Why Uber Shares Are Moving

Uber Technologies Inc UBER shares are trading lower by 4.84% to $29.98 after LYFT Inc LYFT announced it will cut 1,200 jobs and invest in competitive pricing, faster pickup times and better driver earnings.

Per a report by the Wall Street Journal, some 4,000 or roughly 30% of Lyft's employees could be impacted by the cuts, according to people familiar with the matter.

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The WSJ report also says the company had planned to announce the move after a board meeting next week. Sources familiar with the matter told the WSJ the cuts could help Lyft slash 50% of its costs.

According to data from Benzinga Pro, UBER has a 52-week high of $37.58 and a 52-week low of $19.90.