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Stock futures remained nearly flat following a significant rally after Donald Trump's election victory, with traders now focused on the Federal Reserve's interest rate decision expected Thursday. The Dow, S&P 500, and Nasdaq all reached new highs, while expectations for future rate cuts have shifted, indicating a potential pause in January. Key earnings reports from companies like Lyft and SolarEdge also influenced market movements in after-hours trading.
Lyft forecasts strong fourth-quarter gross bookings between $4.28 billion and $4.35 billion, exceeding estimates, driven by robust commuter demand as workers return to offices. The company reported a 31.5% revenue surge to $1.52 billion for the quarter ended Sept. 30, surpassing expectations. Lyft's adjusted profit of 29 cents per share also beat estimates, reflecting effective strategies to attract drivers and enhance user engagement.
Lyft Inc. shares surged after the company raised its earnings outlook, indicating success in attracting more commuters. The San Francisco-based ride-hailing service projected fourth-quarter adjusted earnings of up to $105 million, exceeding analysts' expectations of $85 million, and also increased its full-year forecasts for bookings growth and adjusted earnings margin.
Global stock markets are declining due to disappointing earnings from tech giants Microsoft and Meta, alongside pre-election uncertainties. The US economy grew by 2.8% in Q3, missing forecasts, while job openings fell significantly. Key upcoming events include the US presidential election and interest rate decisions from the RBA and FOMC.
Lyft has agreed to pay a $2.1 million fine to settle charges from the U.S. Federal Trade Commission for misleading potential drivers about earnings. The FTC found that Lyft's advertisements exaggerated hourly earnings based on the top 20% of drivers and misrepresented earnings guarantees, leading to numerous complaints. The settlement mandates that Lyft must provide accurate earnings information and clarify the terms of its guarantees moving forward.
Lyft Inc. has agreed to pay $2.1 million to settle a lawsuit from the US Federal Trade Commission, which accused the company of misleading drivers about their potential earnings. The allegations were detailed in a complaint filed in federal court in San Francisco. The settlement reflects Lyft's commitment to resolving the case amicably.
UBS has raised its price target for Lyft Inc. from $12 to $13 while maintaining a "neutral" rating, citing stable market share and usage figures. Despite optimistic signals from Lyft regarding unit growth, UBS remains cautious due to ongoing market challenges.
UBS analyst Stephen Ju has raised Lyft's price target to $13 from $12 while maintaining a Neutral rating ahead of Q3 earnings. The revision is driven by a more favorable currency outlook and steady usage trends, with investors anticipating unit growth in the mid-teens following positive commentary from Lyft at a recent conference.
Lyft, Inc.
Companies
| Symbol | LYFT |
| Name | Lyft, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Francisco |
| Zipcode | 94107 |
| Website | http://www.lyft.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
stock futures steady as traders await federal reserve interest rate decision
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