FTC Sues Uber Over Alleged Uber One Deceptive Practices

The Federal Trade Commission is suing Uber for allegedly charging consumers for its subscription service Uber One without consent and making it difficult to cancel, according to a lawsuit filed Monday.
LOS ANGELES, CALIFORNIA: Uber rideshare vehicles are lined up to pick up passengers at Los Angeles ... More International Airport (LAX) on February 8, 2023 in Los Angeles, California. (Photo by)
Uber did not immediately respond to a request for comment from Forbes.
This is a developing story and will be updated.

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The Saturday Spread: Statistical Signals Flash Green for CMG, TMUS and VALE

Here's a question you may have wondered about: if meteorologists frequently provide five-day weather forecasts, how come market analysts (within reason) don't do the same for the equities sector? Granted, human behavior can be irrational at times and black swan events by nature are unpredictable. However, on the whole, humans generally think in predictable manners. At first glance, the problem should be easy to address. When forecasting weather, meteorologists utilize ensemble models, historical simulations and probability distributions. By converting the applications toward the equities space, market analysts can assess the three main factors that meteorologists use for the weather: How to Make a 2.0% Yield with UBER Over the Next Month This Week's Market Momentum: 3 Exceptionally Active Options The Saturday Spread: Statistical Signals Flash Green for CMG, TMUS and VALE Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Define what event they're modeling for Determine when said event might occur. Calculate how likely the event will materialize based on past analogs. Unfortunately, both fundamental and technical analysis runs into a major structural wall when addressing past analogs. In both cases, the measurement metric is non-stationary; that is, the metric changes (often wildly) across time and context. For example, the share price for a hot growth stock may be vastly different from what it was ten years ago and the same can be said about its valuation ratio. With such discrepancies, past analogs are effectively impossible to calculate — unless you impose stationarity on the target dataset. This is the core reason why I've been focused on market breadth, which are sequences of accumulative and distributive sessions. Market breadth is a representation of demand and demand is a binary construct — it's either happening or it's not. As such, it's easily categorizable and quantifiable, thus facilitating probabilistic analysis. Just as importantly, market breadth sequences are falsifiable. Anyone can peer review my work and arrive at the same conclusions. The same cannot be said for certain methodologies, such as interpretive chart patterns in technical analysis. Because of the falsifiability of demand profiles, I'm able to filter out statistically intriguing ideas among hundreds of stocks. Below are three names to watch closely this week. With the closing bell on Friday, Chipotle Mexican Grill (CMG) ended the session up nearly 2%. For the week, the security gained just under 5%, potentially reflecting a sentiment shift. It would be a welcome change of pace. Since the beginning of the year, CMG stock has dropped 12.47%. However, the most intriguing development in my opinion is CMG's quantitative signal. In the past two months, the security printed a 4-6-U sequence: four up weeks, six down weeks, with a net positive trajectory across the 10-week period. This is a rare pattern, materializing only 27 times over the trailing decade. And in 66.67% of cases, the following week's price action results in upside, with a median return of 3.05%. Two circumstances shine a bright light on the above setup. First, CMG stock seems to respond well to positive momentum. While the balance of distributive sessions was greater in the past 10 weeks, the overall trajectory was still northward — and that generally tends to be a bullish sign. Second, as a baseline, the chance that CMG stock will be profitable over any given week is 51.47%. Therefore, long-side speculators are incentivized to consider a debit-based strategy. Aggressive traders may consider the 53/55 bull call spread expiring July 11. Using data from Barchart Premier, the call spread screener effectively identifies the 53/55 spread as arguably the most compelling idea from a risk-reward standpoint. Traders can lower the probabilistic risk to the 51/54 spread; however, doing so dramatically lowers the payout. Right now, T-Mobile US (TMUS) stands at an awkward juncture. TMUS stock started the year auspiciously, at one point gaining about 24% on a year-to-date basis. Since early March, however, the security hasn't looked appetizing, losing roughly 19% of equity value. Still, a quantitative signal suggests that a reversal may be in order. In the past two months, TMUS stock printed a 4-6-D sequence: four up weeks, six down weeks, with a net negative trajectory across the 10-week period. At first glance, the balance of distributive sessions outnumbering accumulative may not seem like a good sign. Nevertheless, in 62% of cases, the following week's price action results in upside, with a median return of 2.48%. On Friday, TMUS stock closed at $221.52. If the implications of the aforementioned sequence pan out as projected, the equity could reach over $227 quite quickly. Should the bulls maintain control of the market, they could drive the price above the $230 level over the next few weeks based on past empirical analogs. Those interested in taking a shot may consider the 220/230 bull call spread expiring July 18. This trade gives you about four weeks for the above thesis to pan out. If TMUS stock rises through the short strike price ($230) at expiration, the maximum payout for this trade clocks in at over 105%. As a metals and mining company, Vale (VALE) commands significant relevance. At the same time, global economic uncertainty — exacerbated by ideological paradigm shifts and now a geopolitical crisis — fundamentally clouds the narrative. On the technical front, VALE stock has gained just over 2% YTD, with the security struggling for traction since early April. Still, those who understand the ebb and flow of the financial markets may be enticed with the mining enterprise. Quantitatively, in the past two months, VALE stock has printed a 3-7-D sequence: three up weeks, seven down weeks, with a negative trajectory across the period. Ordinarily, the balance of distributive sessions grossly outweighing accumulative is a cause for concern. For VALE, it's an invitation to put it on one's radar. In 60.47% of cases when the 3-7-D sequence flashes, the following week's price action results in upside, with a median return of 2.79%. What makes this setup all the more enticing is that, as a baseline, the chance that a long position in VALE stock will rise over any given week is only 49.91%. Statistically, VALE suffers from a slight negative bias. However, the aforementioned sequence tilts the odds in favor of the bullish speculator. Further, should the bulls maintain control, VALE could move toward the $9.50 level over the next few weeks. With the market intelligence above, traders may consider the 9.00/9.50 bull call spread expiring July 11. While there are certainly call spreads with far bigger payouts, the 9.00/9.50 is arguably the most realistic transaction. On the date of publication, Josh Enomoto did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 登入存取你的投資組合

Engadget

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NYC proposes 5 percent raise for rideshare drivers in a bid to appease Uber and Lyft

New York City's Taxi and Limousine Commission (TLC) have settled on new minimum-wage rules for rideshare drivers, Bloomberg reports. Drivers will receive a five percent raise under the new proposal, a compromise to keep Uber and Lyft from locking drivers out of their apps. The proposal needs to be voted on by the TLC's board of commissioners before it goes into effect, but assuming it does, it'll end months of uncertainty for drivers working in the city. Uber began sporadically locking drivers out of its app in May 2024, preventing them taking rides and earning money. The company was blocking access to its app to avoid having to pay drivers who were working but not actively taking rides. Besides introducing a minimum wage for drivers that started around $18 per hour in 2022, New York also included stipulations in its law that required drivers be paid for the downtime between rides, something Uber and Lyft naturally had a problem with. Bloomberg writes that the TLC initially proposed a 6.1 percent raise in an attempt to disincentivize Uber and Lyft from locking drivers out. The proposal would adjust how driver pay is calculated, in exchange for an upfront raise and a guarantee that drivers are warned before they lose access to a rideshare app. Settling on a five percent raise and a commitment to not raise wages yearly and instead based "changing industry dynamics," is a further capitulation. One that's still not enough for Lyft, apparently. The company told Bloomberg that, "while these changes are a step in the right direction, we still have concerns that the underlying pay formula will still deprive drivers of earning opportunities, drive up prices for riders and reduce ride availability." Uber and Lyft have long had a contentious relationship with city and state governments over driver protections. In comparison to the passing of Prop 22 in California, which reclassified gig workers as contractors after another law did the opposite, even a diminished minimum wage law in New York is better than nothing.

Yahoo

21 hours ago

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Why Wedbush Says Tesla's Market Cap Could Be on Road to $2T After This Weekend

Tesla could be on the path to doubling its market cap by the end of next year, according to Wedbush analysts led by Dan Ives. The EV maker is scheduled to launch its robotaxi service this weekend, with 10 to 20 vehicles operating autonomously on the streets of Austin, Texas. The stock has recovered most of the ground it lost as CEO Elon Musk and President Donald Trump traded insults online earlier this (TSLA) market capitalization, currently hovering just over $1 trillion, could start down the road to doubling in value by the end of 2026 if its robotaxi launch goes well this weekend, Wedbush analysts led by Dan Ives wrote Friday. Keeping their "outperform" rating and Street-high $500 price target, Ives and his colleagues wrote Friday that they "believe the march to a $2 trillion valuation for TSLA over the next 12 to 18 months has now begun in our view with [Full Self-Driving] and autonomous penetration of Tesla's installed base and the acceleration of Cybercab in the US representing the golden goose." Tesla CEO Elon Musk said last week that the company was tentatively targeting a June 22 launch for its robotaxi program in Austin, Texas. The analysts said invites have been sent out "giving selected Tesla users permission to use the Model Y Robotaxi service starting on Sunday." Musk has said the plan is to start with 10 to 20 Model Y vehicles carrying paying passengers fully autonomously around a specific, "geo-fenced" area of Austin. Tesla plans to eventually expand to more vehicles in several other cities, and allow Tesla owners to add their vehicle to an Uber (UBER)-like fleet, and start producing the Cybercab with no steering wheel or pedals next year. Also Friday, Tesla announced on Chinese social media service Weibo that it has signed an agreement to build its first grid-scale battery power plant in China. Bullish analysts have been eager to shift focus for Tesla stock to the robotaxi launch and away from Musk's public split with President Donald Trump earlier this month, while more bearish analysts have said the feud could complicate the company's regulatory path. Earlier this week, a group of Texas lawmakers sent Tesla a letter asking the EV maker to pause its robotaxi launch until a new version of its autonomous vehicle regulations go into effect at the start of September. Tesla shares rose less than 1% in recent trading to about $324. They are down about 20% on the year, but have recovered most of the ground lost as Musk and Trump traded online barbs earlier this month. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data