Uber & Lyft hail Trump's Secretary of Transportation pick, Elaine Chao
Stocks (^DJI, ^GSPC, ^IXIC) are mixed at the midday mark, with the energy sector (XLE) soaring on news of an OPEC supply cut deal and utilities (XLU) the most in the red. Keith Bliss of Cuttone & Co. joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance’s Justine Underhill and Thomson Reuters correspondent Bobbi Rebell, author of “How to be a Financial Grownup.”
A big week for cord-cutters: DirecTV Now launches; Netflix allows downloads
It’s a big week for cord-cutters. Yesterday we talked about AT&T’s DirecTV Now streaming service. It finally goes live today with up to 60 channels. And today, we learned Netflix will start letting viewers download shows including “The Crown” and “Orange is the New Black” so they can watch without an Internet connection. Amazon’s streaming service already allows downloads of some content.
Uber, Lyft praise selection of Elaine Chao as Transportation Secretary
Let’s shift gears now and talk about Uber and Lyft and why the two ride-sharing companies are welcoming Donald Trump’s selection of Elaine Chao to run the Department of Transportation. Officials from both companies have issued statements praising Chao, who has voiced support for companies in the “sharing” or “gig” economy such as Uber and Airbnb.
DOE could lose $137B on student loan forgiveness: GAO
The US government is set to lose up to $137 billion due to student loan forgiveness—this according to a scathing report by the Government Accountability Office, which criticizes the Department of Education’s methodology and estimates. Nearly one in four student loan borrowers is in one of the several forgiveness programs, which were greatly expanded by President Obama.