|Bid||30.21 x 1400|
|Ask||30.37 x 1200|
|Day's Range||29.53 - 31.60|
|52 Week Range||14.56 - 58.60|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 12, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||41.01|
Shares of Uber and Lyft dipped modestly after a California judge granted a preliminary injunction that TechCrunch reports could force the two American ride-hailing companies to reclassify drivers as employees in the state. Lyft's stock is down a sharper 2.1%, though its shares rose during regular trading, making the impact of its after-hours declines smaller in aggregate. As TechCrunch noted in its coverage of the ruling, the costs associated with classifying current drivers as employees and not independent contractors could prove material.
California Superior Court Judge Ethan Schulman has granted a preliminary injunction forcing Uber and Lyft to reclassify its drivers as employees. "The Court is under no illusion that implementation of its injunction will be costly," Judge Schulman wrote in the order. "There can be no question that in order for Defendants to comply with A.B. 5, they will have to change the nature of their business practices in significant ways, such as by hiring human resources staff to hire and manage their driver workforces."
What might be next for Lyft, Cisco, and Applied Materials heading into earnings to help investors decide what to do with the stocks...