Stock Market Winners & Losers: Stocks Rally for a 2nd Straight Day | Uber Profits as Consumers’ Habits Prove Sticky | Pitbull Stadium - Colleges Selling Naming Rights
Stocks rose as Wall Street ended a three-day losing streak, with investors aiming to recover earlier losses. Notable gains were seen in Nvidia, Meta Platforms, and Advanced Micro Devices, each climbing over 2%. Disney reported strong earnings and revenue, but its U.S. theme parks faced challenges from lower consumer demand and inflation. Despite these challenges, consumers continue to pay a premium for gig-economy services.
Uber's shares jumped 11% after posting a $1 billion quarterly profit. The company's app transactions increased by nearly 20% year-over-year, with revenue up 16%. Uber anticipates transactions exceeding $40 billion this quarter, and its nascent advertising business is expected to surpass $1 billion. However, the era of cheap rides and deliveries is ending as gig companies raise prices, with Uber seeing double-digit bookings growth last quarter.
In other news, Pitbull has secured naming rights for a stadium at Florida International University for $1.2 million annually, or $6 million over five years. The deal includes a Pitbull-produced anthem for the school, 12 social media posts per year, and 10 annual uses of the stadium. Pitbull's vodka company, Voli 305, will be the stadium's preferred distributor. Meanwhile, the NCAA's recent decision allows schools to sell corporate ads on football fields for regular-season games, signaling a shift toward increased branding in college sports.
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