Tag Archives: LYFT Inc

Bed Bath & Beyond, Verizon, Lululemon and more

A pedestrian walks by a Bed Bath and Beyond store in San Francisco, California.

Justin Sullivan | Getty Images

Check out the companies making headlines before the bell.

Verizon — Verizon shares slipped 1.51% after the company posted mixed results for the 2022 fourth quarter. While earnings met analyst predictions, forward earnings fell short of a Refinitiv consensus estimate. .

related investing news

Bed Bath & Beyond — The meme stock gained 5.78%, building on its dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond shares are up 17.1%.

Lyft — The ride-sharing stock gained 3.4% following an upgrade from KeyBanc, which Lyft should feel positive impacts from cost-saving measures including layoffs and a stabilization in demand.

Johnson & Johnson — Shares of the drug maker ticked higher by less than 1% premarket after the company reported mixed quarterly financial results. Johnson & Johnson beat profit estimates by 10 cents per share, excluding items, according to Refinitiv. It also missed revenue estimates. Its full-year outlook for earnings was slightly higher than estimates while its revenue forecast was about in line with estimates.

Blackstone — Shares rose 1.3% after JPMorgan upgraded Blackstone to overweight from neutral, saying the investment management firm is a “best in class” business that’s set for a soft landing.

Lululemon — The athleisure retailer fell 2.07% after Bernstein downgraded the stock, warning that a reset is coming for the apparel stock and noting the company is facing an inflection point in its growth.

Lockheed Martin — Lockheed Martin shares gained 1.52% after the company posted latest quarterly results. The defense company’s revenue came in at $18.99 billion, topping a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also topped expectations.

AMD — The chip stock fell more than 2% in premarket after Bernstein downgraded the chipmaker to market perform from outperform. The Wall Street firm said the downgrade is due to the sliding computer and new parts demand in the inflationary environment.

— CNBC’s Alex Harring, Yun Li, Tanaya Macheel and Sarah Min contributed reporting

Read original article here

Tesla, AMC, Southwest and others

Check out the companies making headlines before the bell:

Tesla (TSLA) – Tesla gained 1.6% in the premarket in a volatile session, following a seven-day losing streak and declines in ten of the past eleven sessions. Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform.

AMC Entertainment (AMC) – AMC Entertainment rose 1.2% in premarket trading after CEO Adam Aron asked the movie theater chain’s board to freeze his salary. He also urged other top AMC executives to do the same.

Southwest Airlines (LUV) – Southwest Airlines fell 1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Southwest has canceled thousands of flights over the past week, following a severe winter storm, and is limiting bookings over the next few days.

Nvidia (NVDA), Micron Technology (MU) – These and other semiconductor stocks remain on watch as investors focus on an oversupply of chips. That is in sharp contrast to the global shortage during the pandemic, when demand was surging.

Apple (AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. Apple fell during the past three days and in eight of the past nine trading sessions.

Lyft (LYFT) – The ride-hailing company’s stock remains on watch after closing lower than $10 per share for the first time since going public in 2019. It rebounded by 1.1% in premarket trading.

Generac (GNRC) – The power equipment maker’s stock was rated buy in new coverage at Janney Montgomery Scott with a price target of $160, implying a 76% upside from current levels. Generac is the worst performer in the S&P 500 for 2022 with a 74.1% decline.

Read original article here

Take-Two Interactive, Lyft, TripAdvisor and more

Take a look at some of the biggest movers in the premarket:

Take-Two Interactive (TTWO) – Take-Two tanked 17.4% in the premarket after the videogame publisher cut its bookings outlook for the year. Take-Two has been impacted by weaker mobile and in-game sales, although CEO Strauss Zelnick said the situation should improve within the next three to six months.

Lyft (LYFT) – Lyft sank 17.3% in premarket action after its latest quarterly report showed slowing revenue growth and ridership levels that remain below pre-pandemic levels. The ride-hailing service did, however, report better-than-expected earnings for its latest quarter.

TripAdvisor (TRIP) – TripAdvisor shares plummeted 20.8% in premarket trading after the travel website operator’s quarterly earnings came in below Wall Street forecasts. TripAdvisor said currency fluctuations had a meaningful negative impact on revenue and that travel demand remains strong.

Lordstown Motors (RIDE) – Lordstown shares rallied 14.6% in the premarket following news that contract manufacturer Foxconn will invest up to $170 million in the electric vehicle maker and become its largest shareholder.

DuPont (DD) – DuPont rallied 3.7% in the premarket after the industrial materials maker beat top and bottom line estimates for the third quarter. DuPont’s upbeat results came despite higher costs for raw materials and energy.

Coty (COTY) – The cosmetics company reported earnings that matched Wall Street estimates, with revenue slightly above analysts’ forecasts. Demand for Coty’s products held up despite higher prices, although it did take a hit from a stronger U.S. dollar. Coty rallied 3.2% in premarket trading.

Planet Fitness (PLNT) – The fitness center operator’s stock surged 7.1% in the premarket after its quarterly revenue and profit beat Wall Street estimates and it raised its full-year forecast. Its membership reached record highs during the quarter, with members visiting more frequently.

Perrigo (PRGO) – The over-the-counter drug and health products maker fell short on both the top and bottom lines for its latest quarter, and it also lowered its full-year forecast. Labor shortages and a stronger U.S. dollar were among the factors weighing on Perrigo’s results. Its stock slid 3.2% in premarket trading.

Qiagen (QGEN) – Qiagen gained 3.4% in premarket trading after the biotech company raised its full-year outlook, pointing to particular strength in its non-Covid product portfolio.

Medtronic (MDT) – Medtronic fell 5.5% in premarket action following the release of study results involving a device aimed at tough-to-treat hypertension. The device did reduce blood pressure in patients, but only slightly more than medications to treat the ailment.

Read original article here

Stock futures flat as Wall Street awaits U.S. midterm elections

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 7, 2022. 

Brendan Mcdermid | Reuters

Stock futures were flat Monday evening following a winning day for markets as investors looked ahead to U.S. midterm elections on Tuesday.

Futures tied to the Dow Jones Industrial average rose 12 points or 0.04%, after erasing earlier gains. S&P 500 futures and Nasdaq 100 futures were both fractionally lower. Shares of Lyft fell 13% while Take-Two Interactive and Tripadvisor slumped more than 15% each after reporting disappointing quarterly results.

The moves come after a day when all major indexes notched a second straight positive session. The Dow Jones Industrial Average closed higher by 423.78 points, or 1.31%. Meanwhile, the S&P 500 gained 0.96%, and the Nasdaq Composite rose 0.85%.

Investors are awaiting Tuesday’s midterm election results. They will determine which party controls Congress and steer future policy and spending.

Any market reaction will likely hinge on whether Republicans take back the House of Representatives, the Senate or both.

“The idea that [Republicans are] going to take back the house is pretty much baked into the market,” said Lori Calvasina, RBC Capital Markets on CNBC’s “Fast Money” on Monday. “I’m not saying it won’t be a good thing, that we won’t have a few days of feeling good or that it won’t provide some stability, but I think for a big kicker in the S&P they need to take back the Senate as well.”

Wall Street will also closely watch Thursday’s consumer price index report for the latest data on how much the Federal Reserve’s interest rate hikes have tamed high inflation. This reading could also signal the central bank’s path forward – another hotter-than-anticipated report could embolden the Fed to raise rates aggressively in December.

Earnings season continues this week. On Tuesday, Lordstown Motors, Lucid Group, Walt Disney and AMC Entertainment all report their latest quarterly results.

Read original article here

Dow futures lower as investors await midterm elections and inflation report

Traders work on the floor of the New York Stock Exchange (NYSE), September 6, 2022.

Brendan McDermid | Reuters

U.S. stock futures slightly fell on Sunday as investors looked ahead to a week packed with the Congressional midterm elections, as well as the latest consumer inflation report.

Dow Jones Industrial Average futures fell by 31 points, or 0.1%. S&P 500 and Nasdaq 100 futures was 0.15% and 0.25% lower, respectively.

Apple shares may fall after the tech company said iPhone production has been temporarily reduced because of Covid-19 restrictions in China.

Those moves follow Friday’s rally, when the Dow Jones Industrial Average gained nearly 402 points, or 1.3%. The S&P 500 rose 1.36%, and the Nasdaq Composite was 1.28% higher. Still, the major averages closed the week with losses. The Dow ended a four-week win streak on rate hiking fears.

Tuesday’s midterm election will determine which party will control Congress, and impact the direction of future spending. Democrats currently control the House, and have a majority in the Senate. A Republican sweep could signal greater support of oil and gas companies.

On the economic front, investors are anticipating Thursday’s CPI report will give further insight into the Federal Reserve’s efforts to squash inflation. A hot inflation report could signal to investors that a pivot from higher interest rates, for longer, could be further away than expected.

“[In] order for the equity and bond markets to match the post-peak inflation performance noted in the table, inflation needs to keep coming down — and at a faster pace than we’ve yet seen. Until the Fed signals the ‘pivot’ is near, things could remain challenging,” Baird’s Ross Mayfield wrote in a recent note.

Elsewhere, several companies are expected to report Monday including Palantir Technologies, Activision Blizzard, Lyft and Take-Two Interactive. Corporate earnings season is winding down with a majority of companies in the S&P 500 having reported results.

Read original article here

PG&E, Lyft, Las Vegas Sands, more

Check out the companies making headlines before the bell:

Planet Fitness — Shares of the gym franchise jumped nearly 3% in premarket trading after Raymond James upgraded the stock to strong buy from market perform. The Wall Street firm said the company has a resilient and recession-resistant business with no interest rate risk and very little near-term debt
maturities. Meanwhile, its current valuation is well below its recent historical average, Raymond James noted.

PG&E — The utility stock climbed more than 5% premarket after S&P Dow Jones Indices on Friday said PG&E will replace Citrix Systems in the S&P 500, effective prior to the opening of trading on Monday, October 3. Vista Equity Partners is acquiring Citrix Systems in a transaction expected to be completed this week

Las Vegas Sands — Shares of the casino operator surged more than 7% after Macao announced its plan to allow tour groups from mainland China as soon as November. Shares of MGM Resorts rose more than 2%.

Lyft — Shares of the ride-hailing company fell nearly 4% premarket after UBS downgraded the stock to neutral from buy. The Wall Street firm cited its driver survey that indicates drivers prefer Uber and Lyft is not their main app.

Read original article here

Lyft earnings Q1 2022

A traveler arriving at Los Angeles International Airport looks for ground transportation during a statewide day of action to demand that ride-hailing companies Uber and Lyft follow California law and grant drivers “basic employee rights” in Los Angeles, California, U.S., August 20, 2020.

Mike Blake | Reuters

Shares of Lyft lost more than a quarter of their value in after-hours trading Tuesday after the company provided light second-quarter guidance and warned investors it will have to keep spending on driver incentives.

Here are the key numbers:

  • Earnings per share: 7 cents adj. vs loss of 7 cents expected in a Refinitiv survey of analysts
  • Revenue: $876 million vs $846 million expected by Refinitiv
  • Active riders: 17.8 million vs 17.9 million expected, per FactSet
  • Revenue per active rider: $49.18 vs $47.07 expected, according to StreetAccount

For the second quarter, Lyft said it expects revenue between $950 million and $1 billion. Wall Street was estimating $1.02 billion, per StreetAccount.

The stock fell 27% to $22.50 in extended trading. Should it open there on Wednesday, it will be the lowest stock price for Lyft since October 2020. Larger rival Uber, which reports quarterly earnings on Wednesday, also plunged on Lyft’s results, dropping more than 9% after markets closed.

Lyft reported a net loss for the quarter of $196.9 million versus a net loss of $427.3 million in the same period of 2021. The company said its loss included  $163.2 million of stock-based compensation and related payroll tax expenses.

The ride-hailing company reported 17.8 million active riders, narrowly missing estimates. It’s also a decline from the fourth quarter when Lyft said it had 18.73 million active riders.

Lyft heavily invested in driver incentives during the Covid pandemic and recovery, which has weighed on financials. The supply of drivers had seemed to stabilize but as gas prices shot up across the nation due to the war in Ukraine earlier this year, some investors feared drivers would leave their respective platforms and companies would have to increase their incentives.

Lyft said during its analyst call it will be investing more in driver subsidies in the coming quarter, though it believes that will help “pay off in a healthier marketplace.” It’s unclear how much the company will spend.

Subscribe to CNBC on YouTube.

Read original article here

Stock futures are lower after big market reversal to start May

U.S. stock futures moved lower Monday night after the major averages staged a big reversal to start the month.

Dow Jones Industrial Average futures fell 59 points, or 0.2%. S&P 500 and Nasdaq 100 futures dipped 0.2% and 0.3%, respectively.

Earlier in the day, the major averages posted a wild up-and-down session with the Nasdaq Composite rising 1.63% in a late-day comeback, despite falling as much as 1.07% earlier in the day. The S&P 500 rose 0.57% after hitting a new 2022 low earlier in the session.

Meanwhile, the Dow Jones Industrial Average gained 84 points, or 0.26%. At its session lows, the Dow was down more than 400 points.

Those moves come on the back of a brutal month in April for stocks. April was the worst month since March 2020 for the Dow and S&P 500. It was the worst month for the Nasdaq since 2008.

The benchmark 10-year Treasury yield also climbed to a new milestone on Monday. The bond yield hit 3.01% during the session, its highest point since December 2018.

“I think it’s really hard to try to pick bottoms in the market or pick tops in the market,” Tim Lesko, director and senior wealth advisor at Mariner Wealth Advisors, said Monday on CNBC’s “Closing Bell.” “I think what we’re seeing is that in the long run, we’ve got a very high allocation to stocks, people are starting to rebalance and there’s some competition for stock now in the marketplace.”

Wall Street is largely expecting interest rates to be raised 50 basis points at the Federal Reserve meeting this week. Some investors believe expectations of aggressive monetary tightening from the central bank are already priced into markets.

“With financial conditionings tightening as they are, we think the Fed is going to be slightly more dovish than the market is expecting,” Eric Johnston, head of equity derivatives and cross asset products at Cantor Fitzgerald, said Monday on CNBC’s “Closing Bell.”

The Federal Open Market Committee will issue a statement at 2 p.m. ET on Wednesday. Fed Chair Jerome Powell is expected to hold a press conference at 2:30 p.m.

A number of consumer-oriented companies are still reporting earnings this week. Shares of Avis Budget jumped more than 6% during extended trading after the car company surpassed earnings expectations on the top and bottom lines. Pent-up travel demand spurred investors to rent cars from Avis Budget despite higher prices.

Chegg’s stock price tumbled nearly 30% during extended trade after the textbook company issued weak guidance for the full year despite exceeding earnings expectations.

Restaurant Brands International, Pfizer and Paramount Global are set to report earnings before the bell on Tuesday. Airbnb, AMD, Lyft and Starbucks are expected to report earnings after the bell the same day.

Traders will also watch for the latest reading of the Job Openings and Labor Turnover (JOLTS) data that is expected at 10 a.m. ET on Tuesday. A report on auto sales for April is also expected on Tuesday.

Read original article here

Amazon Flex drivers hit by surging gas prices are demanding relief

Uber and Amazon Flex drivers protest the fuel price serge and demand more money outside an Amazon warehouse in Redondo Beach, California, March 16, 2022.

Mike Blake | Reuters

On Wednesday morning, about 50 delivery and rideshare drivers parked outside an Amazon warehouse near Los Angeles. Signs taped to their car windows showed a jogging skeleton sporting an Amazon delivery uniform and carrying a package. 

“Running on empty,” the signs read at the rally, which was organized by Mobile Workers Alliance, a group representing gig economy workers. “We can’t afford gas. Tech giants, pay up.”

The caravan of contractors gathered at the Amazon facility, known as FCA2, to urge the online retailer to follow the lead of Uber, Lyft, DoorDash and Walmart. In recent days, those companies have all added fuel surcharges or increased driver earnings to offset higher gasoline prices.

Amazon has remained mum on the topic as Russia’s invasion of Ukraine pushed gas prices in the U.S. to record levels. The national average for regular gas reached as high as $4.33 a gallon, according to AAA. It’s currently $4.29, up 78 cents from a month ago.

Flex drivers make up a portion of Amazon’s rapidly growing in-house logistics arm. The company also relies on a network of contracted delivery companies, planes, trucks and ships to speed orders to customers’ doorsteps.

Launched in 2015, Flex remains a side hustle for some workers and has become a primary source of income for others. Drivers use their own vehicles to deliver packages in over 50 cities. They earn between $18 and $25 an hour, depending on the type of shift, and are responsible for costs like gas, tolls and car maintenance.

Kerry Selfridge drives full time for Flex in Kansas while he works to get his travel agency off the ground. Selfridge has to fill his tank every day and said the price at the pump has made it even harder to make ends meet.

“My car used to fill up on $25, now it’s closer to $40,” Selfridge said. “I’m spending $280 a week, and lucky to make $500 to $700 during that same period.” 

Selfridge, who has three kids, said he’s had to reduce spending on things like meals and entertainment. 

Contractors working for the Amazon Inc. Flex program load packages into vehicles to deliver to customers in San Francisco.

David Paul Morris | Bloomberg | Getty Images

“I have to be able to keep them housed and fed,” Selfridge said. “We are a family that regularly eats expensive meals, but now we are getting used to less expensive things.” 

Flex drivers deliver Prime packages, as well as Whole Foods and Fresh grocery orders, retrieving them from Amazon warehouses scattered throughout their area. Unlike dedicated Amazon delivery drivers, who usually make multiple stops in a single neighborhood, Flex workers may drive many miles between stops. 

One way to maximize earnings is through tips. Flex drivers told CNBC that only deliveries for Whole Foods and Fresh include that option for customers, and those gigs have become harder to find as more drivers seek them out.

Jana, a Flex driver in San Francisco who didn’t want to user her full name, said tips make driving for Flex worth her time. She’s noticed fewer opportunities of late, which means less potential income just as her costs are soaring.

Jana bought a Toyota Prius in 2018 to get better mileage while making deliveries. With San Francisco gas prices topping $5.90 a gallon, “it feels like I don’t even drive a hybrid anymore,” she said.

Competing for surge pay

Base pay on Flex is roughly $18 an hour. Amazon will sometimes offer increased rates, or surge pricing, to entice drivers to pick up a shift. Blocks with surge rates are typically in high demand and can pay up to $35 an hour.

Just as drivers gravitate to orders that include tips, they’ve also flocked to shifts with higher pay, increasing competition among Flex workers.

“I’m not taking any base-pay blocks now,” said Scott Dueringer, a part-time Flex driver in Fort Lauderdale, Florida. “Only surged-pay blocks. But those are few and far between here.”

An Amazon spokesperson said in an emailed statement that the company is “closely monitoring the situation” and listening to drivers’ concerns.

“We’ve already made several adjustments through pricing surges in impacted areas to help ease some of the financial challenges,” the spokesperson said. “As the situation evolves, we’ll continue to make changes where we can to help support our partners.”

Amazon Flex driver Khaterine Cote (pictured far left) and her daughter attended a rally on Wednesday to urge Amazon to increase pay rates as gas prices continue to climb.

Mobile Workers Alliance

Meanwhile, some Flex drivers are picking up work from Uber, DoorDash or Instacart, because they may have shorter routes that require less gas. Last week, Uber added a surcharge of up to 55 cents per trip and 45 cents for Uber Eats deliveries to help drivers deal with higher fuel costs. Lyft followed with a similar announcement.

Laura Chelton in Seattle said she ditched Flex entirely and returned to working as a full-time nanny. Some former colleagues are also leaving because, when it comes to the economics of the job, “it just doesn’t work,” Chelton said.

Khaterine Cote, who attended Wednesday’s rally, relies on earnings from Flex and other delivery services to take care of her two young children and to support family members in Venezuela. 

Cote, a single mom, brings in $140 to $150 a day from Flex and said about half her pay is going to gas. On top of that, a 40-year high in inflation rates means she’s paying more for all of her other daily essentials.

“Right now I don’t have savings because everything is more expensive,” Cote said. “So that’s really difficult for every single driver at the moment.”

WATCH: As Prime One Day shipping expands, here’s what it’s like to be an Amazon Flex delivery driver

Read original article here

Chipotle, Lyft, Enphase Energy and more

Daniel Acker | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Chipotle — Shares of the Mexican fast-food chain rose more than 8% in after-hours trading after the company reported quarterly earnings that topped analyst expectations. Menu price hikes helped offset inflation without hurting customer demand. However, Chipotle said it expects same-store sales growth to slow next quarter due to the omicron variant.

Lyft — Shares of the ride-hailing company sank 6% in extended trading after the company reported fewer active riders than in the prior quarter. Still, Lyft beat on the top and bottom lines for its quarterly results.

Enphase Energy — Shares of the renewable energy company surged more than 14% after hours on the back of strong fourth-quarter results. Enphase earned 73 cents per share on revenue of $412.7 million. Wall Street expected earnings of 58 cents on revenue of $396.5 million, according to Refinitiv.

XPO Logistics — Shares of XPO Logistics rose 3% in extended trading after the company posted better-than-expected earnings and revenue for the fourth quarter. The company reported earning of $1.34 per share, topping estimates of 99 cents per share, according to Refinitiv. Revenue also beat estimates.

Read original article here