Lyft, Uber Fall on Court Ruling in Premarket; Nio Soars By

Lyft, Uber Fall on Court Ruling in Premarket; Nio Soars

© Reuters.

By Geoffrey Smith — Stocks in focus in premarket trading on Tuesday. Please refresh for updates. 

  • Uber (NYSE:) stock fell 1.2% and Lyft (NASDAQ:) stock fell 0.9% after the two companies were ordered by a California court to classify their drivers as employees, entitling them to sick pay, paid leave and other benefits. The ruling could significantly increase the companies’ operating costs if not overturned on appeal.
  • Softbank (OTC:) ADRs fell 3.2% as the company’s recovery from last year’s hits fell slightly short of expectations. Masayoshi Son’s investment company swung back to a $12 billion profit, helped by rebounding valuations at its Vision Fund.
  • Nio (NYSE:) ADRs rose 9.3% after the Chinese carmaker cut its loss in the second quarter by 64% from a year ago, despite the challenges of the pandemic. Its basic operating margin on vehicle sales was 9.7%.
  • Deliveries of its ES8 and ES6 models were up 322% in July from a year earlier, as customers flocked back to showrooms in China.
  • Novavax (NASDAQ:) stock fell 4.1% as investors reassessed its position in the race for a Covid-19 vaccine in the wake of Russia’s announcement that it had approved a drug to treat the virus. 
  • Novavax’s earnings after the bell on Thursday had been slightly better than forecast.
  • IAC/Interactive stock fell 4.0% after it announced the acquisition of a 12% stake in MGM Resorts (NYSE:), whose share price is still well below pre-pandemic levels due to the slow recovery of its core business in Las Vegas. MGM Resorts stock, which gained 13.8% on Monday, rose another 5.3% in premarket.
  • Tilray (NASDAQ:) stock fell 10.8%, reversing all of Monday’s gains and more, after posting disappointing earnings after last night’s closing bell.
  • InterContinental Hotels Group (NYSE:) ADRs rose 3.6% after the owner of the Holiday Inn and Intercontinental brands said occupancy rates had risen clearly in July from extremely depressed levels in the second quarter. The recovery was most marked in the U.S. and China.
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