Diamonds and Dogs
Uber (UBER) one of the few stocks trading higher. The ride-sharing giant is up 11% following strong earnings and guidance. Gross bookings for the company jumped 19% year-over-year, while the company's Mobility business continued to improve with revenue climbing 40% year-over-year. International sales are picking up while Uber's advertising revenue is on track to hit $1 billion in 2024.
Regional banks don't look good. Ahead of a Fed rate hike, the regional bank index (KRE) is down 7% with some members like Pac West Bank (PACW) down 23% and Western Alliance (WAL) down 16%. Over the weekend First Republic Bank (FRC) went into receivership after Silicon Valley Bank (SVB) and Signature Bank went under in March. Deposits continue to move away from regional banks as Pac West has lost 17% while Western Alliance lost over 10% of tier deposits in the first quarter.
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