|Day's range||0.5100 - 0.5100|
A federal judge in Manhattan on Thursday said Grubhub, Uber Eats and Postmates cannot force diners who have used their platforms into binding arbitration over claims they conspired to drive up prices for restaurant meals during the COVID-19 pandemic. The lawsuit accused the meal delivery companies of entering illegal agreements that prevented restaurants using their platforms from selling meals directly to consumers at lower prices. Diners said this forced them to pay artificially high prices for meals they ordered elsewhere.
When Uber was fighting Didi to become the dominant ride-hailing app in China in 2016, its drivers reported receiving a text message that drove home just how cut-throat competition in the country could be. The message appeared to come from Uber’s China headquarters. The recipients were told that Uber China was shutting down and not to expect payment.
Shares of the ride-hailing company Uber Technologies (NYSE: UBER) were sliding today despite an analyst maintaining his buy rating on the stock and raising his price target for Uber's shares. The drop comes a day after a California appeals court ruled that Uber drivers can be classified as independent contractors and not employees. Investors jumped on the stock yesterday on that news, but they may be pulling back today as they weigh the broader sentiment in the stock market.