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  • Business
    Reuters

    Oil gains for 3rd day on Kurdish supply concerns, easing banking fears

    Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased. West Texas Intermediate U.S. crude climbed 59 cents, or 0.8%, to $73.79 a barrel. "Worries over reduced supply from Iraq's Kurdistan region and a relief in financial markets worried about the banking sector turmoil continued to boost investors' risk appetite," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

  • Business
    TechCrunch

    The market has changed, but super-voting shares are here to stay, says Mr. IPO

    Yesterday, the ride-sharing company Lyft said its two co-founders, John Zimmer and Logan Green, are stepping down from managing the company’s day-to-day operations, though they are retaining their board seats. As with so many founders who’ve used multi-class voting structures in recent years to cement their control, their original awards were fairly generous. When Lyft went public in 2019, its dual-class share structure provided Green and Zimmer with super-voting shares that entitled them to 20 votes per share in perpetuity, meaning not just for life but also for a period of nine to 18 months after the passing of the last living co-founder, during which time a trustee would retain control.

  • Business
    Reuters

    Surging egg prices send Cal-Maine's profit, shares higher

    After the bell, the Jackson, Mississippi-based company - the only major publicly-traded egg producer - reported net sales of $997.5 million for its fiscal quarter ending in February, up 109% year over year. Cal-Maine, which controls about 20% of the U.S. egg market, Cal reported net income of $323.2 million, a seven-fold rise from the same quarter last year. Cal-Maine said there were no positive tests for bird flu at any its egg production facilities.