Lyft surges after beating earnings estimates and boosting stock buybacks

Lyft is trading up 20% after posting first-quarter earnings yesterday that beat analyst estimates, netting a record number of bookings and boosting its share buyback plan to $750 million thanks to “financial strength.” The company saw strong growth in smaller, car-centric markets like Indianapolis and Charlotte, where rides grew more than 30% year over year. It’s also expanding internationally in Canada and Europe with its FreeNow acquisition.

The ride-hailing company posted revenue of $1.45 billion, up 14% from a year earlier, and net income of $0.01 per share, up from a loss of $0.08 a year ago.

In Q2, the company is forecasting ride growth in the mid-teens and gross bookings between $4.41 billion and $4.57 billion, with a midpoint slightly higher than analysts had anticipated.

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Max Knoblauch10h

Ford dips as another large fire breaks out at the New York Novelis aluminum plant

Shares of US auto giant Ford are down more than 2% on Thursday morning following reports of another major fire at its primary aluminum supplier’s plant in Oswego County, New York.

Local media reported that a four-alarm fire broke out at the Novelis plant, which supplies 40% of the aluminum sheet for the US auto industry, on Thursday morning.

Last month, Ford said a September fire at the plant would hit its earnings by between $1.5 billion and $2 billion in the fourth quarter. The company said it would be able to mitigate about $1 billion of that next year.

As of 10:15 a.m. ET, local officials said the fire is under control and everyone had been safely evacuated. Novelis previously said it would be able to restart operations at the part of the plant most damaged by the September fire next month.

Large fire reported again at Novelis aluminum plant in Oswego County

Max Knoblauch

10h

Nvidia’s gaming division underwhelmed Wall Street: It’s still bringing in about as much money as Dr Pepper

It wasn’t too long ago that Nvidia’s gaming division was its primary money maker.

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Archer Aviation strikes deal to supply electric propulsion system to Anduril, bolstering its path to revenue

Archer Aviation announced its new agreement with Anduril after the market closed on Monday.

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US CEO departures are at their highest level in decades

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Ford partners with Amazon to sell its used vehicles online

Beginning today, many Amazon shoppers can add a pre-owned Ford to cart.

The partnership, announced by the two companies on Monday, will begin in Los Angeles, Dallas, and Seattle, with plans to expand.

According to Ford, every vehicle sold through Amazon will have been “inspected, reconditioned, and comes with a Ford warranty, Ford Rewards points, and in some cases, a money-back guarantee.”

Shares of used car retailers Carvana and CarMax dipped in early trading on the news. Similar patterns occurred when Amazon Autos announced a partnership with Hyundai late last year, and another with rental giant Hertz in August.

You can now buy pre-owned Ford vehicles on Amazon

According to Ford, every vehicle sold through Amazon will have been “inspected, reconditioned, and comes with a Ford warranty, Ford Rewards points, and in some cases, a money-back guarantee.”

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