October 11, 2024

Uber's stock paces S&P 500 gainers as Tesla robotaxi overhang gets lifted

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Uber Technologies Inc. shares are leading the S&P 500 higher Friday after Tesla Inc.’s robotaxi event proved light on detail, in the eyes of analysts.

Heading into Thursday’s robotaxi event, the presentation was somewhat of an overhang on Uber shares given the potential for Tesla to threaten the ride-hailing company’s business. But Tesla’s event didn’t contain details on factors like pricing for its robotaxi service or the pathway to gain regulatory clearance, offering some relief to Uber investors.

Uber shares are up 8.1% in Friday action, while Tesla shares are down 7.4% to pace S&P 500 laggards.

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