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Uber on Friday asked for permission to appeal to the U.K. Supreme Court in a workers’ rights dispute, according to multiple media reports. The ride-hailing company is trying to reverse a recent U.K. appeals court decision that gives Uber drivers the right to be paid the national minimum wage and other benefits.
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The euro rallied past the $1.19 mark on Friday, breaking that level viewed as psychologically significant for the first time since late September. The common currency has been gaining momentum all week thanks to supportive economic data, underlined on Friday by better-than-expected German Ifo indicators. The Ifo indexes are a closely watched measure of business sentiment in the eurozone’s largest economy. One euro last bought $1.1918, compared with $1.1850 late Thursday.
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A pair of surveys of American companies shows that businesses grew in November at the slowest pace in four months, according to IHS Markit. The firm’s flash manufacturing PMI dipped to 53.8 this month from 54.6. And the flash services PMI fell to 54.3 from 54.6. Still, any number above 50% indicates more companies are growing instead of shrinking. “US businesses reported another month of solid growth in November, putting the economy on course for a reasonable, though by no means stellar, fourth quarter,” said Chris Williamson, chief economist at IHS Markit. “Current PMI readings are broadly consistent with GDP growing at an annualised rate of just over 2%.”
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Tesla Inc. said over the Thanksgiving break that the base price of its new semi-autonomous electric Semi big rig with a 500-mile range, which was unveiled last week, will start at $180,000. The 300-mile version will start at $150,000. The expected Founders series price is $200,000. Production of the highly-anticipated Semi is expected to begin in 2019, which a base reservation cost of $20,000. Retail giant Wal-Mart Stores Inc. and trucking company J.B. Hunt Transport Services Inc. have said they have preordered the Semi. Tesla’s stock slipped 0.1% in morning trade. It has eased 0.9% in the week since unveiling the Semi, while the S&P 500 has gained 0.9%.
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U.S. stock indexes opened slightly higher, trading at or near record territory, in what will be an abbreviated trading session, as investors focused on retailers on Black Friday. The Dow Jones Industrial Average rose 37 points, or 0.2%, at 23,566, the S&P 500 index climbed 0.2% at 2,602, touching an all-time high in intraday record at 2,602.25. Meanwhile, the Nasdaq Composite Index rose 9 points, or 0.1%, at 6,876, setting an intraday record at 6,879.25. U.S. equity markets will close at 1 p.m. Eastern, while the bond market will finish up at 2 p.m., the day after Thanksgiving was observed. In corporate news, shares of Wal-Mart , up 0.5%, and Macy’s Inc. stock, up 2.4%, benefiting from bullish bets as investors wagered on strong buying ahead of the holiday season.
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Shares of Nutanix Inc. surged 1.9% in premarket trade Friday, putting them on track to open at a 9-month high, after RBC Capital raised its price target ahead of what is expected to be “solid” fiscal first-quarter results due out next week. Analyst Matthew Hedberg raised his target to $37 frmo $37, which is 29% above Wednesday’s closing price, from $34. He’s had a outperform rating on the stock since he started covering it Oct. 25, 2016, about a month after the company went public. “Sentiment around the stock has improved since last quarter, but we still think expectations and valuation remain reasonable as we look for the opportunity around the pivot to software to be outlined and understood by investors,” Hedberg wrote in a note to clients. Nutanix is scheduled to report quarterly results after the Nov. 30 close, with analysts surveyed by FactSet expected to report a per-share loss that narrows to 26 cents from 37 cents a year ago, and revenue that rises to $266.9 million from $166.8 million. The stock has soared 55.5% over the past three months, while the S&P 500 has rallied 6.5%.
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Shares of Beijing-based RYB Education Inc. plummeted 37% toward a new low in active premarket trade Friday, after the childhood education services provider said police started an investigation over allegations of “improper conduct” toward children enrolled in an RYB-operated kindergarten in Beijing. Trading volume topped 960,000 shares about 90 minutes before the open, which is already more than double the full-day average. RYB said it was cooperating with the investigation, and have suspended the staff who were allegedly involved. The company said the investigation has not yet been concluded. Separately, RYB authorized a stock repurchase program to buy back $50 million worth of U.S.-listed shares over the next 12 months. RYB’s stock went public Sept. 27 at an IPO price of $18.50. The stock has gained 3.1% from where it closed on its first day through Wednesday, while the S&P 500 has gained 3.6%.
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Lyft is raising up to another $500 million in funding, according to documents filed Tuesday and first reported by Axios. The effort comes a month after the San Francisco-based ride-hailing company announced a $1 billion funding round led by Google parent Alphabet Inc.’s CapitalG. The additional $500 million would be an extension of that round, according to a share authorization filing in Delaware.
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U.S. Attorney General Jeff Sessions on Wednesday called for a review of how criminal background checks are run for firearms owners. Regarding the National Instant Criminal Background Check System, Sessions said in a memo he is directing the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives to work with the Department of Defense to identify and resolve reporting of convictions of military personnel and other areas where reporting may be lacking. “The recent tragedy in Sutherland Springs, Texas has revealed that the U.S. Air Force and other military branches may not be fully reporting relevant information to NICS,” Sessions wrote in the memo. Earlier in the month, a shooter who had been court-martialed and discharged from the U.S. Air Force killed 26 in Sutherland Springs.
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Billionaire Peter Thiel may be looking to buy Gawker.com, the website he helped shut down last year. On Wednesday, Thiel’s lawyers objected to the shuttered news site’s bankruptcy sale process, claiming he has been unfairly excluded from bidding on Gawker.com’s assets, Buzzfeed reported. Those assets include the site itself, along with its article archives. If Thiel were to buy Gawker.com, he could do whatever he chooses with the archives, including deleting them. Last year, the site’s parent company, Gawker Media, declared bankruptcy and sold most of its assets to Univision Communications Inc. after it was unable to pay a $140 million verdict in an invasion-of-privacy case involving Hulk Hogan. It was revealed that Thiel bankrolled Hogan’s legal case, apparently motivated by a 2007 Gawker story about Thiel’s sexuality. A spokesperson for Thiel would not tell Buzzfeed whether Thiel was interested in buying Gawker.com.
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