drift shares

Shares of Uber, Lyft drift lower after California judge says that contract drivers are employees – TechCrunch

Shares of Uber and Lyft dipped modestly after a California judge granted a preliminary injunction that TechCrunch reports could force the two American ride-hailing companies to reclassify drivers as employees in the state.

Uber’s stock is off about 1.3% following the cessation of normal trading hours after dipping around 2% in regular trading. Lyft’s stock is down a sharper 2.1%, though its shares rose during regular trading, making the impact of its after-hours declines smaller in aggregate.

As TechCrunch noted in its coverage of the ruling, the costs associated with classifying current drivers as employees and not independent contractors could prove material. While the decision might be meaningful, investors seemed unmoved. Reading the Wall Street tea leaves can be an exercise in futility, but in this case the months of chatter and legal wrangling over the central question of whether drivers should be employees may have desensitized investors to any particular news item.

Both companies provided statements after the news broke, each stating that they will appeal the ruling. That legal posture could also help assuage investor concerns about short-term economic impacts regarding the injunction, which is currently set to take effect in 10 days.

Here’s what Lyft had to say:

Drivers do not want to be employees, full stop. We’ll immediately appeal this ruling and continue to fight for their independence. Ultimately, we believe this issue will be decided by California voters and that they will side with drivers.

And here are Uber notes:

The court’s ruling is stayed for a minimum of 10 days, and we plan to file an immediate emergency appeal on behalf of California drivers. The vast majority of drivers want to work independently, and we’ve already made significant changes to our app to ensure that remains the case under California law. When over 3 million Californians are without a job, our elected leaders should be focused on creating work, not trying to shut down an entire industry during an economic depression.

Uber CEO Dara Khosrowshahi published an op-ed in The New York Times today ahead of the ruling, arguing for a middle ground between the gig economy of today’s lack of worker support, and full employment.

To understand why shares of Uber and Lyft are not taking more fire from public investors in light of the news, TechCrunch turned to Uber’s most recent earnings filings. Lyft does not report Q2 earnings until this Wednesday, meaning we have less recent material from the company. Uber’s documents, however, are useful.


Uber reported earnings last week, showing stiff losses and a surging food-delivery business. The company’s ride-hailing operation was severely hampered by COVID-19 and its related impacts.

As part of its earnings cycle, Uber filed a 10-Q document. It included notes regarding the California legal situation from before the recent decision. The filing is dated August 7, 2020, or last Friday, making it about as fresh a comment from the company that we can expect regarding its pre-news perspective on the matter.

Here’s the first pertinent portion of its SEC filing, with our emphasis to help you parse it:

The Company has existing litigation, including class actions, PAGA lawsuits, arbitration claims, and governmental administrative and audit proceedings, asserting claims by or on behalf of Drivers that Drivers are misclassified as independent contractors. In connection with the enactment of California State Assembly Bill 5 (“AB5”), the Company has received and expects to continue to receive – in California and in other jurisdictions – an increased number of misclassification claims. With respect to the Company’s outstanding legal and regulatory matters, based on its current knowledge, the Company believes that the ultimate amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. The outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. If one or more of these matters were resolved against the Company for amounts in excess of management’s expectations, the Company’s results of operations, financial condition or cash flows could be materially adversely affected.

A bit further down in the filing, Uber said the following, regarding its chances of success:

On August 6, 2020, following a hearing on the matter, the San Francisco Superior Court informed the parties that the Court would take the motions under submission and publish its order in the coming days.

The Company intends to vigorously defend itself with regard to these actions. The Company’s chances of success on the merits are still uncertain and any reasonably possible loss or range of loss cannot be estimated.

Welcome to the coming days.

Using their share price movement as a barometer, the immediate view from investors appears to be that the possible damage to Uber and Lyft from the decision could prove modest despite.

Uber and Lyft had made profit promises to their shareholders before COVID-19 arose, harming their business results. The California decision could add another layer of difficulty for each as they work to come out of the COVID era solvent, and once again on a path to adjusted profitability.

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retailer shares

CVS shares jump as retailer raises 2020 forecast after strong quarterly results – CNBC

Customers shop at the CVS Pharmacy, on Morrissey Boulevard, in Dorchester, on April 2, 2020. Some pharmacy workers worry about unsafe conditions at their stores.

Pat Greenhouse | Boston Globe | Getty Images

CVS Health on Wednesday reported a strong second quarter and raised its outlook for the year, saying it is better positioned to weather the pandemic because of its diverse business, which includes its large drugstore chain and health benefits.

The health-care company beat analysts’ expectations for earnings and revenue in the fiscal second quarter.

Shares of the company were down nearly 1% to $64.40 at market close. They had initally jumped by more than 6% early Wednesday in premarket trading, just after the company released earnings.

“The environment surrounding COVID-19 is accelerating our transformation, giving us new opportunities to demonstrate the power of our integrated offerings and the ability to deliver care to consumers in the community, in the home and in the palm of their hand which has never been more important,” CVS Chief Executive Larry Merlo said in a news release.

Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.64 adjusted, vs. $1.93 expected
  • Revenue: $65.3 billion vs. $64.23 billion expected

The drugstore chain reported fiscal second-quarter net income of $2.98 billion, or $2.26 per share, up from $1.94 billion, or $1.49 per share, a year earlier.

Excluding items, CVS earned $2.64 per share, higher than the $1.93 cents per share expected by analysts surveyed by Refinitiv.

Revenue rose 3% to $65.3 billion, from $63.43 billion a year prior. It also outpaced the $64.23 billion expected by analysts.

CVS raised its outlook for the year. It expects earnings of $5.59 to $5.72 per share. After adjustments, it said it expects to earn between $7.14 and $7.27 per share, up from a prior forecast of $7.04 to $7.17 per share. 

At the drugstore chain, front of the store revenue and prescription volume dropped during the quarter as many customers stayed at home during shelter-in-place orders.

Front store revenues dropped 4.6% in the three month period, compared with a year prior. Prescriptions filled dropped by 1.1% on a 30-day equivalent basis for the quarter, compared with a year ago, as fewer customers went to the doctor and thus got fewer new prescriptions.

However, the company — which is also in the health benefits business — also got a boost from people’s changing medical habits. Its operating income increased by more than 40% compared with the quarter a year prior, as people deferred elective procedures and discretionary use of their health-care benefits.

On CNBC’s “Closing Bell,” Merlo said those trends started to reverse in June as the economy reopened and people used medical care in more typical ways. Stores saw more shoppers and filled more prescriptions in June and July, too, he said. 

However, he said, he expects some tech-enabled habits to stick. Telemedicine use jumped by more than 700% in the second quarter. Customers used health care monitoring at home and got more comfortable with it.

“That’s something that we have invested in and you’ll see us bringing more capabilities and products to market as we move into the future,” he said. 

During the pandemic, CVS has set up and operated Covid-19 testing sites. The company said it’s opened more than 1,800 test sites at drive-thru locations to date, which it runs in coordination with federal, state and local officials.

In late March, CVS announced plans to hire 50,000 additional part-time, full-time and temporary employees to keep up with demand and help with services, such as home prescription delivery. It said Wednesday that it’s hired more than 40,000 people so far.

Read the complete earnings release here.

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Novavax shares

Novavax shares plunge after-hours despite positive Covid-19 vaccine data – CNBC Television

Novavax shares plunge after-hours despite positive Covid-19 vaccine data – YouTube

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shares steps

FAA shares new steps for Boeing to return 737 Max to the skies – The Verge

The Federal Aviation Administration (FAA) has released a “preliminary summary” of its 18-month review of the Boeing 737 Max program, and with it, has detailed the remaining steps the company will likely need to take in order to allow the plane back into the air. Among the changes the agency is asking for is new software for the plane’s flight control computer and displays, a revised manual and enhanced training for flight crew, and new maintenance procedures. A few key issues remain unfinished, though, like finalizing a new pilot training process.

The FAA laid out the changes both in the 96-page summary and in a Notice of Proposed Rulemaking published on Monday. The public will have 45 days to comment on the latter before the agency officially requires Boeing to make the changes. It won’t be until after that, at the earliest, that the FAA would re-certify the 737 Max, meaning the plane is still likely months away from being put back into service.

The 737 Max has been grounded worldwide since March 2019, after it was involved in two fatal crashes that killed 346 people. One of the particular issues that doomed both flights was a piece of software known as the Maneuvering Characteristics Augmentation System, or MCAS, that was designed to stop the plane from stalling in very specific takeoff situations. Using information from sensors on the outside of the plane, MCAS was able to pitch the nose of the plane down if it believed it was angled too high.

A major problem with MCAS was that, in a bid to skirt the lengthy and costly process of retraining pilots on this new piece of software, Boeing simply hid it from them and from the FAA. Another was that MCAS only pulled data from one external sensor, meaning it could be led astray if that sensor was damaged. All of this led to the pilots on both fatal flights scrambling to try and fix a problem they didn’t understand in their final moments.

The FAA says its review has involved “40 engineers, inspectors, pilots, and technical support staff,” and more than 60,000 hours of “review, certification testing, and evaluation of pertinent documents.” The FAA says it analyzed more than 4,000 hours of Boeing’s flight and simulator tests, and did 50 hours of its own testing. The agency and the company recently completed three days of real-world flight tests in the Seattle, Washington area.

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Kardashian shares

Rob Kardashian Shares Adorable Photo of Daughter Dream with Her Cousins Saint, Chicago and True – MSN Money

Dream Kardashian, 3, True Thompson, 2, Chicago West, 2, and Saint West, 4, posed together with their winning medals

On Saturday, the Keeping Up with the Kardashians star, 33, shared an adorable photo of his daughter Dream Kardashian, 3, posing with her cousins True Thompson, 2, Chicago West, 2, and Saint West, 4.

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In the too-cute family photo, each of the toddlers is seen sporting a medal around their neck, which Rob seemingly awarded them for a cousins’ competition. “YOU get a medal! YOU get a medal! YOU get a medal! YOU get a medal! 😭💙💙🥇🥇🥇🥇,” the proud dad captioned the sweet photo, referencing Oprah Winfrey’s tagline about giveaways.

Dream and Chicago kept hilarious straight faces for the picture, while True and Saint showed off their beaming smiles.

Rob’s daughter — whom he shares with ex Blac Chyna — appeared to have earned an extra medal, which she can be seen holding off to the side in a small plastic bag.

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The adorable family moment comes one week after the Kardashian-Jenner family gathered in honor of Khloé Kardashian’s 36th birthday, throwing her a party complete with inflatables, sweet treats and colorful decorations.

“Sweet 16 😁 woo,” he wrote on Instagram, sharing a sweet photo of himself with an arm around Kourtney, 41, as he wore a blue hat and a black hoodie. Momager Kris Jenner also posted the same photo on her own account, writing, “These two cuties 😍.”

The matriarch also documented the festivities by capturing a joyful snapshot of her children clowning around, with Kourtney and Kim not pictured.

From left: Rob Kardashian, Khloé Kardashian, Kendall Jenner, Kylie Jenner

“4 out of 6 #happybirthdaykhloe,” Jenner captioned the shot, which showed Rob laughing with Khloé in front of a pink-themed dessert table, as Kendall, 24, danced nearby and Kylie, 22, snacked on a treat.

On Twitter, Khloé thanked everyone for sending positive birthday wishes and explained that the celebration was limited to just family amid the ongoing coronavirus (COVID-19) pandemic.

“I had the most magnificent birthday!!! It was family only. We just aren’t comfortable being around too many people but the decor was OUT OF THIS WORLD!!!!!” wrote Khloé. “I wanted to thank you ALL for sending me so many beautiful and kind wishes. I love you very much.”

Rob also shined at another one of his older sisters’ birthdays this year. Back in April, when Kourtney turned 41, she revealed that her brother surprised her with a timeless present. The Poosh creator revealed at the time that Rob got her something that couldn’t be bought in a store: her late father Robert Kardashian Sr.’s record collection.

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Asian shares

Asian shares hit four-month high as U.S., China recoveries gather pace –


© Reuters. FILE PHOTO: Man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai
© Reuters. FILE PHOTO: Man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai


By Marc Jones

LONDON (Reuters) – World shares inched towards a four-month high on Friday and industrial bellwether metal was set for its longest weekly winning streak in nearly three years, as recovering global data kept nagging coronavirus nerves at bay.

The market rally fuelled by record U.S. jobs numbers had largely blown itself amid a spike in U.S. COVID cases, though the fastest expansion in China’s services sector in over a decade and more stimulus ensured optimism remained.

Chinese shares had charged to their highest level in five years [.SS], helping the pan-Asian indexes to 4-month peaks, so the sight of European markets stalling early on took some traders by surprise.

Currency and commodity markets also had a subdued feel after an otherwise strong week for confidence-sensitive stalwarts such oil, copper =LX>, sterling and the Australian dollar, which all struggled on Friday.

“I think infection rates and fears of localised lockdowns have doused some of the enthusiasm,” said Societe Generale (OTC:) strategist Kit Jukes.

“We have three elements now; vaccine hopes, decent data in most places but also the return of infection rates which can make you nervous.”

Against a basket of currencies, the dollar rose slightly in early London trading. It was up less than 0.1% at 97.306 and still firmly on track for its biggest weekly fall since the first week of June.

The euro was down at $1.1226 and though it gained against the safe Swiss franc it fell versus the sometimes commodity-driven Norwegian crown.

S&P 500 futures were down 0.2% but volumes were lower than usual due to a U.S. markets holiday on Friday for Independence Day.

U.S. nonfarm payrolls surged by 4.8 million jobs in June, above the average forecast of 3 million jobs in June, thanks to rises in the hard-hit hospitality sectors.

But economists noted there were caveats to the upbeat headline figures.

The number of permanent job losers continued to rise, increasing by 588,000 to 2.9 million in June while the unemployment rate remains a chunky 7.6 percentage points above its February level. A Deutsche Bank (DE:) analysis put the U.S. unemployment rate behind all its developed market peers barring Canada.

The recovery also faces more headwinds as a surge of new coronavirus infections prompts U.S. states to delay and in some cases reverse plans to let stores reopen and activities resume.

More than three dozen U.S. states saw increases in COVID-19 cases, with cases in Florida spiking above 10,000.

Nevertheless markets are largely overlooking the spikes, taking the view that overall the situation was still improving overall.

Ten-year German government bond yields are up 5 basis points this week and set for their biggest weekly rise in a month, though they nudged down on Friday to -0.44%. Riskier Italian yields fell to 1.26% as well though, which is their lowest since late March. [GVD/EUR]

Oil prices also eased after an otherwise solid week. fell 0.65% to $42.86 a barrel while dropped 0.66% to $40.38 a barrel. Both were around $25 this time two months ago.

Copper prices were poised for a seventh consecutive weekly gain, their longest winning streak in nearly three years, despite a slight easing on the day after top supplier Chile had assured traders about supply.

Three-month LME copper was hovering at $6,040 a tonne, more than $1,500 up from lows it ploughed to in March. [/MET/L]

“The one issue that hangs over all the markets is will we see a surge in secondary infections that will trigger a second wave of national rather than regional shutdowns?” Malcolm Freeman, director of Kingdom Futures, wrote in a note.

(GRAPHIC: China recovery –

(GRAPHIC: COVID-19 in U.S. –

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Middleton shares

Kate Middleton shares new family photos in celebration of Prince William’s birthday, Father’s Day – Fox News

Kate Middleton is celebrating Prince William‘s birthday.

On Sunday, William, now 38, celebrated his birthday on Sunday, and on Saturday, the Duchess, 38, marked the occasion with a family photo.

In a photo taken by Middleton and shared on the couple’s official Instagram account, William can be seen sitting on a swing with the three children he shares with Middleton: Prince George, 6, Princess Charlotte, 5, and Prince Louis, 1.


William and the kiddos are all smiles in the pic.

“The Duke and Duchess of Cambridge are very pleased to share a new picture of The Duke with Prince George, Princess Charlotte and Prince Louis ahead of The Duke’s birthday tomorrow,” read the post’s caption. “The picture was taken earlier this month by The Duchess.”

The family thanked their followers for William’s birthday wishes by sharing two more photos, this time, featuring William wrestling with his little ones in the grass.


“Thank you everyone for your very kind wishes on The Duke of Cambridge’s birthday today,” the caption read.

It is unclear if the Duchess took those photos as well, but the crew is wearing the same outfits from her original photos.


In celebration of Father’s Day, a second photo of the Duke was shared by Middleton on Sunday, this one featuring Prince Charles.

In the pic, William wraps his arm around his old man while Charles, 71, rests his head on his son’s shoulder. Again, both are beaming.

The post also contains a throwback photo of a young Middleton with her father, Michael.


“Happy Father’s Day!” read the post. “1. The Duke of Cambridge with The Prince of Wales at Sandringham in December 2019 2. Michael Middleton with his daughter Catherine First photo taken by The Duchess of Cambridge.”

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Drake shares

Drake Shares Adorable New Photo of Son Adonis on Father’s Day – MSN Money

Proud papa! Drake commemorated Father’s Day with a sweet Instagram post featuring a never-before-seen photo of his 2-year-old son, Adonis.

Drake Shares Adorable New Photo of Son Adonis on Fathers Day
Drake attends the ‘Top Boy’ premiere in London on September 4, 2019. INSTAR Images

The “In My Feelings” rapper, 33, shared the picture on Sunday, June 21, which showed his son sitting in bed in his pajamas. “Happy Fathers Day to all the real g’z handling business,” Drake captioned the post.

He later paid tribute to some famous celebrity dads including Jamie Foxx — who he called his “biggest inspiration” — and Drake’s friend and mentor, Lil Wayne. “You are my brother but you raised me so happy father’s day I love U G forever,” he wrote via his Instagram Story.

Drake and his ex-girlfriend Sophie Brussaux welcomed Adonis in October 2017. However, the “God’s Plan” rapper didn’t confirm that he had become a dad until eight months later, when he released the song “March 14.”

“Yesterday morning was crazy / I had to come to terms with the fact that it’s not a maybe / That s–t is in stone, sealed and signed / She not my lover like Billie Jean, but the kid is mine,” he rapped on the track. “[My mom] Sandi used to tell me all it takes is one time, and all it took was one time / S–t, we only met two times, two times.”

Drake continued, “Single father, I hate when I hear it / I used to challenge my parents on every album / Now I’m embarrassed to tell them I ended up as a coparent / Always promised the family unit / I wanted it to be different because I’ve been through it / But this is the harsh truth now.”

The Degrassi alum shared the first photos of his son via Instagram nearly two years later. Drake told Lil Wayne, 37, in May that the timing felt right to share the pictures on a public platform.

“It was great for me. It was great to just share that with the world,” he explained on an episode of Young Money Radio with Lil Wayne on Apple Music. “I just woke up one morning and I was like, you know what? This is just something that I want to do.”

Brussaux, 30, lives with Adonis in Paris. Drake revealed that he had chosen to quarantine away from his son amid the coronavirus pandemic after spending time with Kevin Durant, who tested positive for the illness.

“I love and miss my beautiful family and friends and I can’t wait for the joyful day when we are all able to reunite. Until then please keep your lights on,” he wrote via Instagram in March.

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