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Uber hemorrhaging cash—loses $1.2B in 2016

Yahoo Finance

Stocks (^DJI, ^GSPC, ^IXIC) are flat to up at midday on low volume, with financials (XLF) leading the way up, and energy (XLE) consumer staples (XLP) in the red. Alan Valdes, director of floor operations at Silverbear, joins us live from the New York Stock Exchange.

To discuss the other big stories of the day, Nicole Sinclair is joined by Yahoo Finance’s Rick Newman and Seana Smith.

Mylan bends to pressure over EpiPen pricing
Bowing to extreme public and political pressure, Mylan is lowering the price of its EpiPen through a savings card of up to $300 and by increasing eligibility for a patient assistance program. Mylan had raised the price of the life-saving allergy medicine by 548% since 2007. How did the company suddenly find itself in the spotlight?

Uber loses $1.2 billion in first half of 2016: Bloomberg
The losses keep piling up for Uber. Bloomberg reports that the ride-hailing company lost at least $1.2 billion in the first half of this year. Bloomberg says the company told investors that subsidies for drivers are the main reason for the red ink. The company has reportedly lost at least $4 billion since starting seven years ago.

Amazon launches website for auto research, reviews
Amazon does not sell cars yet, but it’s pushing harder into the automotive space. The online retailer has created Amazon Vehicles, a site where users can research cars, read reviews and share opinions. This will add muscle to Amazon Garage, where users get advice about parts and accessories, which Amazon does sell.