LYFT - Lyft, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
64.93
-1.07 (-1.62%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close66.00
Open66.25
Bid0.00 x 900
Ask0.00 x 900
Day's Range64.83 - 66.49
52 Week Range47.17 - 88.60
Volume1,492,358
Avg. Volume4,896,395
Market Cap18.869B
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-7.60
Earnings DateAug 7, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est72.14
Trade prices are not sourced from all markets
  • Uber is testing a $24.99 monthly subscription service
    Yahoo Finance Video13 hours ago

    Uber is testing a $24.99 monthly subscription service

    Uber is testing out a delivery service for just under $25 a month, according to TechCrunch. The service will offer discounted rides and free deliveries for Uber Eats orders above a certain price. Yahoo Finance's Zack Guzman and Heidi Chung are joined by Anna-Marie Wascher, Flat World Partners CEO, to discuss.

  • Financial Times4 hours ago

    WeWork aims for sooner-than-expected IPO in September

    WeWork is aiming to publicly list its shares as early as September while stock markets remain buoyant, as the lossmaking provider of shared office space races to sew up a multibillion-dollar debt facility in the next few weeks, according to three people with knowledge of the matter. for an initial public offering confidentially with US securities regulators late last year, could make those plans public as early as next month, the people added. The company is meeting with Wall Street banks this week as it works to clinch a new financing package before its hotly anticipated IPO.

  • Uber, Lyft Rides May Be Taxed Under San Francisco Measure
    Bloomberg7 hours ago

    Uber, Lyft Rides May Be Taxed Under San Francisco Measure

    (Bloomberg) -- Ride-hailing customers may be forced to pay a new tax in the city where the disruptive industry got its start.San Francisco’s board of supervisors voted Tuesday to put the question of taxing such rides on November’s election ballot. The measure, which was crafted with the cooperation of hometown companies Uber Technologies Inc. and Lyft Inc., could raise $35 million a year for transportation improvements if two-thirds of the electorate support it.The proposal, backed by Mayor London Breed and Supervisor Aaron Peskin, would impose a 3.25% surcharge on individual rides and 1.5% surcharge on shared rides that start in San Francisco, taking effect next year until November 2045. All rides in electric vehicles would have a surcharge of 1.5%.The effort is aimed at raising funds to ease traffic congestion that’s been partly blamed on the proliferation of Uber and Lyft drivers in San Francisco. A 2017 report ordered by city supervisors showed that ride-hailing companies accounted for about 15% of intra-city trips and as much as 25% of downtown trips during peak periods. On a typical weekday peak time, more than 5,700 of the vehicles cruise the streets.Breed, in an interview last month at Bloomberg’s Players Technology Summit, called the measure “a responsible tax.” Since ride-hailing vehicles play a role in traffic, “the companies need to pay their fair share in that regard,” she said.Uber and Lyft threw their support behind the ballot initiative after working with Peskin to moderate a more onerous version that he first proposed. The companies publicly supported legislation in the California legislature that paved the way for the initiative and are helping to fund the campaign on behalf of the ballot measure.Uber is “pleased to reach an agreement that will bring dedicated transportation funding to San Francisco,” the company said in a statement. “We look forward to working with city leaders to ensure a successful campaign in 2019.”Lyft said it looked forward to “further collaborating with city leadership to provide the best possible transportation to both residents and visitors alike.”Ted Egan, San Francisco’s chief economist, estimated the tax would be a “mildly negative” hit to the city’s economy, equivalent to about losing 190 jobs over two decades, although he couldn’t quantify the impact of increased spending on transportation or of ameliorating congestion. Ride-hailing drivers are unlikely to bear the burden of the levies, he said.“Rider fares should rise, irrespective of whether the tax is explicitly included in the customer receipt or not,” his report said.(Updates with statement from Lyft in eighth paragraph.)\--With assistance from Eric Newcomer.To contact the reporter on this story: Romy Varghese in San Francisco at rvarghese8@bloomberg.netTo contact the editors responsible for this story: Elizabeth Campbell at ecampbell14@bloomberg.net, Kara Wetzel, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 3 Hot Stocks to Buy for the Next Decade
    InvestorPlace14 hours ago

    3 Hot Stocks to Buy for the Next Decade

    Trading in the stock market is all about timing. But investing in it is more about finding concepts that will be captivating for years to come. We currently have several of those that are sure to stick around for at least 10 years. Today, we will examine three hot stocks Amazon (NASDAQ:AMZN), Uber (NYSE:UBER) and IBM (NYSE:IBM) for the role they will play in shaping our future and our investment portfolios along the way.First is retail, which as a sector is struggling but within that there are stars that are causing the rest to struggle. These are winning stocks that will continue to win for as long as people need to buy and need their services. In that category today we have two stops to consider: Amazon and Uber. These are two companies that will continue to shape the future of how humans conduct their daily lives.Also today we will dissect the role that machines will play in the way we evolve. Artificial intelligence is a term we throw around these days, but this is a technological term that has lingered for decades. It is only now coming into the mainstream, so it's safe to say that its best days are ahead.InvestorPlace - Stock Market News, Stock Advice & Trading TipsOnce it takes hold, the AI trend will not digress. Humanity will continue to test the limits of what machines can do. And if the experts are correct, machines will then join the process of building their own successors that are even better than them.Meanwhile, next to UBER and AMZN, IBM has been leading AI for decades already. So it is safe to assume that they will continue to lead in this category.Today, the market is near its all-time high and it's easy to be scared out of fears of a correction. But Amazon, Uber and IBM are safe long-term, Warren Buffet-style bets. This is hard to do in this age where instant gratification is a way of life, but it's the right thing to do. * 10 Stocks to Buy From This Superstar Fund So if I buy any of these stocks today, I don't expect to get rich by tomorrow or next week. These are stocks to own through thick and thin as we work through this battle between bulls and bears over the next few hundred S&P points. Amazon (AMZN)AMZN stock is a beast that has decimated all the those who dared short it in its early days. So this is the picture-perfect long-term winner stock to own through thick and thin.Since it never stopped growing, it can retain is brand of a hyper growth stock. If the stock market is higher ten years from now then Amazon stock will definitely be at the top of the charts. Year-to-date, AMZN is up almost 40%. And in five years it is up 545%, which is ten times more than the S&P 500.They have completely changed the ways the world shopped. Along the way, they also change a few other industries even in tech. They beat out giants like Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL). Amazon's AWS now dominates the proverbial cloud that runs almost everything online.Only in hindsight and in the future will we find out what else they will have in store for us. Under the leadership of CEO and visionary Jeff Bezos that is an awesome and bankable team. Amazon stock has no limits for as long as these are facts.There will be rough patches for the next few weeks as the FANG gang report earnings but we are not sniping for perfect entry points today. This is a fast moving stock and it will cause elevated levels of anxiety if monitored too closely. Uber (UBER)Source: Shutterstock If we listen to the critics of the IPO earlier this year, UBER is not an obvious choice for the long term, but that is short-sighted. Yes, the process of going public wasn't ideal, but this was a gigantic unicorn that had no template of how to do it.Since then, management has not disappointed. They are focused on their own business unaffected by the media coverage and criticism. In spite of the doubters, Uber is definitely a hot stock to buy for the next decade. In its short life, it managed to disrupt and completely change the way people moved. This is a global statement, meaning it's not only in one region. This is a formidable effort and a team that can accomplish that is definitely one I want to join.Moreover, there are tons of doubters who point out margins as a detriment to Uber's future. But just like AMZN in its early days, UBER has to spend money to grow, especially if it wants to continue to change the world. The proof of concept is that are Uber Eats and Uber Freight. These are the first two ways it differentiates itself from the competition like Lyft (NASDAQ:LYFT). * 7 5G Stocks to Connect Your Portfolio To UBER is not solely in the business of moving people anymore. This will become only but a small portion of their overall revenues. I see them dominating several verticals much like Amazon. It is difficult for many to see this now, but it will soon become clearer as other verticals, especially Freight, will grow and surpass the original concept. There is no limit to what they can do next and that alone is reason to hold UBER -- the hottest stock to buy for the next decade. IBM (IBM)Source: Shutterstock I've been a critic of IBM's management for operational reasons. It still hasn't adapted to the new world order in the new tech world. It keeps talking the talk, but the earnings scorecards continue to disappoint.But I still think IBM is a hot stock to own for the next decade despite my frustrations in their results. I still see an opportunity for it to shine bright for years to come. But unlike AMZN and UBER, my hope for IBM is one on what new ventures will come from them, not from what is already visible now. Meaning, this is more of a speculation than clear path. So in essence, I am giving this ancient tech giant the benefit of the doubt one more time.For as long as I can remember, IBM has impressed the world with its feats in the world of artificial intelligence. But the topic had been left to the science world not the practical one. But these days the term AI has become mainstream, so maybe it's time for IBM to finally shine on Main Street.How it will monetize this is unclear, but consensus is that business will absolutely need to use AI not as a novelty feature, but one that they need to survive. Since IBM is already the face of the sector, I have to assume that they will play to be a contender, if not the dominant player much like AMZN is in the cloud today.IBM stock, in spite of a nice earnings rally, is still more than 30% off its all-time highs. This plays in its favor, since it won't seem bloated and ready to fall to most investors. So it is free to meander higher in the short term. But just like AMZN and UBER stock, this bet is on the next ten years, not ten days. I am eager to see how this prior behemoth can recover old glory.It might need a new CEO to do it. I believe that Ginny Rometty has had enough chances to prove that she is the right person for the job without getting the job done. A fresh mind at the helm could be the change IBM stock needs to make the leap higher. My bet in it today is not contingent on this happening, but it would cause a spike to serve as a nice short-term booster.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room free here. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy From This Superstar Fund * 7 Stocks to Buy This Summer Earnings Season * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post 3 Hot Stocks to Buy for the Next Decade appeared first on InvestorPlace.

  • 7 5G Stocks to Connect Your Portfolio To
    InvestorPlace16 hours ago

    7 5G Stocks to Connect Your Portfolio To

    Over the past several months, I have discussed the importance of various 5G stocks to buy. Of course, such a notion is nothing new. This latest telecom innovation represents a paradigm shift within the industry. Major players and even government bodies have pushed for 5G integration. But to truly understand the phenomenon behind 5G stocks, we should look back in time to the 4G upgrade.It may seem like a lifetime ago. But nine years ago, the first 4G handset hit U.S. retail stores. Back then, we witnessed the same challenges that we must address today; namely, the lack of viable networks.However, the massive increase in data transmission speeds made efforts to overcome the challenges worthwhile. For instance, some early 4G networks download speeds of 100Mbps, substantially greater than an average 3G download speed of 2Mbps. That's the allure of 5G stocks.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMoreover, think about the amazing technologies that either sprouted or were improved via 4G's introduction. For example, we take for granted today that we can hail a ride through Uber (NYSE:UBER) or Lyft (NASDAQ:LYFT). But the viability of this platform was really only possible through the 4G network. The same can be said about mobile streaming on services such as Netflix (NASDAQ:NFLX). * 10 Stocks to Buy From This Superstar Fund In other words, 5G doesn't just offer an industry from which to pick stocks to buy. Instead, this technology enables other technologies to flourish. It's a force-multiplier, one that comes around only once every several years.With that, here are my seven picks for 5G stocks to buy: AT&T (T)Source: Shutterstock AT&T (NYSE:T) is a name that almost everyone is familiar with. However, it doesn't get much love as a candidate for stocks to buy. Even though T stock represents an iconic brand, the underlying company has unprecedented debt levels from expensive acquisitions.Even worse, those acquisitions apparently aren't gaining satisfactory traction. Of course, I'm referring to the $85 billion Time Warner acquisition. Initially, AT&T bought the company on hopes of original content strength and streaming revenue opportunities. However, fears of AT&T cannibalizing itself has put off some investors from T stock.But with all due respect, I think this perspective is shortsighted. I believe AT&T is one of the best 5G stocks to buy. With the coming network rollout, it's not just about technological prowess; instead, the rollout will require massive resources and wide-ranging telecom assets.Few names have the capacity to integrate 5G competently. Although it has some big issues, T stock is one of those players. Qualcomm (QCOM)Under almost any other circumstance, Qualcomm (NASDAQ:QCOM) would easily qualify as one of the best 5G stocks to buy. Thanks to its next-generation chips, Qualcomm has an early head start on this transformative telecom innovation. That right there is a good enough reason to seriously consider QCOM stock.However, legal troubles with Apple (NASDAQ:AAPL) have cast a dark cloud over QCOM stock. For years, Apple alleges, Qualcomm illegally benefited from a double-dipping licensing scheme. Typically, semiconductor firms sell licenses of their core technologies. But Qualcomm charges royalties on top of innovations that are only loosely associated with the initial license.Granted, this is a nasty issue, and one that has made QCOM stock quite choppy over the past few years. Nevertheless, I believe the turbulence will give way to steady longer-term gains. I say this because Qualcomm is too critical for broader American interests. * 7 Defense Stocks to Buy to Fortify Your Portfolio As I have argued in the past, tech firms have ceased to exist in a vacuum. Instead, we're in a tech cold war for future digital dominance. Therefore, I believe the future is bright for QCOM stock because, well, it has to be. Micron (MU)Source: Shutterstock Speaking of vacuums, the 5G industry itself doesn't ply its trade in isolation. Instead, you see natural synergies and partnerships to help make the most of the tech in the shortest time possible. That's why on your shopping list of 5G stocks to buy, you shouldn't overlook Micron Technology (NASDAQ:MU) and MU stock.Earlier this year, Micron and Qualcomm announced a partnership to develop 5G-enabled autonomous driving platforms. This is a great example about the far-reaching impact of 5G technologies. With exponentially faster transmission speeds, autonomous vehicles can more quickly transition from concept to reality. Additionally, 5G speeds should make such AVs safer as they can react to dynamic conditions or dangers.Another plus for MU stock is the geopolitical environment. Micron of all companies on my list of stocks to buy recognizes the economic threat that is China. After suffering sometimes brazen acts of corporate espionage, Micron realizes that American tech firms haven't played on equal ground with the Asian juggernaut.But thanks to the no-nonsense Trump administration, MU stock has some executive support. Moving forward, I like that measure of confidence. Nvidia (NVDA)Source: Shutterstock If you're a hardcore gamer, you typically associate Nvidia (NASDAQ:NVDA) with its gaming-centric graphics processors. However, the semiconductor firm has evolved into a comprehensive tech umbrella, providing solutions with data science, artificial intelligence, and deep learning. But what does this have to do with 5G stocks to buy?Simply, we're moving to a point now where no tech innovation occurs in isolation. Prior to 4G, most computerized solutions focused on data analytics and big data. But with 4G's data-transmission speed upgrade, engineers were able to realize multiple AI applications, such as AVs and other automated platforms. Since Nvidia leads in these innovations, NVDA stock provides attractive exposure. * 10 Tech Stocks That Are Still Worth Your Time (And Money) But with 5G, several industries are looking to take the next step in automation. In many cases, this means that companies are looking to replace human operators with AI-driven systems. Of course, such a notion is further out on the horizon. Still, I'd keep NVDA stock on my must-watch list, especially since shares are currently deflated relative to their all-time highs. Xilinx (XLNX)It's a theme that consistently runs throughout 5G stocks: no one player owns the entire 5G supply chain. Thus, part of the problem regarding the next-gen telecom rollout is the broader lack of equipment upgrades. Simply put, 5G requires multiple components, from the network down to the chips used to facilitate data transmissions.While it might not be a household name, 5G investors should check out Xilinx (NASDAQ:XLNX) and XLNX stock. For one thing, the company recently introduced a groundbreaking chipset that covers the entire sub-6 GHz spectrum. This is essentially the radio frequency that makes 5G possible.Second, several 5G players already use Xilinx chips. That number will surely rise as the rollout deepens. Furthermore, Xilinx will likely pick up additional clients, making XLNX stock an attractive proposition.Finally, Xilinx offers critical solutions in growing and lucrative markets such as AI and data centers. Thus, no matter what happens with 5G, XLNX stock will likely benefit from robust demand. Ericsson (ERIC)Without any historical context, 5G investors would probably peg Ericsson (NASDAQ:ERIC) as one of their top stocks to buy. After all, Ericsson provides the communications equipment that makes the 5G rollout practically accessible. Therefore, ERIC stock is an easy buy.Of course, Ericsson's long-term price chart tells a different tale. During the tech bubble of the late 1990s to early 2000s, ERIC stock was a legitimate three-digit security. As we all know, the bursting of that bubble deflated virtually all tech players.Later, ERIC stock peaked around the $20 level before collapsing during the last major housing crisis and the Great Recession. With shares currently trading hands at under $10, I can understand the hesitation regarding holding the bag. * 7 Retail Stocks to Buy for the Second Half of 2019 However, Ericsson does have a major geopolitical tailwind in the form of the U.S.-China trade war. With Huawei at least temporarily out of the picture, Ericsson has an opportunity to take advantage. This is one of the riskier propositions among 5G stocks to buy. But if you can stomach it, ERIC stock offers an intriguing opportunity. Semtech (SMTC)Analog and mixed-signal semiconductor supplier Semtech (NASDAQ:SMTC) offers natural exposure to 5G, along with other lucrative segments like the Internet of Things, data centers, and mobility. That said, SMTC stock has seen better days. Shares enjoyed a solid start to the year before negative earnings revisions for the year attracted volatility.However, I believe the nearer-term volatility in SMTC stock is just a blip on the radar. For one thing, Semtech features very stable financials. It has a relatively small debt load relative to its cash holdings. Moreover, Semtech has delivered consistently positive earnings, leading to an equally consistent free cash flow. Thus, the company can respond to fresh opportunities without worrying about the financial impact.Second, the 5G network is bound to grow in both scope and complexity. Not only are individual companies racing for an edge, so too are countries. Such dynamics provide a pathway to profitability for SMTC stock, making the nearer-term noise just that: noise.As of this writing, Josh Enomoto is long T stock. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post 7 5G Stocks to Connect Your Portfolio To appeared first on InvestorPlace.

  • HSBC Initiates Coverage on Uber Stock: A Long Way to Profits?
    Market Realist18 hours ago

    HSBC Initiates Coverage on Uber Stock: A Long Way to Profits?

    Yesterday, HSBC initiated coverage on Uber with a price target of $49, a 12.2% upside over yesterday’s close of $43.69.

  • Democratic candidates criticize the labor model of Uber and Lyft–and keep using them
    Quartz2 days ago

    Democratic candidates criticize the labor model of Uber and Lyft–and keep using them

    Elizabeth Warren's campaign has hailed over 650 rides already.

  • New California labor laws could throw a wrench in consultants' businesses
    American City Business Journals2 days ago

    New California labor laws could throw a wrench in consultants' businesses

    It's not just "gig economy" workers like Uber and Lyft drivers who are affected by Assembly Bill 5. Professional consultants say the new labor laws could drastically alter the way they do business, too.

  • Car sharing company Turo is tech's latest unicorn, with a $250M IAC investment
    Yahoo Finance3 days ago

    Car sharing company Turo is tech's latest unicorn, with a $250M IAC investment

    Turo CEO Andre Haddad discusses IAC's $250 million investment, and why car-sharing is the next big thing.

  • Lyft's dockless e-bikes have made their way to SF, but it wasn't easy
    TechCrunch3 days ago

    Lyft's dockless e-bikes have made their way to SF, but it wasn't easy

    When tech companies sue cities, it's rare to see a resolution -- albeit atemporary one -- in favor of the tech company happen so quickly, if at all

  • Piper Jaffray dives into the online travel space
    Yahoo Finance Video4 days ago

    Piper Jaffray dives into the online travel space

    Airbnb may not be public, but it's already catching the attention of Wall Street.

  • Lyft expands its PIN feature for airport pickups to LaGuardia
    TechCrunch5 days ago

    Lyft expands its PIN feature for airport pickups to LaGuardia

    The programis launching this weekend at New York's LaGuardia Airport, the company says,and the plan to roll out a similar experience at other airports in the futurestill remains

  • Lyft adds NYC subway directions to its app
    Engadget5 days ago

    Lyft adds NYC subway directions to its app

    Lyft's support for public transportation will soon include one of the biggestmass transit systems on the planet

  • Lyft Is Adding New York Subway Info to App, Even as It Fights With the City
    Bloomberg5 days ago

    Lyft Is Adding New York Subway Info to App, Even as It Fights With the City

    (Bloomberg) -- Lyft Inc. wants its riders in America’s largest city to know that they might not need to take a Lyft. They can just ride the subway.Over the next few months, Lyft said users of its app will be able to access real-time public transportation information in New York City. The move marks another twist in the ride-hailing industry’s fraught relationship with New York, which is both home to the world’s most heavily used public transportation network and the site of a history of legal tussles between the companies and city officials.The app update shows users the locations of nearby subway and bus stations, as well as docks for Citi Bike, the New York bike-share program operated by Lyft. The features are part of a bid to keep users engaged on the platform, rather than navigating away to a different app for subway or bike information. It’s a calculated bet that more info won’t tempt too many people to take the train instead of calling a Lyft.Lyft has begun rolling out the update and will continue to do so gradually. All New York users will receive the new features by the end of September, the company said. “Lyft’s mission is to provide the world’s best transportation, and that definitely includes public transit,” said Lilly Shoup, the senior director of transportation policy. In cities like New York, public transit can be faster and more convenient than driving, she said.While Lyft will provide riders with up-to-date subway arrival times, the company doesn’t have a formal partnership with the city of New York. Riders will still need to swipe their MetroCard to access the subway.The new offerings may serve to endear Lyft to New York’s lawmakers, who have recently passed new rules targeting the ride-hailing industry. City officials have been vocal critics of the company and its competitors, saying they have driven down driver wages and worsened traffic. Lyft sued New York this year in a bid to prevent the implantation of a new driver minimum wage law, but a judge dismissed the suit in May.The addition of subways and buses is a step for Lyft toward its ultimate goal of being an all-encompassing transportation service. Both the company and its larger rival, Uber Technologies Inc., have told investors they want users to remain on their apps no matter the mode of transit. As they geared up for their initial public offerings this year, both companies touted their respective integrations with other subway systems and public transit services.Uber said recently that it had sold more than 1,200 bus and train tickets in Denver as part of a partnership with public transit there. Lyft already has public transportation data in Boston, Chicago, Denver, Los Angeles, Seattle and Washington, the company said.The two companies have also moved aggressively into bike-sharing. Lyft’s acquisition last year of Motivate, the operator Citi Bike, gave it a massive fleet of bicycles in New York, with plans to expand to 40,000 in 2023. Meanwhile, Uber has a fleet of 400 electric Jump bikes in the Bronx and Staten Island.Lyft said integrating more services into its app is a natural step, particularly because many journeys involve more than one mode of transit. “One of our busiest Citi Bike stations is the one outside Grand Central,” Shoup said. “We can really expand the effectiveness and the reach of transit.”Uber is still by far the largest player in the business of getting people around in cars in New York. But both companies have hit roadblocks as the city has cracked down on ride-hailing. Uber and Lyft have each sued city agencies over different rules and started to experiment with creative tactics to address new restrictions. An Uber lawsuit attempting to derail a cap on drivers is ongoing; Lyft lost its suit contesting driver pay rules, though it could appeal.Lyft has begun preventing drivers in New York from accepting rides if they’re in low-demand parts of the city. That’s in response to a rule expected to go into effect next year that would require companies to pay drivers based on how many trips the average driver receives per hour. The rule is expected to advantage Uber, which has more riders and drivers.Meanwhile, Uber is laying out a plan in response to rules that would charge ride-hailing drivers extra if they’re hanging around in the core of Manhattan without a passenger. Uber has made inquiries about purchasing a parking lot to hold about 250 cars just outside the heart of Manhattan. Cars would sit parked and then drive into the city’s core only after a passenger requests them. Crain’s New York Business first reported on the possible parking lot.Uber said it’s worried that drivers would otherwise crowd streets around the perimeter of the proposed regulated zone. “If the city passes the proposed ‘cruising cap,’ we want to be prepared to help mitigate the inevitable congestion that will be caused by app drivers waiting to access the central business district,” Alix Anfang, an Uber spokeswoman, wrote in an email. One time-honored congestion solution, of course, is taking a train.To contact the author of this story: Eric Newcomer in New York at enewcomer@bloomberg.netTo contact the editor responsible for this story: Anne VanderMey at avandermey@bloomberg.net, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Uber and Lyft drivers demand better pay, workplace protections and driver-led unions
    TechCrunch6 days ago

    Uber and Lyft drivers demand better pay, workplace protections and driver-led unions

    Tomorrow, Lyftand Uber drivers will convene outside Uber's San Francisco headquarters tomake their voices heard

  • Chewy reports sales in line with expectations
    Yahoo Finance6 days ago

    Chewy reports sales in line with expectations

    Online pets-product retailer Chewy reported sales in line with expectations.

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    The 10 Biggest IPO Stocks

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  • California AB-5 Vote Is Bad News for Uber and Lyft Stock
    InvestorPlace7 days ago

    California AB-5 Vote Is Bad News for Uber and Lyft Stock

    Uber (NYSE:UBER) stock and Lyft (NASDAQ:LYFT) stock are off to bumpy starts to life on the market. A critical vote in California could soon make life much more difficult for the ridesharing stocks, particularly Lyft.Source: Shutterstock The biggest criticism of Lyft stock has been that the company hasn't proven a path to profitability. If Lyft has to start providing its drivers with costly benefits, that path to profitability will get much longer and narrower. What Is Assembly Bill 5?Throughout their existence, Uber and Lyft have classified their drivers as independent contractors rather than employees. By doing so, those drivers are not entitled to benefits or other perks associated with full-time employment. That classification allows companies like Lyft to save a bundle on costs, which is good news for Lyft stock price.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIn 2019, the California state Supreme Court made a ruling known as the Dynamex decision. The Dynamex decision dictates a three-pronged ABC test for determining whether or not a worker is an independent contractor:* The employee must be free to operate free from control of its employer.* The employee must fall outside of the typical scope of the company's hiring.* The worker must have an independent business outside of the job he or she was hired to do. * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip This ABC test is included in AB-5, a new bill that is currently passing through the legislative process in California. Lawmakers in both state houses have until Sept. 13 to vote on the bill. Uber and Lyft Aren't HappyInvestors don't need to dig too deeply to see what impact AB-5 may have on Uber and LYFT stock. Uber and Lyft reportedly paid drivers up to $100 to protest the bill outside the state capitol.The companies also published an op-ed in the San Francisco Chronicle making the case against AB-5. Some Uber and Lyft drivers have said the companies even misled them into signing petitions in protest of AB-5. The drivers received in-app messages asking them to sign a petition to help their companies "fight for driver flexibility and independence." The messages did not mention AB-5 by name.The fact that Uber and Lyft are fighting AB-5 so hard is a clear sign the law would be bad news for business. California has also historically been a leader in progressive movements that ultimately sweep nationwide. In other words, the damage for UBER and LYFT stock may not be contained in California. Biggest Risk for Lyft Stock PriceWedbush analyst Daniel Ives says AB-5 could put Uber and Lyft on the hook for a wide range of new costs. These costs include vehicle maintenance, gas, and insurance. In addition, workers would be protected under U.S. labor laws. The companies would be responsible for payroll taxes, social security, unemployment insurance taxes and state employment taxes.AB-5 would be bad news for both companies, but its a bigger risk to Lyft. Wedbush estimates California represents about 17% of Uber's total business. For Lyft, California is 24% of all U.S. sales.Ives says if AB-5 passes, Uber and Lyft are likely to challenge it in court. That process could be long and expensive as well, and it wouldn't guarantee a victory.Investors and analysts have been digging into Uber and Lyft's cash flow, growth rates, and revenue per active rider. Ives says they should also be paying close attention to AB-5."This senate decision is a microcosm of possibly the largest risk in the ride-sharing industry and a situation we will be closely watching over the coming months," he says.I have been very critical of the two ridesharing IPOs all year, particularly Lyft stock. AB-5 is just one of a handful of reasons investors should stay on the sidelines at this point.Even if you are a Lyft stock bull, your thesis likely revolves around what the company will grow to become five or 10 years down the line. It's unlikely the picture for Lyft will change dramatically in the next nine-to-12 months. By waiting a little while before buying, investors can get some much-needed clarity on AB-5 and on Lyft's financial trajectory going forward.As of this writing, Wayne Duggan did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post California AB-5 Vote Is Bad News for Uber and Lyft Stock appeared first on InvestorPlace.

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