What Happened?
Shares of ride sharing and on-demand delivery platform Uber (NYSE: UBER) jumped 5.8% in the afternoon session after the company announced it renewed a key mapping partnership with TomTom and also unveiled its new robotaxi service.
Uber will continue to use TomTom's maps and location technology across its global operations to improve routing, fare estimates, and the accuracy of pickups and drop-offs. Separately, the company revealed a custom robotaxi developed in collaboration with autonomous driving firm Nuro and electric vehicle maker Lucid. Uber plans to add the vehicle to its ride-sharing platform, starting in San Francisco, and noted that on-road testing had already begun. The news came as Uber also expanded its partnership with the U.S. General Services Administration by offering complimentary Uber One memberships to participating federal employees.
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What Is The Market Telling Us
Uber’s shares are somewhat volatile and have had 13 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 27 days ago when the stock dropped 5.6% on the news that the company received a price target cut from Morgan Stanley and faced reports it was pulling back on incentives for electric vehicle drivers.
Morgan Stanley lowered its price target on Uber's stock to $110 from $115, although it maintained its "Overweight" rating. Adding to the negative sentiment, reports indicated that the company discontinued its monthly EV bonuses for drivers as it scaled back some of its climate efforts. The move also occurred as the company dealt with what was described as mounting regulatory pressure in Europe.
Uber is up 3% since the beginning of the year, but at $85.37 per share, it is still trading 14.7% below its 52-week high of $100.10 from October 2025. Investors who bought $1,000 worth of Uber’s shares 5 years ago would now be looking at an investment worth $1,627.
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