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Tag: California

  • Uber Stock (NYSE:UBER) Soars After Securing Prop 22 Win

    Uber Stock (NYSE:UBER) Soars After Securing Prop 22 Win

    Shares of Uber Technologies, Inc. (NYSE:UBER) traded up 10.57% in the pre-market trading session after the company won the most expensive ballot contract in history. California voters have supported the ballot proposal by Uber and its allies.

    The measure is known as ‘Proposition 22’ which addressed the rights of app-based drivers. It was supported by some of the most powerful tech companies and became the most expensive and important campaign in state history. Lyft, Uber, Instacart, Postmates, and DoorDash have invested more than $205 million in the campaign. Some transport companies earlier decided that they would close their services in California if they lost.

    But they all secured the major victory today. After the approval of Proposition 22, app-based drivers are now independent contractors, not employees or agents. This proposition will also address the new wage policies specific to app-based drivers and companies.

    58.35% of Californians have voted in favor of proposition 22, and 41.65% of voters were against the proposition. Transport companies disclosed that this new move will help app-based drivers to choose when and how they work.

    This new initiative helps app-based drivers to provide delivery services through an online application of business. They will be allowed to use a personal vehicle to give prearranged transportation services for compensation via a business’s online-enabled application or platform.

    Uber, Lyft, and DoorDash have invested $30 million into campaign accounts to fund a ballot initiative on August 30, 2019. Opponents of this new proposition said that the new move will exploit the right of the workers. Companies are trying to avoid the employee-related costs that could cost $392 million to Lyft and Uber.

    Uber Technologies, Inc. (NYSE: UBER) shares were trading up 11.97% at $40.05 at the time of writing on Wednesday. Uber Technologies, Inc. (UBER) share price went from a low point around $13.71 to briefly over $41.86 in the past 52 weeks. UBER market cap has remained high, hitting $63.91 Billion at the time of writing.

  • AMC Entertainment (NYSE:AMC) Soars After Announcing Re-Opening Plan

    AMC Entertainment (NYSE:AMC) Soars After Announcing Re-Opening Plan

    Shares of AMC Entertainment Holdings, Inc. (NYSE: AMC) has jumped higher after it has announced its plan to open its theatres by the weekend. AMC will resume operations in California theatre for the first time on Friday, the company disclosed.

    The announcement of positive vaccine developments and decreased new cases has caused an increase in the group in recent weeks. The decision of opening 140 theatres by Saturday, bringing a total of 70% of its movie theatres in the US back into operation.

    AMC Entertainment Holdings shares were trading up 15.98% as it gained +0.97 on Wednesday. It has opened at $7.01 and has a closing price of $7.04. Its share price went from a low point around $1.95 to briefly over $12.13 in the past 52 weeks. It has a day low and high range of $6.46 and $7.71, respectively.

    AMC market cap has remained high, hitting $796.51 million at the time of writing. It has moved up 261.03% from its 52-weeks low and moved down -41.96% from its 52-weeks high. AMC had reported a trading volume of 43.06 million as compared to the average volume of 7.55 million.

    If we look at its profitability, it has a return on assets (ROA) of -22.79%, and return on investment (ROI) of 2.60%. AMC’s Gross Margin is 64.50%, Profit Margin is -75.30%, and an Operating Margin is -64.30%. Continuing to look at its liquidity, it has a current ratio of 0.40. Similarly, its quick ratio is also 0.40.

    The re-opening decision came after Warner Bros. announced the plan to release its oft-delayed Christopher Nolan thriller ‘Tenet’ in U.S. theaters on Thursday.

    As the COVID-19 pandemic continued to rise the movie theatres all around the nations were closed in mid-march. As the cases are decreasing continuously the theatres are now planning to resume operations.