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Still, back in the US, he recognized the argument that low-paid workers in the service industry have traditionally relied on tips to earn a living wage. Ozeki never ordered food for deliveryBut he said that recent increases in the minimum wage have changed the landscape — at least in certain states. AdvertisementIn California, for example, the minimum wage for fast-food workers rose by law this year from $16 to $20 an hour. "The current minimum wage at a fast food place is higher than my starting salary 15 years ago," Ozeki said. Have you seen your tips dip recently as a service industry worker?
Persons: , Ken, Ted Rossman, Rossman, jridley@businessinsider.com Organizations: Service, Business, Franciscan Locations: Japan, California
There are plenty of ways to get around without a license, from efficient public transportation systems to walkable neighborhoods and ride-share apps. The anxiety ate away at me until a recent trip to Arizona, where I visited a car-free neighborhood in Tempe called Culdesac. Joey Hadden/Business InsiderCuldesac opened in 2023 and currently has 172 units and 200 residents, a company representative told Business Insider. Joey Hadden/Business InsiderBiehl expressed that while the block is walkable, surrounding streets are not. AdvertisementPerhaps if I move to this Arizona neighborhood, I may never have to get my driver's license.
Persons: , I've, Joey Hadden, Culdesac, Ryan Johnson, Brad Biehl, Biehl, Joe's, Tempe Mayor Corey Woods Organizations: Service, Business, Apple, Retailers, Residents, Safeway, Tempe Mayor Locations: Arizona, Tempe, Culdesac, Phoenix, Mesa, New York
New York CNN —More than 15,000 Amazon contract drivers filed arbitration claims against the e-commerce giant on Tuesday, alleging Amazon classified them as independent contractors instead of employees with minimum wage and overtime rights. Amazon Flex, launched in 2015, allows independent contractors to sign up to deliver Amazon packages. Flex drivers provide Amazon Fresh grocery deliveries or same-day deliveries from the company’s warehouse hubs. Since the drivers are classified as independent contractors, these claims ask for compensation for unpaid wages and overtime, and reimbursement for expenses such as mileage and cell phone usage. Tindall told CNN that the workers filed independent arbitration claims instead of a class action lawsuit because drivers have to sign an agreement that forbids class action.
Persons: misclassification, Steven Tindall, Tindall, Joseph Sellers, , Sellers, we’re, ” Tindall, CNN’s Samantha Delouya Organizations: New, New York CNN, Amazon, Flex, American Arbitration Association, Drivers, CNN Locations: New York, California , Massachusetts, Illinois
We reiterate our Buy rating." Deutsche Bank reiterates Adobe as buy Deutsche said it's sticking with its buy rating ahead of earnings next week. Loop reiterates Best Buy as buy Loop said it's sticking with its buy rating on the stock. "We maintain our above consensus Best Buy estimates, reiterate our Buy rating, and are raising our price target to $100 from $93." Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it's standing by its overweight rating on the stock.
Persons: Oppenheimer, Wells, it's, TD Cowen, Wolfe, NVDA, Morgan Stanley, Nio, BTIG, Ally, Mizuho, JPMorgan, JPMorgan downgrades Vail, Lynch Organizations: Oppenheimer, UPS, Amazon Web Services, Nvidia, Norfolk Southern & Union Pacific, Union Pacific, Norfolk, Microsoft, Deutsche Bank, Deutsche, Colgate, Palmolive, China EV, Oracle, Adobe, JPMorgan, United Rentals, Barclays, Netflix, Vail, Exxon, " Bank of America, of America, underperform Bank of America, Bank of America, 3M, Citi, AT, Unilever
Oppenheimer raised its price target on Microsoft to $500 on the potential of increasing AI adoption. Shares of AT & T are up 9% on the year, but analyst Michael Rollins' $20 price target implies that shares could rise another 9%. Analyst Andrew Obin upgraded the Post-it and Scotch parent to buy from neutral and raised his price target by $15 to $120. Analyst Christopher Nardone upgraded the shoe maker to buy from neutral and raised his price target by $16 to $87. Analyst Jay Sole upped his price target on the clothing maker by $14 to $174, now suggesting upside of 43.4%.
Persons: Oppenheimer, Exxon, Neal Dingmann, Dingmann, aren't, — Spencer Kimball, Michael Rollins, Rollins, Lisa Kailai Han, BofA, Andrew Obin, William Brown, Michael Roman, Brown, Obin, — Alex Harring, Christopher Nardone, Nardone, Skechers, Jeffrey Zekauskas, Zekauskas, Huntsman, Benjamin Soff, Soff, Fred Imbert, PVH, Jay Sole, Calvin Klein, Tommy Hilfiger, Sole, Alex Harring, Morgan Stanley, Dara Mohsenian, Mohsenian, Anthony Chukumba, Chukumba, Gavin Parsons, Parsons, Tami Zakaria, Zakaria, Herc, Morgan, Tim Hsiao, Bernstein's Eunice Lee, NIO, America's Ming Hsun Lee, Timothy Horan, Horan, Rob Sanderson, Sanderson Organizations: CNBC, Microsoft, Loop, Exxon, Natural Resources, Citi, AT, VZ, Bank of America, Huntsman, JPMorgan, Deutsche Bank, UBS, Colgate, Palmolive, Loop Capital, UBS shaves, Boeing, Rentals, United Rentals, Herc Holdings, Wall, 3Q, Bank, OpenAI Locations: Truist, Guyana, OPEC, Thursday's, America's
Wolfe Research has a list of stocks that are big targets for short sellers, including some of the market's most well-known names. Wolfe's short screens look at valuation, earnings quality, capital allocation and sentiment to find stocks that are most at risk. Here are 10 that showed up most commonly on Wolfe's screens: Tesla , the leading domestic maker of electric vehicles, was one of the best-known stocks on the list. Unlike Tesla, the solar stock has soared more than 60% this year. Rideshare platform Lyft popped up on four of Wolfe's short screens, down from six the month before.
Persons: Wolfe, Tesla, Elon, Morgan Stanley's Andrew Percoco, Morgan Stanley Organizations: Wolfe Research, Tesla Locations: Tuesday's
Read previewSome Lyft drivers are deriding a LinkedIn post by the company's CEO after he spent an hour and a half shuttling customers around Napa Valley over the weekend. The CEO, David Risher, posted on Monday about a series of rides he completed in California's wine county. Related storiesSome comments on the post lauded the CEO for seeing what the job that keeps his company running is actually like. "Some people claim that Lyft drivers are friendlier, but that's a misconception since most of us drive for both companies." AdvertisementA Lyft spokesperson told Business Insider that Risher completed the rides without a status boost under the Lyft Rewards program.
Persons: , David Risher, Risher, LinkedIn Risher, Lyft, Uber, commenter, Dara Khosrowshahi, He's, Khosrowshahi Organizations: Service, Lyft, Business, LinkedIn, Gilbert AZ, Tempe AZ, Drivers Locations: Napa Valley, California's, Napa, Gilbert, San Francisco
Swifties are "more generous" with their tips when attending a concert, Lyft's CEO said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTaylor Swift fans are less likely to skimp on gratuities when they're excited to see their favorite pop star perform. Lyft CEO David Risher said Swifties are good tippers when the Eras Tour comes to town.
Persons: Lyft's, Taylor, , Taylor Swift, David Risher, Risher Organizations: Service, Business
Final Trade: LYFT, ULTA, VIK
  + stars: | 2024-05-31 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trade: LYFT, ULTA, VIKThe final trades of the day with the Fast Money traders.
Persons: VIK Organizations: Fast Money Locations: ULTA
One screenshot from a Lyft driver based in Arizona showed a $2.62 ride that took 15 minutes and traveled 4.32 miles. For some drivers, these sub-$3 trips are a symbol of their broader frustrations with their pay. AdvertisementCompared to January 2023, sub-$3 trips — excluding tips — have become more common for DoorDash, Grubhub, and Uber Eats drivers and less common for Uber and Lyft drivers, per Gridwise. Otherwise, the pay would likely increase if drivers rejected these rides since drivers would be more likely to accept a higher-paying ride. AdvertisementMoises Diaz, a 41-year-old Uber and Lyft driver in California, started driving part-time in December.
Persons: , Sergio Avedian, Guy, Avedian, it's, Lyft, they're, Uber, Grubhub, Gridwise, Randy Scott, he's, Scott, There's, he'll, Moises Diaz Organizations: Service, Business, Research, Gridwise, South, BI, Uber Locations: Arizona, Cleveland , Houston, Fort Lauderdale, Orange County, Los Angeles, Florida, California, South Florida
Advertisement"Pay for gig drivers rarely exceeds the employee-equivalent local minimum wage," the authors wrote. While two-thirds of DoorDash drivers and just under half of Uber Eats drivers had their incomes adjusted, just 5% of Uber drivers did. The average Lyft, Uber Eats, and DoorDash driver had hourly earnings of $24, $18, and $14, respectively. Over the past year, several gig drivers have told BI that their gigs are less profitable than they used to be. For example, Uber and Lyft drivers have said the ride-hailing giants are taking a larger cut of rider fares.
Persons: , Lyft, Uber, aren't, Gridwise Organizations: Service, Seattle metros, UC Berkeley Labor Center, Center for Wage, Dynamics, Business, metros —, UC Berkeley, Big Lake Data, Bank of America, Bank of America Institute Locations: Boston, Chicago, Los Angeles, San Francisco Bay, California, San Francisco, Seattle, New York City, Minnesota, Twin Cities, Massachusetts
It’s interesting to me that the equity market is cheering the idea that the Fed is going to be cutting rates. There tends to be a fine line between cutting rates and extending the economic cycle or cutting rates because the cycle is coming to an end (and the economy is softening). When the Fed is cutting rates, it’s cutting rates because a recession is about to happen, right? That’s why I say there’s a fine line between the Fed cutting to extend the cycle and the Fed cutting because a recession is about to happen. The Fed has been in this precarious space where they’re trying to avoid recession while lowering interest rates.
Persons: Dow, stoking, Bell, Tom Porcelli, Jerome Powell, Jay Powell, they’re, that’s, Donald, Goofy, Eva Rothenberg, Mickey Mouse, Snow White, Captain Hook, , Kate Shindle, , Uber, Lyft, Jamie Long, Read Organizations: CNN Business, Bell, New York CNN — Markets, Federal Reserve, Fed, ’ Equity Association, Equity, National Labor Relations Board, Disneyland, Disney, ’ Equity, Walt Disney Company, Uber, Democratic, Minneapolis City Council Locations: New York, Anaheim , California, Minnesota, Minneapolis
New York CNN —Minnesota government officials have struck a deal with rideshare companies Uber and Lyft to set minimum wage standards for drivers, lawmakers announced Saturday night. The rule was delayed after Lyft and Uber warned they would leave Minneapolis. State lawmakers have been focused on compromising with the companies before a July 1 deadline. Under the new agreement, the statewide minimum wage rate for rideshare drivers will be $1.28 per mile and $0.31 per minute. “We applaud the tens of thousands of riders & drivers who sent close to 100,000 emails to legislators — your voices were heard.
Persons: Uber, Lyft, Jamie Long, ” Long, , Erin Murphy, Josh Gold Organizations: New, New York CNN, Minnesota, Democratic, Minneapolis City Council, Governor Locations: New York, Minnesota, Minneapolis, State
Taylor Swift performs onstage during "Taylor Swift | The Eras Tour" at SoFi Stadium on August 09, 2023 in Inglewood, California. At the core of the increasingly common accusation of price gouging is the sense that the consumer is being exploited. Price gouging is in the eye of the bidderGavin Roberts, chair of Weber State University’s economics department and who studies the effect of anti-price gouging laws, said the laws themselves often don’t define what price gouging is. Corporations charging as much as they can, as painful as it may be for consumers, doesn’t mean they’re necessarily price gouging, said Roberts. Steven Suranovic, an economics professor at George Washington University who has also published research on price gouging, sees it differently.
Persons: Emily Miller lucked, Taylor, Miller, Swift, ” Miller, Taylor Swift, Kevin Winter, it’s, , Joe Biden — can’t, we’re, Gavin Roberts, Biden, , Biden hasn’t, ” Biden, Roberts, Steven Suranovic, Martin Shkreli, Shkreli, Price, Trent Sprague, Lyft, Uber, Travis Kalanick, It’s, ” Suranovic, Rafi Mohammed, Stefani Reynolds, Teresa Murray Organizations: New, New York CNN, CNN, Rights, Weber State, Corporations, George Washington University, Turing Pharmaceuticals, LinkedIn, O'Hare International, Chicago Tribune, Tribune, Service, Consumer, Culture, Profit, Getty Locations: New York, Pittsburgh, Cleveland, Inglewood , California, Chicago, New York City, Washington ,, AFP, US
Frederick Westbrook, a retired Las Vegas hotel worker, voted for President Biden in 2020 — as a vote to get Donald J. Trump out of office. He now calls that “the biggest mistake of my life.”“As a Black man in America, I felt he was doing unjust things,” he said of Mr. Trump. “Everything is just about the economy,” said Mr. Westbrook, who has started driving for Lyft to support himself on a fixed income in retirement. “I don’t really trust Donald Trump at all. I just think housing, food, my car, my insurance, every single piece of living has gone up.”In a recent set of polls, Mr. Trump led Mr. Biden in five of six key battleground states, including Nevada.
Persons: Frederick Westbrook, Biden, , Donald J, Trump, , “ He’s, Westbrook, , Donald Trump Organizations: Mr Locations: Las Vegas, America, Nevada
Uber will now let you book a shuttle to the airport
  + stars: | 2024-05-15 | by ( Clare Duffy | ) edition.cnn.com   time to read: +3 min
New York CNN —Uber wants to make it cheaper to get a ride to the airport, concerts or sporting events. The rideshare company on Wednesday announced the launch of Uber Shuttle, an offering that will let users book up to five seats in a shuttle from a central location to an event or the airport – for less than the cost of a regular Uber ride. The cost of the shuttle rides won’t be affected by surge pricing, a common affliction when lots of people are looking for rides at the same time. Uber has previously rolled out early shuttle tests, including in India, and as an offering for corporate customers. Uber Shuttle will let riders book up to five seats in a shuttle to the airport or a concert or sporting event, for less than the cost of a regular Uber ride.
Persons: New York CNN — Uber, Uber, Dara Khosrowshahi, Camiel Irving Organizations: New, New York CNN, Wednesday, Uber Shuttle, Costco, Lyft Locations: New York, India, Chicago, Pittsburgh, Charlotte, Miami, New York City, Los Angeles, San Francisco, San Diego, Atlanta, Canada
Jim Cramer checks in on the gig economy
  + stars: | 2024-05-13 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer checks in on the gig economy'Mad Money' host Jim Cramer takes a closer look at gig economy companies including Uber, Lyft, Instacart, and DoorDash.
Persons: Jim Cramer Organizations: Uber
DoorDash deserves the benefit of the doubt as it spend more to grow the business, says Jim Cramer'Mad Money' host Jim Cramer takes a closer look at gig economy companies including Uber, Lyft, Instacart, and DoorDash.
Persons: DoorDash, Jim Cramer Organizations: Uber
Uber and Lyft are set to face trial on Monday in a US lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. Uber (UBER) and Lyft (LYFT) argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The lawsuit going to trial was filed in 2020 by Campbell’s predecessor, Maura Healey, now the state’s Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying $266.4 million into workers’ compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor.
Persons: Andrea Joy Campbell, Uber, Peter Krupp, Rohit Singla, Maura Healey, Lyft Organizations: Democratic, Studies, Massachusetts, Campbell’s Locations: Massachusetts, Boston, Suffolk
CNBC's Jim Cramer on Monday provided his take on four major stocks in the gig economy sector: Uber , Lyft , DoorDash and Instacart parent Maplebear . "After hearing from all of these companies, what I see is a confusing situation: Uber, DoorDash and Instacart are all lower after earnings, while Lyft managed to gain a bit of ground," he said. Uber: Cramer said Uber's recent quarter yielded solid results, but the ride-share company did report some weakness in bookings. Lyft: Lyft reported a good quarter, and Cramer noted that, unlike competitor Uber, it actually saw higher-than-expected bookings. AmazonUber, Lyft, DoorDash and Maplebear did not immediately respond to a request for comment.
Persons: CNBC's Jim Cramer, Lyft, Uber, Cramer, that's, he's, David Risher, Maplebear
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUntil a few years ago gig companies did not have to care about profitability, says Jim Cramer'Mad Money' host Jim Cramer takes a closer look at gig economy companies including Uber, Lyft, Instacart, and DoorDash.
Persons: Jim Cramer Organizations: Uber
Immigrants nationwide are relying heavily on gig work driving for Uber and Lyft to make ends meet. AdvertisementThe major ride-hailing companies told BI they aim to support immigrant drivers. BI spoke with a dozen immigrant Uber and Lyft drivers who moved to South Florida from countries including Cuba, El Salvador, Haiti, and Venezuela. Dozens of ride-hail drivers from across the country who spoke to BI over the last few months said they've recently noticed more immigrant drivers on the apps. AdvertisementDespite the challenges of earning enough, some drivers are set on perfecting strategies to make driving work for them.
Persons: Uber, , Rodolfo, He's, he's, Katie Wells, Ellis, Wells, they've, she's, Edgar, didn't, hasn't, Alex, haven't, Eliezer, Carlos, Nicanor Organizations: Service, Ipsos, McKinsey, Georgetown University, International Rescue, Immigrants, Economic, The Washington Post, New York, Deliveristas Unidos, BI, Uber, Amazon, Miami, downtown Locations: South Florida, Venezuela, Washington, DC, Cuba, El Salvador, Haiti, New, Miami, Haitian, Nicaragua, Miami Beach, New York, downtown Miami
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft CEO David Risher on Q1 results: Customer obsession drives profitable growthLyft CEO David Risher joins 'Squawk Box' to discuss the company's quarterly earnings results, impact of company partnerships, strength of the consumer, and more.
Persons: David Risher
Reddit reported a loss of $8.19 per share on $243 million of revenue. Analysts surveyed by FactSet were expecting a loss of $8.75 per share on $214 million of revenue. Electronic Arts – The video game stock fell more than 3% after disappointing results for the fiscal fourth quarter. Cirrus Logic posted fourth-quarter adjusted earnings of $1.24 per share, exceeding the 64 cents per-share earnings analysts polled by StreetAccount anticipated. Match projected between $850 million and $860 million of revenue, while analysts surveyed by StreetAccount were looking for $882.7 million.
Persons: Reddit, FactSet, StreetAccount, Rivian, LSEG, , Fred Imbert, Michelle Fox Theobald, Yun Li, Sarah Min Organizations: Technologies, Arts, EA, Intel —, Intel, Department of Commerce, LSEG, Bros, Cirrus, Logic, Revenue, Arista Networks, Arista Locations: China
The company's overall revenue exceeded expectations, coming in at $10.13 billion versus analysts' estimate of $10.11 billion, per LSEG. Lyft – The ride-sharing company surged 5% after the company reported faster-than-expected growth in the first quarter. Lyft reported $1.28 billion in revenue, higher than the FactSet consensus of $1.16 billion. Arista Networks – Shares jumped 7% after the company reported better-than-expected first quarter results. Teva Pharmaceuticals — Shares advanced nearly 14% after the company reported better-than-expected revenue in the first quarter.
Persons: Lyft, FactSet, Rivian, Coupang, LSEG, Twilio, , , Samantha Subin, Tanaya Macheel, Michelle Fox, Alex Harring Organizations: Technologies, Revenue, LSEG, Intel, Department of Commerce, Huawei, Lyft, Electronic Arts, EA, Farfetch, Arista Networks –, Arista, Dutch Bros, Bros, Pharmaceuticals, Management Locations: China, Korea
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