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Uber stock soars as ride-hailing company announces $7 billion share buyback
31 minutes ago
Shares of ride-hailing company Uber Technologies Inc. (UBER) soared Wednesday morning after the company announced it plans to buy back up to $7 billion in stock in its first-ever stock buyback program.
“The approval of Uber’s first share repurchase program is a vote of confidence in the company’s strong financial momentum,” Prashanth Mahendra Raja, Uber’s chief financial officer, said in a statement.
Last week, the large car rental company reported its first annual net profit since going public in 2019. The company said it will announce plans to return capital to shareholders in conjunction with its earnings release, which opens the door to today’s share buyback announcement. Last week, Uber announced free cash flow of $3.4 billion in 2023, up from $390 million a year earlier.
Uber shares rose 11.8% to $77.13 early Wednesday afternoon. With today’s gains, the stock has increased more than 118% in the last year.
-Fatima Atalwala
Bitcoin puts wind in the sails of crypto stocks
1 hour 9 minutes ago
Stocks of crypto companies soared on Wednesday as the price of Bitcoin rose above $51,000, its highest since December 2021.
On Wednesday, Bitcoin miners Marathon Digital (MARA) and Riot Platform (RIOT) rose more than 12% and 10%, respectively. Cryptocurrency exchange Coinbase (COIN) rose more than 11%. All three are up more than 150% in the last year, outpacing Bitcoin itself, which is up about 120%.
Bitcoin rose relatively steadily last week as inflows into new spot Bitcoin ETFs gathered pace. Investors are also hoping that the halving is just around the corner, with the halving expected to occur sometime in April.
Lyft stock soars on fourth-quarter earnings beats and errors
1 hour 46 minutes ago
Lyft (LYFT) stock, which initially soared following a reporting error by the ride-hailing company, rose nearly 32% in intraday trading Wednesday after fourth-quarter earnings and first-quarter booking guidance beat analysts’ expectations. and the payment was made.
The San Francisco-based company reported fourth-quarter adjusted earnings of 18 cents a share, more than double the 8 cents a share that Wall Street had expected. . Revenue for the period was $1.22 billion, up 4% year over year and in line with analyst expectations.
Looking ahead, Lyft expects gross bookings for the quarter to be in the range of $3.5 billion to $3.6 billion, above consensus of $3.46 billion. Additionally, the company expects its adjusted margin on bookings to increase 50 basis points (BPS) to 2.1% in 2024 from 1.6% in 2023.
The company’s initial press release incorrectly predicted annual margin expansion of 500 BPS instead of 50 BPS, but Lyft Chief Financial Officer Erin Brewer corrected this on the company’s earnings call.
-Timothy Smith
Nvidia overtakes Alphabet to become the third largest listed company in the US
2 hours 52 minutes ago
Nvidia (NVDA) stock rose more than 2.5% in early trading on Wednesday, overtaking Alphabet (GOOGL) to become the third-highest-capitalized company in the United States.
On Wednesday, Nvidia’s market cap soared to $1.821 trillion, while Alphabet’s market cap increased to $1.817 trillion.
It’s the second time this week that the chipmaker has leapfrogged the country’s technology giants to claim a new spot among the nation’s largest publicly listed companies. Nvidia’s market capitalization soared to surpass that of Amazon (AMZN) on Monday.
Nvidia is the biggest beneficiary of the AI boom that has driven investors into the Magnificent Seven. The company’s stock price has increased more than 220% in the past year alone.
Robinhood stock soars as trading recovery boosts profits
3 hours 15 minutes ago
Robinhood Markets (HOOD) stock rose Wednesday after the commission-free brokerage reported a surprise profit for the December quarter as interest income on customer loans beat expectations and retail trading activity rebounded. The stock soared in early trading.
The online brokerage at the center of the pandemic-era meme stock trading frenzy posted an adjusted profit of 3 cents per share in the fourth quarter, although analysts expected the company to report a loss of 1 cent. was. Revenue was $471 million, up 24% from the same period last year and also beating Wall Street modeled expectations of $455 million.
The company’s net interest revenue for the period increased 41% year-over-year due to higher short-term borrowing rates, and $200 million in transaction-based revenue increased by 8.8% year-over-year, benefiting from increased trading activity across cryptocurrencies. % increased. and stock offerings.
The online brokerage noted a 6% increase in monthly active users for the fourth consecutive quarter, a sign that retail traders are returning to the market.
Robinhood stock rose more than 14% on Wednesday, putting it on track for its best day since June 2022.
-Timothy Smith
Stocks that move the most before the market
3 hours 59 minutes ago
Profit:
- Lyft Inc. (LYFT): Shares of the ride-hailing company rose 20% after the company predicted higher-than-expected bookings this quarter and said it will generate positive cash flow this year. The company’s stock rose more than 60% late Tuesday after it incorrectly predicted that its profit margins would rise by 500 basis points this year instead of 50.
- Robinhood Markets, Inc. (HOOD): The trading platform’s stock rose 14% after announcing a surprise profit in the fourth quarter.
- Uber Technologies (UBER): Lyft’s larger rival’s stock price follows its first profitable year as a publicly traded company and a $7 billion share buyback, its first effort to return capital to shareholders. It rose 8% after announcing the approval.
loss:
- Instacart (CART): The grocery delivery company’s stock price rose more than 5% after it reported fourth-quarter results that were broadly in line with expectations and announced it would lay off 250 people, about 7% of its workforce. It fell.
- Airbnb Inc. (ABNB): The vacation rental company’s stock fell about 4% despite reporting better-than-expected sales and offering a positive outlook. The company reported a loss in the quarter due to one-time tax charges.
- Kraft Heinz (KHC): The packaged food giant’s stock fell more than 2% after quarterly sales of $6.86 billion fell short of analysts’ expectations.
Stock futures rise as index rebounds from CPI decline
4 hours 37 minutes ago
Futures contracts tied to the Dow Jones Industrial Average rose 0.4% in premarket trading Wednesday.
S&P 500 futures rose 0.6%.
Nasdaq 100 futures rose nearly 0.8%.
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