The estimated gain on Uber Technologies' divestiture of its food delivery business in India is $143M, net of tax, and the actual net gain on the transaction will be recorded in Uber's Q1 financial statements, Stifel analyst Scott Devitt tells investors in a research note. The analyst views the transaction as "strong evidence" of Uber's commitment to increasing financial discipline and a more prudent capital allocation strategy. This should lead to improving fundamentals and support higher multiples across Uber's businesses, Devitt contends. He keeps a Buy rating on the shares with a $40 price target. The stock in late morning trading is up 5%, or $1.83, to $36.94.

Serve Robotics (SERV), an autonomous sidewalk delivery company, announced the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (UBER). Serve plans to use net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes. Aegis Capital Corp. is acting as the sole book-running manager for the offering.