Weekly Download - August 24
Lyft Inc. (Tii:LYFT) and Uber Technologies Inc. (Tii:UBER) received an emergency stay that will allow them to continue operations in California rather than shut down or be forced to reclassify drivers as employees instead of independent contractors. Shares of both companies surged on the news after initially trading lower in anticipation of a shutdown.
Target (Tii:TGT) on Wednesday blew past every forecast on Wall Street for its fiscal second quarter as it attracted millions of new customers online, setting a record for same-store sales that drove profits up by an eye-popping 80.3% to $1.7 billion.
The S&P 500 closed at its highest level ever Tuesday, capping a remarkable rebound fueled by unprecedented government stimulus and optimism among investors about the world’s ability to manage the coronavirus pandemic.
Walmart (Tii:WMT) posted its biggest earnings surprise in 31 years Tuesday as shoppers rushed in to spend their stimulus checks, and online sales nearly doubled during the coronavirus pandemic.
Oracle (Tii:ORCL) has entered the race to acquire TikTok, the popular Chinese-owned short video app that President Donald Trump has vowed to shut down unless it is taken over by a US company by mid-November, people briefed about the matter have said.