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Top 10 things to watch Wednesday, Sept. 25 — Today's newsletter was written by the Investing Club's director of portfolio analysis, Jeff Marks. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jeff Marks, Morgan Stanley's, Adam Jonas, Jonas, Tyson Food, Piper Sander, KeyBanc, they've, Wells, Baker Hughes, Halliburton, SLB, Baird, Gabrielle Fonrouge, Expedia, Cowen, Oppenheimer, Jim Cramer's, Jim Cramer, Jim Organizations: Club, Nvidia, Micron, U.S, Ford, General Motors, Hewlett Packard Enterprise, Barclays, Juniper Networks, Micro, Dell Technologies, Union Pacific, Department, Google, Jim's, Jim Cramer's Charitable, CNBC Locations: U.S, China
The delivery service is working with at least two local delivery providers, one in Austin, Texas, and another in Fresno, California, through its Local Commerce Service Partner Program. That's a big change from the gig workers that DoorDash and other delivery services have largely built their businesses on. Uber, Lyft, Instacart, and other delivery companies have also relied on gig workers to build their businesses, leading millions of people in the US into the gig economy. Gig workers lack many of the benefits and legal protections that employees get. The amount delivery services pay gig workers has been going up in some cities, too.
Persons: , DoorDash Organizations: Service, Local Commerce, Business, Fresno Logistics, UC Berkeley Locations: Austin , Texas, Fresno , California, Fresno, Fresno , CA, Austin, New York City, Seattle
Roughly 7 million people worked as delivery contractors for DoorDash in 2023. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But, surprisingly, most of them averaged just a few hours a week on the gig.
Persons: , DoorDash Organizations: DoorDash, Service, Business
Read previewOn weekends, a gig delivery worker in Utah takes out his phone and opens one of three apps to make some extra money as an independent contractor. However, the people doing the work say that things like performance metrics often eat into that flexibility. "It doesn't feel much like I'm on contract," the Utah gig worker told Business Insider. But metrics such as this are just one aspect of delivery gig work that workers say feels like a traditional job. Related storiesFor example, one Chicago delivery worker told BI that he avoids Grubhub due to the app's scheduling feature.
Persons: , Uber, Grubhub doesn't, Instacart, DoorDash, they're, Grubhub, David Jacobs, Jacobs, there's Organizations: Service, Business, Costco, Walmart, US Department of Labor, Trump, Kogod School of Business, Wall Locations: Utah, Chicago, Seattle
Later in the day, Instacart reported a 10% jump in the value of transactions on its platform during the second quarter. Total orders rose 19% during the company's second quarter, it said on August 1. "Increasingly, we're seeing customers coming to us for the first time actually for non-restaurant use cases," Xu said. AdvertisementCorrection: August 9, 2024 — An earlier version of this story misstated Instacart's average order value in the second quarter. Do you work for DoorDash, Instacart, Uber Eats, or another gig delivery service and have a story to share?
Persons: , they're, Uber, Dara Khosrowshahi, Instacart, Fidji Simo, Robert Mollins, Gordon, Mollins, DoorDash, We're, Tony Xu, Xu, Uber's Khosrowshahi, Instacart's Simo Organizations: Service, Business, DoorDash
DoorDash shares pop 13% on second-quarter revenue beat
  + stars: | 2024-08-01 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +1 min
A DoorDash driver on an electric bicycle wearing a cooler backpack with the skyline of San Francisco in the background. Shares of DoorDash popped 13% in extended trading on Thursday after the company reported second-quarter results that beat analysts' expectations for revenue. It narrowed its net loss to $157 million, or a loss of 38 cents per share, from $170 million, or a loss of 44 cents per share, during the same period last year. The delivery service company said it received 635 million total orders in the quarter, up 19% year over year. For its third quarter, DoorDash said it expects to report Marketplace GOV between $19.4 billion and $19.8 billion.
Persons: DoorDash Locations: San Francisco
DoorDash and other services continue to strike last-mile delivery deals with retailers. That represents a challenge for traditional delivery services like UPS and FedEx, one analyst says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe range of items you can get delivered from services like DoorDash is getting wider — and that's a challenge for established delivery services like UPS and FedEx. So far this year, DoorDash has struck deals with Lowe's and Pet Supplies and also expanded its partnership with Ulta Beauty.
Persons: , DoorDash, Michaels Organizations: Lowe's, UPS, FedEx, Service, Supplies, Ulta, Dollar, Business
Meanwhile, Redburn Atlantic initiated coverage of DoorDash with a buy rating and a price target implying upside of more than 60%. He also notched down his price target to $29 from $32, indicating 9.4% downside potential from Thursday's close. Analyst Vivek Arya reiterated his buy rating on the Dutch-based chipmaker in a client note on Thursday. He also cut his price target to $1.25 from $6.25, which was 7 cents below Thursday's close price. DASH YTD mountain AAPL year to date — Hakyung Kim 5:33 a.m.: Raymond James raises Apple price target Raymond James is getting more bullish on Apple ahead of earnings.
Persons: Raymond James, Michael Linenberg, Linenberg, Southwest's, — Hakyung Kim, BofA, Vivek Arya, NXP, NXPI, Arya, Davidson, Alexander Perry's, Perry, Morgan Stanley, International Morgan Stanley, Nathan Feather, Feather, Hakyung Kim, James Cordwell, Cordwell, EBITDA, Srini Pajjuri, Fred Imbert Organizations: CNBC, Apple, Southwest Airlines Deutsche Bank, Southwest Airlines, Revenue, NXP, Bank of America, EV, Harley, International, WW International, DoorDash Locations: U.S, China, Thursday's, 2H24
Meme stocks are in the spotlight this week. These so-called meme stocks, which gained popularity through social media platforms like Reddit and X (formerly known as Twitter), have attracted retail investors looking to make a quick profit. Future of meme stocks One analyst, who has previously been bearish on GameStop and tech stocks, said that while fundamentals for the stock have improved, GameStop is still in the "danger zone." 'Danger zone' stocks Here are some other stocks Trainer says is in his "danger zone" list, which also includes his "zombie stocks." He cited its "continuing deterioration" of its fundamentals, including its "unsustainable" expenses and steady cash burn.
Persons: David, Trainer, DoorDash's, Yun Li Organizations: GameStop, AMC, CNBC Pro, AMC Entertainment Holdings, Tilray
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
Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "
Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron
Since the start of the year, the S & P MidCap 400 index and S & P SmallCap 600 index have added 8.2% and 0.2%, respectively. The large-cap S & P 500, meanwhile, has gained roughly 9.5%. March has proved to be a better month for so-called SMID-cap stocks, however, with the S & P MidCap 400 gaining about 4%, while its large-cap counterpart has added 2.4%. To play this trend, he listed several stocks in BMO's SMID-cap universe that the firm rates as outperform. Other top stocks included in BMO's SMID-cap coverage include social media company Snap , discount retailer Ross Stores and electric power and natural gas supplier Constellation Energy .
Persons: Brian Belski, Belski, Piper Sandler, Thomas Champion, Morgan Stanley, Keith Bachman Organizations: BMO Capital Markets, BMO, BMO's, Software, BMO Capital, Ross Stores, Constellation Energy Locations: Tuesday's, Real
On a more positive note, Guggenheim upgraded GSK to buy thanks to strength across multiple product pipelines. Elsewhere, RBC upgraded Lyft to outperform, calling for a major rally ahead. Analyst Brad Erickson upgraded Lyft shares to outperform from sector perform, and raised his price target by $6 to $23, implying roughly 40.7% potential increase. — Pia Singh 6:10 a.m.: DoorDash upgraded by RBC on new partnerships potential, higher order growth RBC Capital Markets upgraded DoorDash to outperform from sector perform. Analyst Seamus Fernandez upgraded shares to buy from neutral and assigned a £20.31 price target, representing 21% upside to GSK's latest close.
Persons: Guggenheim, Wells Fargo, Timur Braziler, Braziler, — Pia Singh, Lyft, Brad Erickson, Erickson, Seamus Fernandez, Fernandez, Citi downgrades Ferrari, Ferrari, Harald Hendrikse, Fred Imbert Organizations: CNBC, Citi, Ferrari, GSK, RBC, Popular, RBC Capital Markets RBC Capital Markets, DASH, Capital Markets, Guggenheim Securities, drugmaker GSK, Guggenheim Locations: Wells Fargo, Puerto Rico, U.S, Wells, Shingrix, Arexvy, Milan
Super Micro Computer , Deckers Outdoor — Shares of Super Micro Computer and Deckers Outdoor jumped 12% and 5%, respectively, after S & P Dow Jones Indices said Friday the two companies would be added to the S & P 500 later this month. They will replace Whirlpool and Zion Bancorp, which will move to the S & P MidCap 400 index as of the March 18 open. Macy's — Macy's stock skyrocketed nearly 17% after Arkhouse Management upped its buyout offer for the department store chain to $24 from $21 a share, or about $6.6 billion. Crypto stocks – Companies whose performance is tied to the price of bitcoin rose in premarket trading after the cryptocurrency touched another two-year high . Spirit AeroSystems , Boeing — Shares of the fuselage maker rose nearly 3%.
Persons: Dow, CleanSpark, AeroSystems, Lyft, Morgan Stanley, Li Auto, Piper Sandler, Brian Mullan, — CNBC's Lisa Han, Fred Imbert, Tanaya, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: Micro Computer, Dow Jones, Whirlpool, Zion Bancorp, Arkhouse Management, Apple, European Commission, Marathon, Iris Energy, RBC, Boeing —, Boeing, Max, , Citi, Li Auto, Li, Mobile
Now's a good time to gain exposure to DoorDash , according to Morgan Stanley. Investors were concerned by DoorDash's larger-than-expected loss per share, as well as whether the company can achieve its forward guidance. DASH 1M mountain DoorDash shares over the last month Despite the pullback, Morgan Stanley is confident in the company's growth runway. "DASH's micro-level execution (growth and profitability) within its highly-competitive verticals is what drives us to Overweight," Nowak wrote in a Thursday note. DoorDash is also expected to reach GAAP profitability in 2024, per Nowak.
Persons: Morgan Stanley, Brian Nowak, Nowak Organizations: DASH's Locations: U.S
SAN FRANCISCO (AP) — DoorDash's revenues and orders exceeded expectations for the fourth quarter, although its net losses failed to shrink as quickly as Wall Street had hoped. The San Francisco delivery company said Thursday that its revenues rose 27% to $2.3 billion in the October-December period, slightly exceeding the $2.25 billion analysts had projected. Total orders rose 23% to 574 million compared to the 561.3 million forecast by Wall Street, according to analysts polled by FactSet. The company's net loss narrowed to $154 million in the quarter, down from $640 million in the year-earlier period. DoorDash shares climbed 5.2% in regular trading but shed those gains and more after hours, falling 10%.
Organizations: FRANCISCO, , FactSet, Associated Press Locations: San Francisco
Frustrated by falling pay and intensifying competition on delivery apps, some gig workers are turning to "bots" — apps and other programs that claim to help them optimize their earnings. AdvertisementBots can "negatively impact other drivers"Using a bot violates the delivery apps' terms for workers, the companies told Business Insider. One called "Spark Ninjas" supposedly captures orders automatically on Walmart's Spark delivery platform. Bots appear to be just one way that some gig workers are improving their earnings. Do you work for a gig delivery app like Instacart, DoorDash, or Walmart Spark and have a story idea to share?
Persons: , I'm, DoorDash, Para, illicitly, Sharell, Barshishat, there's, Spark Organizations: Service, DoorDash, Business, Indiana, Uber, New York Times, Walmart, Nike, Facebook, BI Locations: Indiana, DoorDash, Para, Texas
DoorDash followed through with its claim that delivery orders in New York City would be hit with increased fees. All customers placing orders in New York City will start seeing that fee on Friday in response to new minimum wage rules in the city, a DoorDash spokesperson confirmed to Business Insider. DoorDash warned customers that fees would increase due to these rules. Referring to the Regulatory Response Fee in Seattle, DoorDash said in a statement on January 13 that it helped "cover the costs of these new regulations. AdvertisementUber Eats has added similar fees to orders in New York and Seattle with the advent of those cities' laws.
Persons: DoorDash, Uber, we're, abitter@businessinsider.com Organizations: Business, Seattle, Target, Workers, Walmart Locations: New York, New York City, Seattle, Instacart
Nonetheless, analysts remain focused on the bigger picture and are bullish on stocks that offer attractive long-term growth prospects. Investors can weigh the recommendations of Wall Street's top analysts as they pick out the best names to add to their portfolios. With that in mind, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. The stock generated stellar returns last year due to the robust demand for the company's graphics processing units in generative AI. He thinks that the health-care business features among the top three verticals of the company's data center segment.
Persons: Wall, Brad Erickson, Erickson, TipRanks, Brian Pitz, Pitz, Harlan Sur, Kimberly Powell Organizations: RBC Capital, Web Services, BMO Capital, TAM, Nvidia, JPMorgan, Pharmaceuticals Locations: U.S, Europe, DoorDash's U.S, Sur
When he works for Walmart's Spark Driver delivery app, it happens a few times a week, he told Business Insider. They traced the problem to a Spark policy giving customers up to 24 hours to reduce or take back their tips. DoorDash's app lets customers only increase a tip or add one — lowering a tip requires calling customer service, a company spokesperson told BI. AdvertisementDrivers can wind up making far less than they expected once the 24 hours is up, a Georgia Spark driver told BI. A Spark driver there told BI his area had too many drivers and that tip baiting wasn't a significant problem.
Persons: , Dara Khosrowshahi, Spark, Yeji Jesse Lee, it's, Uber, they've, Brock Dickens, they'd, I've Organizations: Service, Business, Google, Walmart, Drivers, BI, Detroit Locations: Indiana, San Francisco, New York City, DoorDash, Carolina, Georgia, Oregon
But gig delivery companies like DoorDash and Instacart say they don't plan to make any changes. AdvertisementIf you make deliveries as a gig worker, don't expect any changes from a new federal rule — at least, not immediately. But companies that rely on gig workers to make deliveries say they won't need to make any changes. Amazon, which employs gig workers through its Flex delivery arm, did not immediately respond to Business Insider's request for comment. Do you work for Instacart, DoorDash, Walmart Spark, Uber Eats, or another gig delivery service and have a story idea to share?
Persons: , Julie Su, Uber, Loyola University Chicago Professor Peter Norlander, I'm, Norlander Organizations: Service, Department of Labor, Labor, Department, Flex, Loyola University Chicago Professor, Wall Street, Walmart Locations: DoorDash
Cramer's Lighting Round: Buy Boeing
  + stars: | 2023-11-28 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon CRISPR's year-to-date stock performance. Stock Chart Icon Stock chart icon Dell's year-to-date stock performance. Stock Chart Icon Stock chart icon Cencora's year-to-date stock performance. Stock Chart Icon Stock chart icon T-Mobile's year-to-date stock performance. Stock Chart Icon Stock chart icon Boeing's year-to-date stock performance.
Persons: it's, Mike Sievert, Cardinal Health's, Tony Xu, Tony Organizations: Dell, Mobile, Boeing, Cardinal Locations: Cardinal
Last week, DoorDash warned customers that no-tip orders might result in slower food deliveries. Some Dashers, or drivers, said the new prompt was another example of DoorDash asking customers to subsidize driver pay. AdvertisementAdvertisementDoorDash is warning customers who don't tip with a prompt that tells them orders might be slower. Many people said DoorDash, not customers, should pay drivers better wages. In June, DoorDash started sending tip "nudges" to customers, reminding them that they could increase tips for 30 days after a delivery.
Persons: DoorDash, Sergio Avedian, Guy, , Zach Snider, Snider, Dashers, he's, Meredith Sandland, Sandland, Carl Orsbourn, Kim'ssidemoneyplans Organizations: Service, YouTube Locations: Los Angeles, Washington, Jersey, Orange County , California
DoorDash shares jump 16% on guidance, narrowing net loss
  + stars: | 2023-11-02 | by ( Jake Piazza | In | ) www.cnbc.com   time to read: +2 min
DoorDash shares jumped over 16% Thursday, a day after the company beat Wall Street's top- and bottom-line expectations. The company reported $2.2 billion in revenue, ahead of the $2.1 billion analysts were expecting, according to LSEG, formerly known as Refinitiv. It posted a loss per share of 19 cents, beating the consensus expectation of a loss per share of 40 cents. DoorDash reported a net loss of $73 million, an improvement from the $295 million net loss, or a loss of 77 cents per share, it reported in the year-ago quarter. DoorDash also reported 543 million total orders, up 24% year over year from 439 million orders, though that's down from the 27% growth in the year-ago quarter.
Persons: Tony Xu, DoorDash, Wall, Xu, haven't Organizations: DoorDash Inc, Street, Tech, JPMorgan, U.S ., CNBC PRO Locations: Laguna Beach , California, U.S
Gig workers for Instacart, DoorDash, and other apps tend to have their favorite YouTubers. Two gig workers with followings on YouTube told Insider about how they decide what to talk about. Like many gig workers, Sabo started doing gig work full-time in 2020 as demand for delivery shot up. He also sells tools for new gig workers, such as a spreadsheet to help them calculate their earnings. Some gig workers are quitting the industry, citing falling earning potential on many of the apps and slowing demand for delivery.
Persons: , hadn't, DashingTrader, DashingTrade, Mike Sabo, Mike, Sabo, he's, it's, I've Organizations: Instacart, YouTube, Service, DoorDash, Uber Locations: DoorDash, California
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