Friday's Headlines: Temporary Reprieve for Uber and Lyft

Friday's Headlines: Temporary Reprieve for Uber and Lyft

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Eventbrite (EB) +7.9%

Tesla Motors (TSLA) +6.6%

Zoom Communications (ZM) +6.3%

Slack Technologies (WORK) +4.9%

Datadog (DDOG) +4.0%

Moving Down ⬇️

Baozun (BZUN) -4.5%

Nordstrom (JWN) -4.1%

Ulta Beauty (ULTA) -3.7%

Stitch Fix (SFIX) -3.6%

Nautilus (NLS) -3.6%

 

1. No one seems to have told the market that we're in the middle of a global pandemic with the Nasdaq (QQQ) closing at an all-time high yesterday evening. In what has been a monster few weeks for all of the major indexes, the Nasdaq, in particular, has performed very well thanks to the phenomenal comeback of the tech-giants, leading the index to clock its 19th record closing high since early June. Much of the gains yesterday were driven by Apple (AAPL), who closed over the $2 trillion mark for the first time ever last night. More on this here.

2. Uber (UBER) and Lyft (LYFT) can share a sigh of relief after narrowly avoiding a shutdown of their services in the state of California yesterday. A last-minute appeals court ruling means both companies can continue to operate in the state while the employment status of the drivers who work for them is considered. Both Uber and Lyft had previously threatened to suspend service in California due to a new law that would consider drivers as employees and not independent contractors, meaning that they would be entitled to things like minimum wage, overtime, and sick pay. Perish the thought. More on that here.

3. Alibaba (BABA) once again proved why it is one of the most formidable e-commerce giants in the world, reporting a 34% jump in sales for the last quarter last night to hit over $22 billion in revenue. With an estimated 742 million annual shoppers across all of its services, Alibaba is far and away the largest e-commerce group in China but is facing increasing competition from the likes of local upstart Pinduoduo (PDD) and JD.com (JD). The company also acknowledged heightening global tensions against Chinese owned companies, with CEO Daniel Zhang noting that they were “closely monitoring the latest shift in US government policies towards Chinese companies”. More on this here.

JamesJames

Sign up for free to continue reading.