What’s News in Markets: Lyft's Typo, JetBlue Activist, Robinhood Soars
WSJ What’s News
The Wall Street Journal
4.1 • 4.2K Ratings
🗓️ 17 February 2024
⏱️ 5 minutes
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| 0:29.4 | Hey, what's news listeners. It's Saturday, February 17th. I'm Francesca Fontana for the Wall Street Journal, and this is what's News and Markets, our look at the biggest |
| 0:34.2 | stock moves of the week and the news that drove them. |
| 0:37.2 | Let's get to it. |
| 0:38.8 | So far this year, I feel like I have used the words stocks rallying and hitting new records so many times. |
| 0:45.2 | But this week the market actually gave us a change of pace. We saw a sell-off early in the week |
| 0:50.4 | after the January inflation report, aka Consumer Price Index, came in the been helping push stocks higher. But indexes rebounded and by Thursday the |
| 1:04.5 | S&P 500 was back to hitting record highs. See here I go again all these records. |
| 1:11.4 | Now let's talk about lift. Like we told you earlier this week, lift had a real |
| 1:16.2 | banner day on Wednesday in part thanks to a typo. Specifically an extra zero |
| 1:21.1 | that was accidentally tacked onto a profitability metric, making it seem much better than it actually was. |
| 1:27.0 | LIFT posted the results on Tuesday, and the stock jumped more than 60% after hours. |
| 1:32.0 | A lot of that spike came down to algorithmic trading, so computers |
| 1:36.9 | digesting the news and making trades before humans can come in to see what's actually going |
| 1:41.4 | on. The CEO of Lyft took responsibility for the error, |
| 1:45.2 | saying on CNBC, quote, it was a bad error and that's on me. He said that he didn't want the |
| 1:50.8 | typo to take away from an otherwise great quarter, what he called |
| 1:54.0 | the best in the company's history. And I want to focus on that because without the false, super |
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