Uber cuts fares across the U.S.

Private on-demand car service Uber says it will cut fares in 16 markets across the country.

The price drops vary widely from 2% to 34%.

The upstart company is more of a thorn in the sides of taxi companies than the car rental giants Avis Budget (CAR -0.5%) and Hertz (HTZ -0.4%), but its recent round of $258M in financing from Google Ventures keeps it a concept to watch.

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