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Uber, Lyft shares tumble on possible change in work practices

US authorities are looking at protecting the rights of Uber and Lyft employees with a view to moving them to a full-time employment status.

While this may work for a proportion of employees, drivers often use Uber and Lyft work as infill employment and any change may impact on their relationships with the companies.

(Video Transcript)

Uber and Lyft shares tumble

Shares of the ride hail app companies, Uber and Lyft both tumbled in yesterday's session after the US Department of Labor proposed a new rule that would make it more difficult for companies like this to treat workers as independent contractors.

Share price charts

Let's take a look at where we are in terms of the all-session stock in Uber.

Yesterday, this blue dotted line is the initial public offering (IPO) price at $45. Yesterday we saw the stock move almost 11% down at $24.65 and Lyft was another one on the way down where we saw some hefty losses there.

But more significantly, this blue dotted line up here is the IPO price of $72. It fell to $11.30 below this line of support which takes it to a new all-time record low.

Now if the new proposal would become law workers would be considered employees entitled to more benefits and legal protections that unprotected contractors.

A 45-day public comment period will begin on Thursday and the final ruling is expected next year.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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