Uber’s bad investment bets are weighing down the company

The ride-share giant posted a surprise loss of $654 million, as it lowered the value of its investments in other companies. (Uber has equity investments in other businesses such as Indian food app Zomato and Chinese ride-hailing app Didi, for example. It lowered the value of that investment portfolio.) “The biggest reason why we moved into a loss is that we've got significant equity stakes in certain companies like Didi and other companies out there ... it has nothing to do with the operating business,” said CEO Dara Khosrowshahi in an interview with CNBC.

Uber also offered up weak a forecast for gross bookings in the second quarter. Adding insult to injury, arch rival Lyft beat expectations on the top and bottom line, sending its shares sharply higher.

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Meta reportedly delays the launch of its new AI model because it’s just not that good

Meta’s AI leaders have “instead discussed temporarily licensing Gemini to power the company’s AI products, though no decisions have been reached,” according to the New York Times.

Luke Kawa7h

Hims & Hers sees surge turn sour in its biggest reversal since the 2025 stock market bottom

Hims & Hers erased gains of more than 5% in early trading to close down more than 7% on Thursday.

It’s the first time the telehealth company saw an intraday gain of 5% or more turn into a loss of 5% or more since April 8, 2025, which marked that year’s bottom for the S&P 500 amid the tariff-induced tumult.

Hims has been on an absolute tear this week after reaching a renewed partnership with Novo Nordisk to sell its weight-loss drugs, a pact that resolves the massive legal overhang that had been plaguing the stock. The momentum continued as Wall Street scrambled to boost its outlook on the shares following this arrangement.

There’s not much in the way of company-specific news to point to: Hims, like many other firms, tanked after the market opened as oil climbed.

Perhaps this is just a consolidation period — the so-called pause that refreshes — or a potential sign that the stock has squeezed all the juice it could out of one catalyst as the overall market wobbles under the weight of high oil prices brought about by the ongoing war in the Middle East.

Tasha Matsumoto

Stocks tumble as Brent crude closes above $100

Investors were plagued by inflation fears amid rising oil prices and ongoing private credit concerns.

Matt Phillips8h

Firefly Aerospace rockets higher as traders snap up calls

Firefly Aerospace shares soared after Wednesday’s successful liftoff of its Alpha rocket for the first time in almost a year was followed by a flurry of call buying in the options market.

Shortly before 3 p.m. ET on Thursday, roughly 36,000 call options on Firefly had changed hands, more than twice the average over the previous 20 days.

The Cedar Park, Texas-based designer and manufacturer of space launch vehicles has lost some serious altitude since its August 2025 IPO. It’s down about 60% since then, even after Thursday’s surge.

Vandenberg rocket launch visible across West Coast. Here's a recap

Luke Kawa

Woe de toilette

Spiking oil prices have investors turning up their noses at fragrance stocks

Estée Lauder and International Flavors & Fragrances are among the worst-performing stocks since the kinetic conflict in the Middle East started.

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