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Lyft's Hiring As Stock Busts

Lyft's Hiring As Stock Busts

Today is Wednesday, September 28, 2022.

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Lyft's Hiring Amid Stock Slump

Shares of Lyft (Nasdaq: LYFT) ticked down 0.35% in after-hours trading on Tuesday after a report disclosed that the ride-sharing company is freezing all U.S. hiring.

Details: According to the report from the New York Post, the hiring freeze will stay in effect until at least the end of 2022. It will only impact corporate hires and not drivers. Lyft started notifying job candidates about the decision this week.

Quote: “Like many other companies navigating an uncertain economy, we are pausing hiring for all U.S.-based roles through the end of the year.” - Lyft spokeswoman Ashley Adams.

Stock Price: Lyft’s stock is down 68% in 2022, but is only down 3% in the past 30 days.

Final Thoughts: As more stocks plummet, there will likely be other hiring freezes. The hope is that this hiring freeze can improve Lyft’s finances.

Notables

Notable Earnings Today: Paychex (Nasdaq: PAYX), Vail Resorts (NYSE: MTN), D-MARKET Electronic Services & Trading (Nasdaq: HEPS), Concentrix (Nasdaq: CNXC), Cintas (Nasdaq: CTAS), Enerpac Tool Group (NYSE: EPAC), Thor Industries (NYSE: THO), Jefferies (NYSE: JEF), The Duckhorn Portfolio (NYSE; NAPA), Cognyte Software (Nasdaq: CGNT), Isoray (NYSEAMERICAN: ISR), MillerKnoll (Nasdaq: MLKN), Nanobiotix (Nasdaq: NBTX).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Steiner’s Coffee Cake of New York (StartEngine), Fast Penny Spirits (StartEngine), The Maine Market (Mainvest), RimTech by Project Overlord (StartEngine), HyperSciences (StartEngine), Keto5 (StartEngine).

Notable Economic Events Today: Goods Trade Balance (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

BlackBerry’s Cybersecurity Pain

Photo by Markus Spiske / Unsplash

Shares of BlackBerry (NYSE: BB) dropped 2.55% in after-hours trading on Tuesday after the software company posted mixed financial earnings results.

Financials: BlackBerry reported a loss of 5 cents per share and revenue of $168 million; both were better than expected.

The Good: Revenue for the company’s IoT segment increased 28% year-over-year to $51 million, with a gross margin of 82%.

The Bad: Revenue for cybersecurity dropped 8% to $11 million, with a gross margin of 55%.

Stock Price: BlackBerry’s stock is down 45% this year, including 16% in the past 30 days.

Final Thoughts: Given the strong year for the cybersecurity market, it’s amazing that BlackBerry can’t grow its cybersecurity segment.

Bitcoin vs. The U.S. Dollar

The price of Bitcoin went on a wild ride on Tuesday, jumping up from $19,000 to $20,000 before going back to $19,000.

Peaking: The idea of a potential peaking of the U.S. dollar had investors jumping on the Bitcoin bandwagon yesterday. But then the price of the cryptocurrency began to track the public markets, which also slipped on Tuesday.

Final Thoughts: While Bitcoin is down a lot this year, it’s actually outperforming the public markets in the past week.

Trends to Watch

Not the Happiest Place on Earth: Disney, Universal close for Hurricane Ian; Rosen Hotels host evacuees (Orlando Sentinel)

Sunny-Side Up Financials: Cal-Maine Foods Swings to 1Q Profit as Rev Doubles on Higher Prices (MarketWatch)

Un-Bearable: Dow Slips Again After Entering Bear Market (The Wall Street Journal)

Big Change: Crypto exchange FTX is replacing its U.S. president (CNBC)

Jumping the Ark: ARK Invest launches private fund for retail clients with a16z-backed Titan (Yahoo! Finance)