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Uber Technologies Inc. has agreed to pay a gross settlement fee of up to $3 million to settle a lawsuit brought by nearly 2,500 drivers in New York. The suit accuses Uber of subtracting too much money from drivers for taking inefficient routes and customer complaints among other things, according to the proposed settlement filed Monday. Uber did not admit to any of the claims and has denied the allegations. The San Francisco-based company also faced accusations of misleading drivers by saying they could make $5,000 their first month on the job and of a breach of contract due to calculating service fees. The $3 million settlement follows Uber’s agreement to pay more than $80 million to about 96,000 New York drivers after the company admitted to underpaying them for more than two years, albiet inadvertently, Reuters reported. The settlement requires approval from U.S. District Judge Nicholas Garaufis and the lawyers may collect fees of up to one third of the settlement fund, or $990,000.

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Domino’s Pizza Inc. said late Tuesday President and Chief Executive J. Patrick Doyle will leave the company June 30, to be succeeded by Richard Allison, president of Domino’s International.
Doyle has led Domino’s for more than eight years, the company said in a statement. “I will leave Domino’s knowing that it is in great hands,” Doyle said. Russell Weiner, president of Domino’s USA, was promoted to the newly created role of chief operating officer of Domino’s and president of the Americas, Domino’s said. The appointments of Allison and Weiner will be effective as of July 1, the company said. Shares of Domino’s fell 1.8% in late trading after ending the regular session up 1.5%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 11.2 million barrels for the week ended Jan. 5, according to sources. The API data showed a rise of 4.3 million barrels in gasoline stockpiles, while inventories of distillates climbed by 4.7 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.5 million barrels for crude inventories. They also forecast a rise of 2.3 million barrels for gasoline and an increase of 2.1 million barrels for distillate supplies. February crude was at $63.26 a barrel in electronic trading, up from the settlement of $62.96 on the New York Mercantile Exchange.

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From:: Stock Market News

Shares of WD-40 Co. rose more than 5% late Tuesday after the company reported better-than-expected fiscal first-quarter earnings and sales. WD-40 said it earned $12.6 million, or 90 cents a share, in the quarter, compared with 82 cents a share in the year-ago period. WD-40 said its total net sales reached $97.6 million, up 9% from $89.2 million a year ago. Analysts polled by FactSet had expected earnings of 83 cents a share on sales of $93 million. WD-40 also increased its guidance for fiscal 2018, saying it expects sales growth between 4% and 6% and net sales between $396 million and $403 million for the year. It projected per-share earnings between $3.91 and $3.98. The analysts surveyed by FactSet expect per-share earnings of $3.85 on sales of $398 million for fiscal 2018. Shares ended the regular session down 0.9%.

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Steve Bannon is stepping down from his position as executive chairman of Breitbart News, the New York Times reported Tuesday. The Times says Bannon’s departure was forced by his onetime financial patron Rebekah Mercer. It follows criticism by President Donald Trump over comments attributed to Bannon in Michael Wolff’s book “Fire and Fury.”

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Steve Bannon is stepping down from his position as executive chairman of Breitbart News, the New York Times reported Tuesday. The Times says Bannon’s departure was forced by his onetime financial patron Rebekah Mercer. It follows criticism by President Donald Trump over comments attributed to Bannon in Michael Wolff’s book “Fire and Fury.”

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Lands’ End Inc. said Monday that it has a new store concept that will launch in Chicago this year with plans to open four-to-six other locations. Over the next five years, the company will open between 40 and 60 stores. Lands’ End has about 180 locations in Sears Holdings Corp. stores, according Jerome Squire Griffith, Lands’ End chief executive, in a FactSet transcript of his presentation at the ICR Conference. “As you know, the Sears store group is continuing to close stores and our numbers continue to go down,” he said. We will not be really relying on Sears in the future for growth for us.” Sears announced 100 store closures, including Kmart, last week. “[I]t’s our expectation that our Sears business at a point in time will go away and that we’ll be talking directly to the consumer through out own stores.” Besides stores, Lands’ End plans to extend its reach through a partnership with The Weather Channel. “The Weather Channel has a core consumer attribute that is exactly the same as Lands’ End with many more customers than what we have,” said Griffith. Finally, Lands’ End Outfitters, the company’s uniform arm which generates about two-thirds of its business, according to Griffith, has a new customer, Delta Air Lines Inc. , which is also the company’s biggest client. Lands’ End shares are up nearly 2% in Tuesday trading, and up 47.7% for the last three months. The S&P 500 index is up 8.4% for the past three months.

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Oil climbed Tuesday, with futures prices settling near $63 a barrel for their highest finish since December 2014. Expectations that the Energy Information Administration on Wednesday will report an eighth straight weekly decline in U.S. crude inventories and concerns that unrest and possible sanctions will hurt Iranian crude production contributed to the price gains. February West Texas Intermediate crude rose $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News