Hot Stocks: UBER deal with NYC taxis; BofA bullish on LOGI; WE rises; LICY short report
Posted On March 24, 2022
Uber (NYSE:UBER) received substantial attention in Thursday’s midday trading, rising on news that the company has scored a major partnership to add New York taxis to its app.
In other news, Logitech (LOGI) was another midday winner, boosted by an optimistic analyst comment. WeWork (WE) showed strength as well, gaining ground as its CEO accumulated company shares.
On the other side of the spectrum, Li-Cycle (LICY) represented a notable decliner in intraday action. Shares sank following a short report.
Uber (UBER) advanced 5% in midday trading following an announcement that New York taxis will join its ride-hailing app later this year. According to the Wall Street Journal, cabs regulated by NYC’s Taxi and Limousine Commission will become integrated into UBER’s system this spring.
Under the partnership, UBER will add about 14,000 New York taxis to its app.
Shares of electronics peripherals company Logitech (LOGI) also showed intraday strength, rising by nearly 7% on a bullish analyst comment. Bank of America initiated coverage of the stock with a Buy rating, praising the firm’s management as having a “strong track record of execution.”
BofA also set a price target for LOGI at $107, implying a 40% upside from current levels.
Elsewhere in the market, WeWork (WE) got a boost on news that its CEO has purchased additional stock in the shared workspace company. WE climbed 10% after CEO Sandeep Mathrani purchased 30K shares of common stock at a price of $6.55.
The release of a short report sparked selling in Li-Cycle (LICY). Blue Orca released a scathing note on the battery recycling company, calling it a “broken business hemorrhaging cash.”
Hurt by the negative attention, LICY posted a midday decline of 8%.
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