Diamonds and Dogs
Uber (UBER) riding along just fine. The ride-sharing company is up 11% following earnings as revenue rose 72% to $8.3 billion above pre-pandemic levels. Management sees no signs of a slowdown as per rider trips continue to increase even among lower-income customers, assuaging concerns about rising inflation and a potential recession pressuring consumer spending. rice for rides have gotten more expensive and the average driver makes $36/hour.
Amazon (AMZN) no longer a trillion-dollar company. The retailing giant is down 4% reversing earlier gains and falling for a fifth straight day or 20% in those five days following disappointing earnings and lackluster fourth quarter guidance last week. The CEOs for Amazon, Tesla and Facebook have seen their network decline a combined $200 billion this year as their respective stocks continue to decline.
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