Here are the biggest analyst calls of the day: Bank of America, Pinterest, Oracle & more

Needham said the cloud communications platform company has delivered “exceptional” organic growth. “Its platform enables all manner of digital communications to be embedded into apps, for digital natives such as Uber and AirBnB, and increasingly for enterprises undergoing digital transformations. By leveraging its early market position, a highly efficient developer-led sales model and a growing array of differentiated, higher-level functions on its platform, TWLO has delivered exceptional (60%+)


Needham said the cloud communications platform company has delivered “exceptional” organic growth. “Its platform enables all manner of digital communications to be embedded into apps, for digital natives such as Uber and AirBnB, and increasingly for enterprises undergoing digital transformations. By leveraging its early market position, a highly efficient developer-led sales model and a growing array of differentiated, higher-level functions on its platform, TWLO has delivered exceptional (60%+)
Here are the biggest analyst calls of the day: Bank of America, Pinterest, Oracle & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: michael bloom
Keywords: news, cnbc, companies, analyst, platform, organic, uber, bank, digital, delivered, growth, pinterest, calls, communications, exceptional, oracle, biggest, undergoing, twlo, america, day


Here are the biggest analyst calls of the day: Bank of America, Pinterest, Oracle & more

Needham said the cloud communications platform company has delivered “exceptional” organic growth.

“Its platform enables all manner of digital communications to be embedded into apps, for digital natives such as Uber and AirBnB, and increasingly for enterprises undergoing digital transformations. By leveraging its early market position, a highly efficient developer-led sales model and a growing array of differentiated, higher-level functions on its platform, TWLO has delivered exceptional (60%+) organic growth. As well, the company’s recent move up the stack into the application space with its Flex contact center adds another, meaningful growth driver to its business. Net, we foresee continued exceptional growth and initiate coverage with a Buy rating and a PT of $165, equivalent to an EV/Sales multiple of 14x our C2020 estimate. “


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: michael bloom
Keywords: news, cnbc, companies, analyst, platform, organic, uber, bank, digital, delivered, growth, pinterest, calls, communications, exceptional, oracle, biggest, undergoing, twlo, america, day


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Uber teams with start-up Grand Rounds to give big-company employees free rides to the doctor

Dara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019. The ride-hailing company announced Wednesday it is working with Grand Rounds, a venture-backed health-tech start-up that works with employers to provide guidance on employees’ medical needs. For Uber, working with Grand Rounds is an opportunity to move into a new and potentially lucrative market: large companies that are self-insured. Providing free rides could prove


Dara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019. The ride-hailing company announced Wednesday it is working with Grand Rounds, a venture-backed health-tech start-up that works with employers to provide guidance on employees’ medical needs. For Uber, working with Grand Rounds is an opportunity to move into a new and potentially lucrative market: large companies that are self-insured. Providing free rides could prove
Uber teams with start-up Grand Rounds to give big-company employees free rides to the doctor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: christina farr
Keywords: news, cnbc, companies, transportation, employees, uber, free, doctor, opportunity, washington, teams, bigcompany, health, medical, grand, market, working, rounds, startup, rides, employers


Uber teams with start-up Grand Rounds to give big-company employees free rides to the doctor

Dara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019.

Uber is moving more deeply into the health sector, and that means striking deals so employers and health plans will cover the cost of a trip to a doctor’s office.

The ride-hailing company announced Wednesday it is working with Grand Rounds, a venture-backed health-tech start-up that works with employers to provide guidance on employees’ medical needs. That includes things like finding the right doctor or getting a second opinion for a complex diagnosis.

Uber’s health-care efforts to date have primarily involved nonemergency medical transportation, which is a $3 billion market, and fit into the larger medical transport market, which some researchers say will be worth $42 billion by 2024.

Uber and rival Lyft see an opportunity here because some 3.6 million Americans miss their health-care appointments each year due to a lack of reliable transportation. Uber and Lyft have focused on selling to Medicare and Medicaid, as well as other insurers, to help those who can’t afford a ride or can no longer drive.

For Uber, working with Grand Rounds is an opportunity to move into a new and potentially lucrative market: large companies that are self-insured.

Increasingly, companies are willing to pay for their workers to seek medical care, especially if it means they can avoid costlier health expenses down the line. As part of this many, employers are starting to experiment with ways to steer their employees to higher-quality and lower-cost physicians. Providing free rides could prove to be incentive enough for a worker to make the shift.

Grand Rounds’ largest customers include Comcast (which owns CNBC’s parent company NBCUniversal), Walmart and News Corp, all of which are self-insured.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: christina farr
Keywords: news, cnbc, companies, transportation, employees, uber, free, doctor, opportunity, washington, teams, bigcompany, health, medical, grand, market, working, rounds, startup, rides, employers


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Here are the biggest analyst calls of the day: Uber, Lyft, Disney & more

Bank of America said the power and energy company offers a more “balanced” risk/reward. “We are upgrading Dominion Energy to Neutral from Underperform with an $80 PO (from $79). We believe the shares offer a more balanced risk/reward proposition given our view that the market has factored in the risks associated with Atlantic Coast Pipeline (ACP). While we believe ACP could remain an overhang until resolved, we believe the Street has already discounted ACP in valuation significantly, and solid e


Bank of America said the power and energy company offers a more “balanced” risk/reward. “We are upgrading Dominion Energy to Neutral from Underperform with an $80 PO (from $79). We believe the shares offer a more balanced risk/reward proposition given our view that the market has factored in the risks associated with Atlantic Coast Pipeline (ACP). While we believe ACP could remain an overhang until resolved, we believe the Street has already discounted ACP in valuation significantly, and solid e
Here are the biggest analyst calls of the day: Uber, Lyft, Disney & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: michael bloom
Keywords: news, cnbc, companies, believe, risks, po, energy, day, calls, biggest, analyst, balanced, vs, lyft, view, shares, wide, disney, acp, uber


Here are the biggest analyst calls of the day: Uber, Lyft, Disney & more

Bank of America said the power and energy company offers a more “balanced” risk/reward.

“We are upgrading Dominion Energy to Neutral from Underperform with an $80 PO (from $79). We believe the shares offer a more balanced risk/reward proposition given our view that the market has factored in the risks associated with Atlantic Coast Pipeline (ACP). Moreover, we see the recent sell-off following the equity unit offering as somewhat overdone. Our SOTP-based PO suggests a total return of c.11%. While we believe ACP could remain an overhang until resolved, we believe the Street has already discounted ACP in valuation significantly, and solid execution at the core utilities makes us more positive on the shares. Further, we believe the voluntary retirement program (VRP) represent upside potential to O&M initiatives, and while we do not necessarily view it as incremental to the 5+% EPS guidance, we see it as helping to firm up those expectations with the upcoming 2Q call. We see fewer overall downside risks, with shares now trading at a wide discount to the group (~16% or 16.0x vs. 18.9x). “


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: michael bloom
Keywords: news, cnbc, companies, believe, risks, po, energy, day, calls, biggest, analyst, balanced, vs, lyft, view, shares, wide, disney, acp, uber


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Uber, payments firms reportedly sign on to back Facebook’s blockchain project

Attacks from Iran’s increased presence is a risk to oil, says US…Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…Oil and Gasread more


Attacks from Iran’s increased presence is a risk to oil, says US…Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…Oil and Gasread more
Uber, payments firms reportedly sign on to back Facebook’s blockchain project Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: salvador rodriguez
Keywords: news, cnbc, companies, trade, tensions, blockchain, oil, project, risk, war, usanalysts, firms, uber, think, reportedly, payments, sign, spike, slowdown, facebooks, tank


Uber, payments firms reportedly sign on to back Facebook's blockchain project

Attacks from Iran’s increased presence is a risk to oil, says US…

Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…

Oil and Gas

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: salvador rodriguez
Keywords: news, cnbc, companies, trade, tensions, blockchain, oil, project, risk, war, usanalysts, firms, uber, think, reportedly, payments, sign, spike, slowdown, facebooks, tank


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Uber’s European rival Bolt launches in London

Uber’s European rival Bolt is now taking it on in the streets of London. The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area. Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London


Uber’s European rival Bolt is now taking it on in the streets of London. The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area. Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London
Uber’s European rival Bolt launches in London Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, launch, european, bolt, villig, ridehailing, uber, vehicles, company, london, ubers, uks, rival, launches


Uber's European rival Bolt launches in London

Uber’s European rival Bolt is now taking it on in the streets of London.

The Estonian ride-hailing company formerly known as Taxify announced its launch in the U.K.’s capital city Tuesday. It joins a growing list of start-ups trying to take market share from Uber in the London metropolitan area.

“We see this as quite a monumental thing for both the company and the ride-hailing industry as a whole,” Bolt CEO Markus Villig told CNBC in an interview. “London is one of the biggest, most profitable markets for Uber globally and one where it didn’t have a serious competitor.”

Villig, who founded the company in 2013, said more than 20,000 drivers have already signed up with Bolt ahead of Tuesday’s launch. There were an estimated 87,900 private hire vehicles licensed in London as of March 2018, according to the Department for Transport.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: elizabeth schulze
Keywords: news, cnbc, companies, launch, european, bolt, villig, ridehailing, uber, vehicles, company, london, ubers, uks, rival, launches


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Buy Uber because it will be a leader in the coming ‘offline era,’ Raymond James says

Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James. “In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy. Raymond James initiated coverage of the stock with an outperform rating and a target price of $50. Uber’s stock is down abou


Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James. “In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy. Raymond James initiated coverage of the stock with an outperform rating and a target price of $50. Uber’s stock is down abou
Buy Uber because it will be a leader in the coming ‘offline era,’ Raymond James says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, coming, era, ridehailing, raymond, internet, james, buy, growth, uber, offline, leader, stock, ubers, transportation, york


Buy Uber because it will be a leader in the coming 'offline era,' Raymond James says

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks on a webcast during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 10, 2019.

Uber is strongly positioned for the coming “offline era” of internet, according to Raymond James.

With 93 million monthly active platform customers globally using Uber’s “offline app” for transportation and food delivery, the ride-hailing company can attain 25% revenue growth over the next five years, Raymond James analyst Justin Patterson said in a note to clients Wednesday.

“In contrast to traditional Internet companies, Uber is a digital app powering offline behavior,” he said. “This elevates cost in the early years, but arguably creates a more defensible long-term position.”

Investors’ biggest concern since Uber’s initial public offering last month is its path to profitability. Patterson recognizes that the company’s shares have been pressured on these “reasonable concerns.” However, he said, internet businesses are increasingly shifting to offline from online, and Uber has capitalized on that early, which creates a better long term strategy.

Patterson said Uber’s end-market penetration is less than 1% globally.

“Considering Amazon and Booking sustained 20%+ growth in markets that were more penetrated, we see ample room for outsized growth, ” he said, referring to the parent company of booking.com, Kayak and OpenTable.

Patterson said that with Uber’s market share across transportation, delivery and freight, its growth will accelerate and the competition will “rationalize” over the next 12 months. Investors currently consider the ride-hailing industry to be a duopoly with rival Lyft.

Raymond James initiated coverage of the stock with an outperform rating and a target price of $50.

Uber’s stock is down about 5% since its market debut at the New York Stock Exchange last month. The stock has rallied over 5% in the first days of June.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, coming, era, ridehailing, raymond, internet, james, buy, growth, uber, offline, leader, stock, ubers, transportation, york


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Here are the biggest analyst calls of the day: Uber, Roku, Cronos & more

Raymond James initiated Uber as ‘outperform’Raymond James said Uber is well positioned for the “offline” era of the internet. “We are initiating coverage on UBER with an Outperform rating and $50 target price (9.2x 2020E EV/GP). Shares have clearly been pressured on reasonable concerns on unit economics, competition, and duration of losses. Our view is: 1) competition continues to rationalize over the next 12 months; 2) growth re-accelerates, making unit economics more transparent; and 3) this c


Raymond James initiated Uber as ‘outperform’Raymond James said Uber is well positioned for the “offline” era of the internet. “We are initiating coverage on UBER with an Outperform rating and $50 target price (9.2x 2020E EV/GP). Shares have clearly been pressured on reasonable concerns on unit economics, competition, and duration of losses. Our view is: 1) competition continues to rationalize over the next 12 months; 2) growth re-accelerates, making unit economics more transparent; and 3) this c
Here are the biggest analyst calls of the day: Uber, Roku, Cronos & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: michael bloom
Keywords: news, cnbc, companies, era, economics, biggest, roku, york, concerns, james, calls, uber, unit, offline, cronos, growth, day, positioned, analyst


Here are the biggest analyst calls of the day: Uber, Roku, Cronos & more

Uber CEO Dara Khosrowshahi (center) joins other employees in ringing the Opening Bell at the New York Stock Exchange (NYSE) as the ride-hailing company Uber makes its highly anticipated initial public offering (IPO) on May 10, 2019 in New York City.

Raymond James initiated Uber as ‘outperform’

Raymond James said Uber is well positioned for the “offline” era of the internet.

“We are initiating coverage on UBER with an Outperform rating and $50 target price (9.2x 2020E EV/GP). Shares have clearly been pressured on reasonable concerns on unit economics, competition, and duration of losses. Our view is: 1) competition continues to rationalize over the next 12 months; 2) growth re-accelerates, making unit economics more transparent; and 3) this causes concerns about the “true” TAM and long-term profitability to subside. Net, we believe Uber is strongly positioned for the “offline” era of Internet and should sustain 25%+ revenue growth over the next five years.”

Read more about this call here.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: michael bloom
Keywords: news, cnbc, companies, era, economics, biggest, roku, york, concerns, james, calls, uber, unit, offline, cronos, growth, day, positioned, analyst


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Goldman Sachs says Uber is needed because NYC parking spaces are $6,570 per household

So severe, in fact, that Goldman Sachs said a NYC parking space is valued at $6,570 per household as of last year, according to a study by the Mortgage Bankers Association. In full, the study found NYC has “only 0.6 parking spaces per household,” Goldman said. While Seattle has 5.2 parking space per household, the cost per space is about 18 times that of NYC at $118,000 per household, the study found. Goldman Sachs noted that some cities have begun “subsidizing Uber rides for overcrowded commute


So severe, in fact, that Goldman Sachs said a NYC parking space is valued at $6,570 per household as of last year, according to a study by the Mortgage Bankers Association. In full, the study found NYC has “only 0.6 parking spaces per household,” Goldman said. While Seattle has 5.2 parking space per household, the cost per space is about 18 times that of NYC at $118,000 per household, the study found. Goldman Sachs noted that some cities have begun “subsidizing Uber rides for overcrowded commute
Goldman Sachs says Uber is needed because NYC parking spaces are $6,570 per household Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: michael sheetz
Keywords: news, cnbc, companies, nyc, city, sachs, goldman, spaces, 6570, cost, parking, needed, study, uber, household, space


Goldman Sachs says Uber is needed because NYC parking spaces are $6,570 per household

Goldman Sachs thinks Uber, as the leader among ride-sharing companies, has a key advantage as dense cities increasingly seek alternative transportation to relieve congestion and avoid heavy infrastructure rebuilding costs.

“We believe the growing availability of new mobility options has the potential to change the way cities think about city planning and expenditure priorities; including parking structures, construction priorities, and public transportation,” Goldman Sachs said in a note to investors on Tuesday.

Urban populations have grown steadily over the past century. Goldman Sachs highlighted New York City as a paramount example, noting that NYC is “a mature city with established public transportation, ride-hailing, car-sharing, and micro-mobility options” that also has “much more limited” parking for vehicles.

So severe, in fact, that Goldman Sachs said a NYC parking space is valued at $6,570 per household as of last year, according to a study by the Mortgage Bankers Association. In full, the study found NYC has “only 0.6 parking spaces per household,” Goldman said.

But NYC is not the most expensive by this metric, the study found. Even with NYC’s relatively low supply of parking spaces, Goldman Sachs said the cost per space is actually “significantly lower” when compared to some smaller cities such as Seattle. While Seattle has 5.2 parking space per household, the cost per space is about 18 times that of NYC at $118,000 per household, the study found.

Goldman Sachs noted that some cities have begun “subsidizing Uber rides for overcrowded commuter parking lots.” In the case of Summit, New Jersey, the firm found that Uber subsidies cost the city $167,000 a year – rather than the $10 million it would cost Summit to build a new parking lot.

“We believe that the shift towards newer mobility options has the potential to dramatically alter land use and costs for growing urban centers over time,” Goldman said. “As the ride-hailing industry continues to penetrate regions outside of core megacities in the US, we’re likely to see more explicit impacts to public parking projects and expenditures, particularly given the outsized parking spaces and costs per household in smaller, growing urban centers.”

Goldman Sachs started with a buy rating on shares of Uber on Tuesday, with a $56 12-month price target. The firm said “Uber is the category leader creating what has become a disruptive and challenging market over the course of the last eight years.” Despite near-term losses and continued to challenges to Uber’s future profitability, Goldman told investors that “owning the leader in this space is favorable.”


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: michael sheetz
Keywords: news, cnbc, companies, nyc, city, sachs, goldman, spaces, 6570, cost, parking, needed, study, uber, household, space


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California gig economy legislation advances, could shape battle in other states

LOS ANGELES — Several states may follow California ‘s lead on proposed gig economy legislation that could add new labor protections for ride-hailing drivers working for Lyft and Uber . Uber drivers protest in New York’s financial district, May 8, 2019. At the same time, Gonzalez said several other states have looked at, and continue to look at, new laws on the gig economy and may see California as leading the way. “We see movements on the gig economy in New York and Washington,” added Gonzalez.


LOS ANGELES — Several states may follow California ‘s lead on proposed gig economy legislation that could add new labor protections for ride-hailing drivers working for Lyft and Uber . Uber drivers protest in New York’s financial district, May 8, 2019. At the same time, Gonzalez said several other states have looked at, and continue to look at, new laws on the gig economy and may see California as leading the way. “We see movements on the gig economy in New York and Washington,” added Gonzalez.
California gig economy legislation advances, could shape battle in other states Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: jeff daniels
Keywords: news, cnbc, companies, shape, wage, gig, dynamex, california, uber, battle, drivers, lyft, advances, workers, states, legislation, economy, independent


California gig economy legislation advances, could shape battle in other states

Last month, Uber and Lyft drivers in New York, Los Angeles and several other cities conducted a strike to call attention to low wages and other grievances. Uber has more than 3 million drivers worldwide, and Lyft has over 1 million.

The Democratic lawmaker said that the “misclassification” of some workers as independent contractors also impacts their right to organize.

“A lot of workers in California and throughout the nation have been misclassified for years,” said Assemblywoman Lorena Gonzalez, D-San Diego, who introduced AB 5 in December. “There’s a whole list of things people are entitled to as employees that they don’t get as independent contractors — minimum wage, overtime, wage and hour rules, sick leave, paid family leave, unemployment insurance, workers’ compensation, and in some instances health care.”

AB 5 passed the California Assembly last week and is now in the state Senate for consideration. California Gov. Gavin Newsom hasn’t indicated whether he supports AB 5.

The measure could result in thousands of independent contractors getting classified as employees, making them eligible for minimum wages, overtime pay and workers’ compensation protections. The bill could impact not only ride-hailing firms but freight trucking companies.

Assembly Bill 5 would essentially write into law standards adopted last year by California’s high court to determine whether workers fall under the classification of an employee or independent contractor. Oregon and Washington also have pending bills proposing criteria similar to the Golden State.

LOS ANGELES — Several states may follow California ‘s lead on proposed gig economy legislation that could add new labor protections for ride-hailing drivers working for Lyft and Uber .

Uber drivers protest in New York’s financial district, May 8, 2019. The protests were just ahead of Uber’s initial public stock offering.

“Our No. 1 issue is fair wages cause most of us make less than minimum wage after expenses,” said Nicole Moore of Rideshare Drivers United in Los Angeles. Moore said others include labor protections and “having a voice on the job.”

According to Moore, AB 5 could help ride-hailing drivers by establishing a wage floor if they were considered employees. “For most of us that would mean a significant raise after expenses,” said Moore, who drives for both Lyft and Uber. “It would also help us if we were injured on the job.”

Uber doesn’t support the legislation and has raised concerns about the need to keep flexibility for business and drivers.

“We support efforts to modernize labor laws in ways that preserve the flexibility drivers tell us they value while improving the quality and security of independent work,” an Uber spokesperson said in an email statement.

After the California bill cleared the Assembly last week, Lyft also issued a statement focusing on the need for flexibility with labor laws.

AB 5 is supported by union groups and currently grants exemptions to insurance agents, real estate agents, hair stylists and physicians. However, some business groups are pushing for additional carve-outs.

The legislation follows the California Supreme Court decision last year involving Dynamex, a courier service that converted its drivers to independent contractors. There have been challenges to the Dynamex ruling, including from a trucking industry group.

The landmark state court case adopted a so-called ABC test to determine whether someone is an independent contractor. The Dynamex case uses three factors: A) whether the worker is free from the control and direction of the business, B) whether they perform work outside the entity’s business, and C) whether they decide to do so independently.

“AB 5 is really codifying the test that the state Supreme Court put into the Dynamex decision last April,” said Gonzalez. She said there’s still “unease” about the independent contractor issue of from both workers and businesses so the bill is designed “to make it clear.”

At the same time, Gonzalez said several other states have looked at, and continue to look at, new laws on the gig economy and may see California as leading the way.

“We see movements on the gig economy in New York and Washington,” added Gonzalez. “We know that there’s concern out there. Might we provide a level of certainty that other states want to follow — I would hope so.”

Washington state and Oregon have bills in legislative committees that would apply a similar test to the one used in California’s Dynamex case for independent contractor determinations. In Oregon, several groups have lined up to fight the proposed legislation and argue it would curb start-ups and be a job killer.

Also, Philadelphia is “watching California closely” as it considers its own new gig worker laws, The Philadelphia Inquirer reported last week.

Last year, New York City passed laws that require ride-hailing operators to pay drivers a $17.22 per hour minimum wage. The regulations went into effect in February and a New York judge recently rejected a challenge from Lyft to the wage rules.

Nationwide, just more than 10% of workers rely on the gig economy for most of their income, according to the Gig Economy Data Hub, a project affiliated with Cornell University and the Aspen Institute. The figure counts those individuals getting income from temp agencies and contract work as well as various freelancers and on-call workers.


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: jeff daniels
Keywords: news, cnbc, companies, shape, wage, gig, dynamex, california, uber, battle, drivers, lyft, advances, workers, states, legislation, economy, independent


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