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Ride-sharing stocks a rare bright spot in otherwise weak day for tech

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A sign marks a rendezvous location for Lyft and Uber users at San Diego State University in San Diego, California, May 13, 2020.

Mike Blake | Reuters

Ride-sharing stocks closed Wednesday as a rare bright spot for tech stocks in an otherwise weak day for the sector that’s seen strong growth in the past year.

Shares of Lyft closed up more than 8% as investors rallied around the company after it said it’s seeing rideshare recovery sooner than expected.

Lyft’s recovery also brought optimism to Uber shares, which closed up 2.6%. It comes despite CEO Dara Khosrowshahi’s cautious comments Monday at the Morgan Stanley Tech conference, saying he expects its mobility business to see some signs of…



Source cnbc.com

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