Lyft, DoorDash stocks sink toward record lows, Uber falls more than 8% after new labor rules proposed on classifying independent contractors

Coupa Software Inc

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Information Technology : Software | Small Cap Growth

Company profile

Coupa Software Inc. is a provider of business spend management (BSM) solutions. The Company offers cloud-based BSM platform that has connected its customers with suppliers globally. It provides visibility into and control over how companies spend money, optimize supply chains, and manage liquidity. The Company’s BSM platform delivers a range of capabilities that would typically require the purchase and use of multiple disparate point applications. The core of its platform consists of procurement, invoicing, expense management, and payment modules that form the transactional engine for managing a company’s business spend. The Company provide purchasing programs, such as Coupa Advantage, which offers access to pre-negotiated discounts from various suppliers, and Source Together, which connects community members to engage in group sourcing events, allowing them to leverage pooled buying power to achieve contracting terms and capture savings.

Lyft, DoorDash stocks sink toward record lows, Uber falls more than 8% after new labor rules proposed on classifying independent contractors

11:13 am ET October 11, 2022 (MarketWatch) Print

Shares of ride-sharing companies suffered a beating Tuesday, after the U.S. Labor Department said it would revisit rules that designate whether workers are classified as employees or independent contractors. Uber Technologies Inc.'s stock (UBER) dropped 8.3% in morning trading, putting it on track for the biggest one-day selloff since May 9, while Lyft Inc. shares (LYFT) tumbled 10.5% toward a record low. Shares of delivery app DoorDash Inc. (DASH) sank 6.7%, also toward a record low. Meanwhile, the S&P 500 fell 0.5%. The Wall Street Journal reported that the Biden administration's proposed new rule, which would replace a Trump-era rule, would rely on an economic-reality test to determine whether a worker is really in business by themselves, whether they perform managerial duties, how they are supervised and whether they are able to set prices.

(END) Dow Jones Newswires

October 11, 2022 11:13 ET (15:13 GMT)