Both uber and lyft are flying today. Most people see cutting jobs as a bad thing, market probably sees it as a cost savings and great business decision.
Lyft and Uber are disproportionately impacted by coronavirus news, and the remdesivir drug trial seems to have been a success, so Lyft and Uber are up more than the rest of the market.
So many companies are disproportionately affected to varying degrees. Not all up. If you are referring to this news (1), take it with a grain of salt. Look at the % recovery, look at those N's, look at those p values. Gilead is pumping today, but imo this isn't a smoking gun study. The drug needs to be administered to more patients to get more statistical power and draw meaningful conclusions on efficacy.
Then again, wall street doesn't know their N's and p's. Gilead could have put out anything today and the stock would be flying on speculation due to none of the hungover 24 year olds moving millions at goldman sachs actually reading the study, much less interpreting it. Of course, this is just my take. Maybe you are right and this does explain the pump, I guess we will read about it this evening.
Anyone long on Uber? I bought Uber at $23, only cause it was cheap. I can't justify owning it and now I'm thinking of selling it off. I do wonder though, is anyone long on Uber?
I don't see them winning the self driving car battle. Tesla / Google have better brands and better salaries, that probably would keep the best talent away from Uber.
It's not a secret to any investor that Lyft's business has gone way down. These sorts of layoffs tend to only spark panic selling when they are not expected.
