MOZCO Mateusz Szymanski
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Uber pays $178 million to settle lawsuit brought by Australian taxi drivers. (00:27) SpaceX (SPACE) announced that it is building a network of spy satellites for the US space-based intelligence agency. (01:24) LinkedIn (MSFT) ups the game within its platform. (02:15)
This is a summary transcript of the podcast.
Uber (NYSE:UBER) has agreed to pay A$271.8 million ($178.4 million) to settle a lawsuit brought by Australian drivers and taxi operators. They claimed that Uber suffered losses after entering the market in 2012.
The class action lawsuit was launched in 2019 by attorney Maurice Blackburn, who represents more than 8,000 taxi and rental car owners and drivers.
“UBER blinked and thousands of Australians every day came together to stare down a global giant,” said Michael Donnelly, lead lawyer at the law firm.
Uber said ride-sharing laws didn't exist when the company was founded more than a decade ago. “Since 2018, Uber has made significant contributions to various state-level taxi compensation schemes, but with the proposed settlement[in Australia]we are putting these legacy issues behind us.”
This settlement is the fifth largest class action settlement in Australia.
Elon Musk's SpaceX (SPACE) is building a network of hundreds of spy satellites under secret contracts with U.S. government agencies that handle space-based intelligence.
The contract is for a powerful new spy system with hundreds of satellites with Earth imaging capabilities that can operate as a swarm in low orbit.
The network will be developed by SpaceX under a $1.8 billion contract signed in 2021 with the U.S. National Reconnaissance Office (NRO), Reuters reported, citing five people familiar with the project. It is said to be built by the Starshield division of.
NRO is an agency that operates space-based surveillance and reconnaissance systems to collect and provide intelligence.
SpaceX (SPACE) and NRO did not immediately respond to Seeking Alpha's requests for comment.
The LinkedIn experience is expected to improve significantly as the company plans to introduce puzzle-based games within the platform.
A company spokesperson told Seeking Alpha that the goal is to “unleash a little fun, deepen relationships, and hopefully create opportunities for conversation.”
The news about LinkedIn comes after an app researcher shared an image showing the company's plans for X. Researchers say one of his ideas includes a plan to organize player scores based on the user's location.
However, a spokesperson for the social media platform told TechCrunch, which first reported the news, that the image shared was inaccurate.
With over 900 million users, LinkedIn is another avenue for Microsoft (MSFT) to grow its gaming business. In the second quarter, MSFT reported $7.1 billion in revenue from its gaming division. This accounted for more than a tenth of sales and exceeded Windows revenue for the first time.
Other notable articles on Seeking Alpha:
This week's earnings: FedEx, Nike, XPeng, Tencent, General Mills, and more
How does Magnificent 7's valuation stack up compared to the old bubble?
Citi selects 25 stocks with growth capital investment opportunities
In Catalyst Watch of the day,
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This is CERAWeek from Houston, Texas. The event is one of the year's premier gatherings for the global energy and utilities industry, featuring executives from automotive, manufacturing, policy and finance, as well as a growing presence from the technology industry . This week's speakers include ExxonMobil (NYSE:XOM) CEO Darren Woods, Chevron (CVX) CEO Mike Wirth, Shell (SHEL) CEO Wael Sawan, and Total Energy (TTE) CEO Patrick.・Includes Mr. Pouyanne and Mr. Amin Nasser, CEO of Saudi Aramco (ARMCO).
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S&P Global 39th Annual World Petrochemical Conference held in Houston.
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The Game Developers Conference will be held in San Francisco. The event has been a hot topic in the past with announcements about new technology, release dates, and industry trends.
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Shareholders vote on the sale of PGT Innovations (PGTI) to Miter.
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Nvidia (NVDA) CEO Jensen Huang will give a keynote speech at GTC 2024.
Wall Street ended the week on a close note Friday.
Nasdaq (COMP:IND) fell 0.96%. The S&P 500 (SP500) fell 0.65% and the Dow Jones Industrial Average (DJI) fell 0.49%.
Seven of the S&P's 11 sectors ended in the red, with the tech sector down more than 1%. Energy led the gainers.
For the week, the S&P fell 0.13%, the Dow fell 0.02%, and the Nasdaq fell 0.70%.
Let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are in the green ahead of today's opening bell. Crude oil rose 0.8% to more than $81 per barrel. Bitcoin rose 1.1% to over $67,000.
In global markets, the FTSE 100 rose 0.16% and the DAX rose 0.3%.
Biggest pre-market move of the day: Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) follows reports that Apple is in talks to license Google's Gemini suite of generative AI tools for future iPhones. 3.6%, with new features expected later this year. Gemini includes a variety of AI tools such as chatbots and coding assistants.
Today's economic calendar:
