Uber裁员3300人，PG&E因加州野火法案落空下跌

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the Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. I'm Jim Stanbec along with Lisa Matteo. Let's take a look at some stocks on the move. Today we are joined by Bloomberg News cross asset reporter Denita Seikova. Hey Denita.

Hi Dee. Let's start with Uber. Uber is up today. Uh the ticker of course is UBER. Uh the stock is up more than 2%. It's actually on the back of news of layoffs. The company is laying off 3,300 employees. That's about 10% of its staff globally. Uh they're really reducing those management layers and they're really investing into the robo taxi part of the business. Uh hailing those robo uh robo taxi partnerships. It's interesting.

Bloomberg intelligence estimates this will be 1.5 billion to 2 billion in annualized savings. Uber actually if you look year to date the company was struggling even with uh today's rally it's down 6% year to date. Uh so perhaps uh with that restructuring they are hoping to get uh they say simpler and faster uh company. They're cutting a number of micro teams so teams of one or two people uh and they're betting big on robo taxi partnerships. the rum number we get is more than 10 billion investments uh in that future.

So it's interesting bet in a vote a year for them. So it better pay off.

You know what was notable to me about this? I I read this memo that our Bloomberg news team got uh from somebody at Uber, Dar Kazrai writing this and there's a part in here about remote workers and he only wants about 1% of the entire workforce to work remotely. So here I am thinking okay everybody's got to be in the office 5 days a week.

Yeah. No, three day a week office.

Wow, that feels generous.

Not totally going back to the office, just not not able to be fully remote.

Yeah, nevertheless, but it's interesting. Uber actually has been one of those tech companies that haven't necessarily done many layoffs. We've seen a big big trend in tech and this is kind of the per first step from them. So, it's there is the question of where does that stop? Is it just a kind of initial step and that's it. So,

all right. And you have PG any um nothing to do with layoffs?

Nothing to do with layoffs. very different situation but we've been talking about the California wildfire legislation uh and PG and Edison both of them have been moving down uh this week uh the company plans to defer about 2 billion of investments next year um the move comes after uh the company said it the proposed revamp of the California wildfire response didn't do enough to protect those companies uh of course both of those companies were going and rallying into uh that decision and we've seeing um obviously some of that rally being faded but nevertheless it's been pretty painful in the last few days.

PG shares are down as much as 10 as much as 10%. The ticker is PCG. So what was expected is Gavin Newsome had pushed some measures to protect those companies. They didn't make it in the legislation. Uh and obviously it's a very complex case. There are insurers, families. It's it's really hard to figure out who covers the costs of all that. It's a very complicated issue. uh but uh things are not looking too great for the company.

Even though it reaffirmed its fullear guidance for this year, there is definitely a lot of questions about uh earnings going forward.

Okay, PG& out there in California. From California to Las Vegas we go.

Yeah, Las Vegas. This is fourth team. Uh Sphere, of course, Entertainment shares are up. We have a upgrade from Guggenheimimer. Guggenheim the price cyclist is the highest on the street $28. The stock is up 6%. The ticker is a SBHR. We're seeing interesting trend. The company says that uh this is an analyst said that the there may see more small and midsize spheres in Florida, Texas, Illinois, New York. So we're one of the candidates.

That sounds exciting.

Bring it on.

Yeah. And even bigger one in Asian markets like South Korea and Japan. They say we've seen some softness in ticket masters data for August, but going forward things are looking good. Clearly, their target is optimistic. And have you look at the stock? It's up 135% last year, 50% this year. So, even with the damage we're seeing today, uh, with with the rally we're seeing today, they were already soaring. You've been to this?

Yeah. Carol and I went for we both went when we were out in Las Vegas.

Come on. It was a team building.

Team building. Yeah. We paid for our own tickets. Okay. Uh, and we saw the Wizard of Oz.

Oh, you did?

Yeah. Just yesterday, Sphere, uh, actually Monday, Sphere announced that they're adding more like 4D visual effects to the Wizard of Oz. So, more of those apples that drop. I don't want to give anything away, but yeah, it's it's pretty wild. Um, I haven't seen a concert there, but

that's what I heard. The concerts are amazing.

Yeah, that's what I've heard, too. All right, we'll go to a team Backstreet Boys concert there. How's that? Denita Secova with today's Stock Movers. The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street. And for the latest market moving headlines, listen to Bloomberg Radio live. Catch us on YouTube, Bloomberg.com, and on Apple CarPlay and Android Auto with the Bloomberg Business App.