon valley interests and groups testified against the law. emily: they said they push out minor updates every single week. our app is a global app some things might be in china and have nothing to do with new york city. what do you think about giving new york city power over an update and charging for it? guests: this is classic. there's a bit of a misinformation campaign or some confusion. having run the d.c. and chicago dot's, i've been in the middle of this before. obviously i

lyft had no comment.n san jose, kiet do, kpix 5. >>> the bay area's newest state senator will be orinda mayor steve glazer. [ applause and cheers ] >> supporters cheered him on in orinda last night. he will replace mark desudden unintended accelerationer in who was elected to congress -- desaulnier elected to congress. he will have to run again when the seat comes up for re- election next year. last week he spoke to phil matier. >> i think i'm trying to bring a more pragmatic problem solving approach rather than partisan. i think enduring solutions come because republicans and democrats work together and they -- and they -- they craft longer-term positive resolutions whether it's about our roads, water, and so that's what a sentist wants to do is solve problems not just engage in partisan bickering. >> he won a special runoff election last night in district 7 which includes alameda and contra costa counties. he defeated democrat assemblywoman see san bonilla of concord by about 9 percentage points. >>> it

it's interesting because lyft announced big financing from carl icahn this week.'s whole thesis is that this market is big enough for two winners. the reality is that uber has such a significant change in scale and cost of capital, they can make life very difficult for lyft and this credit facility is part of that strategy. >> what would buying nokia's maps business here mean to them? i see that nokia stepped back and said we're in no rush to sell. obviously the price tag is closer to $4 billion. >> yes, so i think you know mapping is a core part of uber's strategy. at two levels, one it's the actual kind of business they're in right now. but then more importantly, you probably hear stories about their driverless cars and what some of the innovation they're doing there. which puts them in a crosshairs with what google is doing in the driverless car space as well. google own as lot of the core mapping technology that uber uses today. it's important for uber to control that whole technology stack. and if they don't control the map and you've got a driverless car, yo

whether or not they had discovered if any of their drivers were uninsured, lyft had no comment.wntown san jose, kiet do, kpix 5. >>> take a look at the dow on this midweek. a wednesday. right now, the dow is up a little bit up 15 and a little bit of change. >>> that's a battle over the personal information of customers who shopped at radioshack over the years. the long-time retailer filed for bankruptcy in february. now the ftc is urging a bankruptcy court not to allow the sale of data on more than 100 million customers. the company wants to sell information like customer names, addresses, phone numbers and purchase history. that's despite a prior promise by radioshack not to sell such information. >>> well, women love their jewelry and apparently they love their apple watches, too. a data firm analyzed thousands of tweets and found women like the watch more than the guys do. women like the fitness apps and buying things like coffee with their wrists. >>> this memorial day weekend could be a record-breaker. the u.s. travel association says americans who are traveling by plane, t

ride hailing apps like uber and lyft are up-ending the cab business as we know it taking away customers and deflating the coveted medallions but some taxi drivers are fighting back against the start-ups and doing what they can to survive the ride-sharing revolution. kate rothers have more. >> taxi and limousine companies are hurting. it is a trend, garr hard deutsche has watched unfold. >> a company comes out and has an app and you push a few butt yonz and a car comes to your door. >> he has a fleet of 500 cars that service the tri-state area. in the past year he said 15% of his drivers and customers left for uber or lyft but the company has since recouped about half of the loss. they have a knack of their own. i-ride and he said drivers and customers can count on them for a reliable experience when has helped bring business back. >> there was a huge advertisement on the uber site and pretty much going out to various drivers, and having various initiatives out there to large forward-lo to large payments to join them. so that hurt us. >> the medallions are the seals that allow drivers to

billion, lyft is worth a lot more than $2 billion. admittedly it's a risky investment as you know certainly any new company is. in an area like this. >> that's exactly the point as carl is pointing out. uber does not own this space. this is a space that anybody can get into. entry is not going to be that difficult. uber has been the story and now lyft. he's right. if it's $50 billion. lyft at 2 billion. >> i want to get to santoli. >> it's a riskless trade for a fund going in. if you're a large fund getting large allocation. you're going to put it back to the bank on a syndicate bit. the bank is going to hold the bid. i would say that out of a few hundred ipos that i priced when i was on the sell side. maybe half a dozen to ten we broke syndicate bid so they put it back. because you've got the hot money chasers that come in and buy it. because the banks got to support it because they don't want to put a bad ipo out there. in their pitch book they want to show we've had no ipos that failed in pricing. >> mike, of the 37 companies that

. >> and lyft gets a boost from a new investor, but one some companies wouldn't be thrilled to have.ldog: what's this? mattress discounters memorial day sale ending? oh boy! a queen size serta mattress and box spring set for just $397. mattress discounters has the largest selection of memory foam mattresses under one roof! well i'll be... up to $300 off tempur-pedic breeze. and wow! get up to four years interest-free financing on the entire tempur-pedic cloud collection! the memorial day sale is ending soon! ♪ mattress discounters ♪ >>> allowing buses to travel the wrong way on the bay bridge. it's one idea transit agencies are looking into as a possible way to help ease the morning commute into the city. rob roth has more. >> reporter: transit agencies say it's an idea worth studying and it just might relieve some of the agony of the morning commute across the bay bridge. passengers can sum up their morning commute on the bay bridge in just three words. >> um, it's pretty awful. >> reporter: transit officials are studying an idea they hope will relieve some of that pain. the concept

lyft valued at $2.5 million. uber recently valued at $41 billion. >>> the nation's largest peach farm was locked in a standoff with the united farm workers which returned to demand a new union contract. an appeals court ruled in favor of the farms saying a state cannot force a contract on a farmer if both sides do not come to terms. >>> and finally tonight, facing the triple crown, run tom in baltime favorite to win is american pharoah. we introduced you to this thoroughbred before he won the kentucky derby and since then his value has gone up. robert frank talks some horse sense. >> two years before american pharoah took first place at the derby, before he would run even a single race he hit the auction block in saratoga springs, new york selling for 300,000 dollars. over the next year he won five races. purses totaling $1.4 million before setting the foot in the run for the roses derby, experts pegged his value at around $10 million. this big derby finish at churchill downs made him worth much more. some of the

. >>> the city of san jose considering a plan to allow companies like uber and lyft to pick up passengers at the san jose airport the ride sharing companies would have to pay certain fees and show that drivers are trained and insured taxi companies say the plan is unfair because ride sharing services would pay less in fees than cab drivers do. the city council is expected to take up the proposal next week in the meantime, california lawmakers have approved a new insurance product for ride sharing drivers currently companies such as uber, lyft, and sidecar cover their drivers on the way to get a passenger and when the passenger is in the car, but drivers are left without insurance while they are waiting for a passenger. the insurance commissioner announced yesterday that farmer's insurance is now offering a plan that covers that gap in time. legislation approved last time requires this type of insurance starting on july 1. >>> it is now 4:41, it happened again for the second time this week former 49er ray mcdonald was arrested coming up at 5:00 the visit to a south bay home that landed him

his investment in uber competitor lyft.. >>> weak mart, after its earnings fall short of the street again, what do the biggest retailer, what to do with the biggest retailer on the

anticipacion el lugar y la hora para que un conductor en sus cinco sentidos, de compaÑias como uber o lyftcoja... todo desde su pantalla y a tan solo un clic. take cg ---para ms informacin, puede visitar la pagina web www.ots.ca.gov o visitarlos en facebook, bajo el nombre california o-t-s facebook katherine katherine ---los conductores que sean sorprendidos con ms del limite de alcohol en la sangre pudieran ser encarcelados, perder su licencia de manejo y tener que desembolsar hasta 10 mil dlares, que es el gasto promedio que representa el proceso legal. juanfra --katherine, cundo se diseÑ esta aplicacin mvil y por qu en esa fecha? katherine ---juan francisco las autoridades lanzaron esta aplicacin a finales de 2014. esto coincidi con la epoca en donde ms estaban tras la pista de conductores ebrios... entre el 13 de diciembre y el primero de enero. una aplicacin que lleg para quedarse y ojala sea utilizada por la comunidad este dia festivo. juan fran - ots --hoy cinco de mayo, manifestantes se congregarn en apoyo a los cuatro estudiantes de "morgan hill" que generaron controversia a nivel

what else attracted icahn to lyft?pace that a lot of

mike: move over uber and lyft. >> we are not just find it one person, we might find multiple people. the cofounder say split cost is half the price of an equivalent ridesharing ride. >> we will not have surge pricing. mike: washingtonians are intrigued. >> what about the security? >> i have gotten in cabs with other people. i would do that. mike: they are looking to expand district-wide end into other cities. 20 drivers have been hired so far. >> i think this is the future and something great. mike: another new app based from san francisco, which allows car owners to rent their vehicle. think of it as airbnb for cars. owners unlock their car with the mobile app. >> i would be concerned about the insurance. >> i would not trust it. mike: get around says that it ensures drivers -- insures and the rentals up to $1 million. so far the district, get around has signed up for thousand members and 40 cars. mike conneen, abc 7 news.

icahn has put $1 million in -- $100 million in lyft. consumer confidence has fallen by the most in two years. news at the u.s. economy had stalled in the first quarter shook a lot of americans outlook. the increasing price of gas since march has hurt and people are more worried about losing their jobs than at any other time since 2009. alix: in columbia, the government has defied u.s. cocoa spraying has been going on for more than two decades. health officials have said the herbicide used to spray colombian cocoa probably causes cancer. chinese hackers have forced penn state to unplug the computers in their engineering school. the university disclosing today that hackers have been sifting through computers there for about two years now. the university developed sensitive technology, and the research is being developed for commercial applications. this breach suggests that [indiscernible] could be using universities as a backdoor to commercial and defense technology. the art world is never seen anything like this, this painting went for