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Uber leak drives down stock, Wynn falls on Macau casino closures, Euro slides

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Yahoo Finance Live checks out several of today's trending stocks, including casinos suffering from China's COVID shutdowns and how leaked documents exposed Uber executives' methods to further the ride-sharing app's influence.

Video Transcript

RACHELLE AKUFFO: Welcome back, everyone. Triple Play is on deck, and our very own Jared Blikre is back with us to join the fun. So my pick kicking us off is Wynn Resorts. Now, the casino stock dropped in early trading, pared back some losses, but still in the negative, as you can see there, down almost 7% and also down around 40% year to date. Now today's drop is after Macau, the world's largest gambling hub, announced it's temporarily closing casinos due to its worst ever COVID outbreak, more than 1,500 cases since June.

Now, the Macau government officials released a statement saying all industries and commercial companies and venues in Macau will suspend operations from July 11 through July 18, the exception being essential businesses. Now, this follows along the same path as China's zero-COVID approach. We also saw other casino stocks with exposure in Macau falling today as well. Those include Las Vegas Sands, MGM Resorts International, and Melco Resorts Entertainment.

Now, this was a real blow. I mean, when you think about Macau just recently lifting its quarantine period, trying to reduce that for inbound travelers, and the casino industry itself makes up more than 80% of Macau's government revenues. So a blow there. We'll have to see if that extends past the 18th, depending on how that zero clampdown down on COVID continues.

DAVE BRIGGS: Yeah, we've talked about this often, Rachelle, the stop-and-go nature of the COVID reopening in China. And it doesn't look good when you really do some searching. Not a lot of headlines out there, but once you look beneath it, Shanghai, they discovered BA.5 on Friday. They'll have mass testing tomorrow and Thursday, which is no small feat. It's about 15 million people they're trying to test. And then across China now, lockdowns. 247 million are currently impacted. So we are not back to open, and just always a constant reminder of how hard that zero-COVID strategy will be.

My play is Uber after a stunning leak to the Guardian, which has now been labeled the Uber Files. A massive trove of information, we now know that was provided by former exec Mark MacGann, reveals the company duped police, broke numerous laws around the world, used a secret kill switch to hide all their data during raids, and of course, secretly courted politicians around the world, which included current French president Emmanuel Macron.

MacGann says Uber, quote, "sold people a lie." They were willing to break all the rules and use its money and power to, quote, "destroy." The documents span the period from 2013 to 2017 under founder and former CEO Travis Kalanick. As for Uber's recent performance, well, more of a two star rating. Shares down more than 50% year to date. And on the day, they are slipping about 4.7% priced at 21.30 roughly right now. It has just been a rough go, both on the field and off the field, Jared.

JARED BLIKRE: Yeah, I tell you what. Let's go to the YFi Interactive. I just want to chart something quickly here. This is the Uber IPO, Uber's chart back to the IPO back in 1919. Definitely in a long term downtrend right here. But check this out. We are testing lows that were materially tested around the $20 level in early 2020. That was the pandemic. It held, but guess what? If this breaks, the floodgates could get loose.

Now, I want to concentrate on the US Dollar Index. That is my ticker of the day, the so-called Dixie. Also on the YFi Interactive, it is up 12% year to date. I mention this because if you divide that by two, 6%, that is a headwind of-- toward EPS growth.

That's what we're going to be seeing when we have earnings announcements coming out and on those calls. And I want to point out, this is a long-term chart of the Dixie. I'm going to put some candlesticks on here. And we can see, this has broken out of a long-term, many years trending, sideways trending market.

So does it have legs to get to the next level? Definitely. And it has momentum on its side. Also want to point out that the euro today, the euro is testing parity. It hasn't broken below $1 just yet. Let me put our quote screen on here. You can see the low, 1.0048. When and if that breaks, lots of companies are going to have to re-hedge in their options strategy.

Also want to finally point out, lots going on in the currency space today. This is Japanese yen also testing lows from 1998. If we put a line chart on here, we can see that going back. And maybe I can get my fingers working here. There we go. That is the Japanese yen versus US dollar. It goes up when the US dollar is strong. So we are now at levels from 1998 to '99. Lots to watch there, guys.