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UBER Hit by Brussels Court Order, Shares Down More Than 3%

Shares of Uber Technologies UBER fell 3.7% at the close of business on Nov 26 as a Brussels court order banning the company’s taxi services in the city went into effect. Concerns regarding the new variant of coronavirus might also have weighed on the UBER stock. With the company’s ride volumes yet to fully recover, new coronavirus variants and fears of fresh restrictions pose a threat to its Mobility business.

The Brussels Appeal Court ruled last week that a 2015 ban on private individuals offering taxi services also applies to Uber’s drivers. The order affects about 2000 of Uber’s Brussels drivers, per a Bloomberg report. Despite the ruling, some drivers with licenses from the nearby Flemish region will be allowed to use the Uber app and accept trips, the report stated.

Uber launched services in Brussels in 2014. The company has been urging the Belgian government to reform its taxi service laws. Back in March, Brussels had banned Uber drivers from using their smartphones to accept rides. Per a TechCrunch report, Uber’s country chief, Laurent Slits, said, “We urge the government to move quickly to reform the taxi and LVC sector once and for all so that drivers can continue working to provide for their families.”

Zacks Rank & Key Picks

Uber carries a Zacks Rank #3 (Hold).

Here are some better-ranked stocks in the Internet - Services industry:

Alphabet GOOGL sports a Zacks Rank #1 (Strong Buy). The company has a stellar earnings surprise history having trumped the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 41.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Alphabet have rallied more than 62% in a year’s time.

Dropbox DBX carries a Zacks Rank #2 (Buy). The company’s earnings have outperformed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 16.3%.

Shares of Dropbox have gained more than 21% in a year’s time.

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