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Stocks on the move: Uber may temporarily shut down app in California, Autonation rises on Guggenheim rating

Yahoo Finance's Adam Shapiro breaks down the stocks to watch Wednesday.

Video Transcript

ADAM SHAPIRO: Oscar, thank you. Let's turn our attention to some stocks on the move right now. And shares of Uber have been trading higher since the opening bell up, about 1%. Now, this comes after Monday's court ruling that they have to start considering their drivers-- this goes for Lyft, too-- as employees, not contractors. They're going to appeal this, but the CEO from Uber actually said they may temporarily shut down the app in the state of California.

Also check out AutoNation-- shares were up 5% at the opening bell. They continue to stay in the green right now. They reported back in July quarterly revenue had been down but was still over $4.5 billion. Well today, Guggenheim actually lifted AutoNation's rating from neutral to buy. And just to let you know-- the stock over the last 52 weeks has been up 20%.

One stock that is not getting a boost today-- Overstock.com. At the opening bell, they were off more than 5%. They announced yesterday that they are offering a secondary-- it's a secondary offering of stock. The company said it will bring 1.7 million shares, possibly 2 million shares, to the market. The underwriters are going to be Piper Sandler, Needham and Company, DA Davidson, and Wedbush. They've already got 40 million shares outstanding. Investors apparently don't like this news of a secondary offering.