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Today is Friday, August 23, 2024.

The Early Bird Index today is 72.10.

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Uber's Autonomous Vehicles 🚗

Uber Technologies (NYSE: UBER) ticked down 1.51% in after-hours trading on Thursday after announcing a partnership with Cruise, the self-driving car company from General Motors (NYSE: GM).

Details: The plans call for Uber to bring Cruise to its platform next year with a dedicated number of Chevy Bolt-based autonomous vehicles. Uber riders will have the option to have their trip fulfilled by a Cruise autonomous car if one is nearby.

Background: Uber previously partnered with Waymo, the self-driving car company owned by Google parent Alphabet (Nasdaq: GOOGL). Meanwhile, Tesla (Nasdaq: TSLA) plans to unveil a prototype of a robotaxi in October.

Early Bird’s Nest Egg Gains: Uber is lagging behind some of its major competitors in self-driving car technology. Most competitors have logged significantly more autonomous miles driven than Uber. The company now appears to be taking more of a partnership approach rather than developing the technology entirely in-house.

Final Thoughts: Despite the self-driving weakness, Uber is up 25% this year.

Notables

Notable Earnings Today: Hafnia (NYSE: HAFN).

Notable IPOs Today: WORK Medical Technology Group LTD Ordinary Shares (Nasdaq: WOK), Reitar Logtech Holdings Limited Ordinary shares (Nasdaq: RITR), Black Spade Acquisition II Co Unit (Nasdaq: BSIIU).

Notable Equity Crowdfunding Campaigns Ending Today: Kazark (Netcapital), GIGA (Netcapital), Cafe Guarani (Honeycomb).

Notable Economic Events Today: Fed Chair Powell Speaks at Jackson Hole Retreat (10:00 a.m. ET), New Home Sales (10:00 a.m. ET).

CAVA’s Grilled Steak Offering

Fast-casual restaurant chain CAVA Group (NYSE: CAVA) produced strong financial results on Thursday, sending shares up 9.04% in after-hours trading.

Financials: CAVA reported earnings of 17 cents per share in the past quarter and revenue of $231.4 million; both were better than expected.

Powering the Story: Same-restaurant sales grew 14.4% and traffic increased by 9.5%, helping CAVA reach a restaurant-level profit margin of 26.5%.

Quote: “Grilled steak is significantly outperforming our expectations and giving guests another reason to visit CAVA and come back more often.” - Brett Schulman, Co-Founder and CEO.

Final Thoughts: CAVA’s new grilled steak offering seems to be pulling in traffic. The stock is up 149% (wow!) this year.

Workday’s New Equifax Partnership

The enterprise app Workday (Nasdaq: WDAY) jumped 11.07% in after-hours trading on Thursday after posting good financial earnings results and announcing a partnership.

Financials: Workday reported earnings of $1.75 per share in the past quarter and revenue of $2.085 billion; both were better than expected.

Powering the Story: The company also announced a new partnership with Equifax (NYSE: EFX) to help customers with employment and income verification.

Final Thoughts: Workday, down 13% this year, needs to turn things around.

Trends to Watch

Soaking up the Sun: Memecoin Frenzy Reaches Tron as Justin Sun-Backed SunPump Rakes in Big Bucks (CoinDesk)

More Crypto Products: Grayscale launches investment fund for AVAX token (Cointelegraph)

Accusations: Skydance Demands That Paramount Stop Negotiating With Edgar Bronfman (Wall Street Journal)

No Pressure, Jerome: Here’s everything to expect from Fed Chair Powell’s speech Friday in Jackson Hole (CNBC)

Boost Time: New coronavirus vaccines are now approved. Here’s what to know. (Washington Post)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}