Uber, Lyft stocks sink to multi-month lows ahead of midnight deadline

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Shares of both Uber Technologies Inc. and Lyft Inc. sank toward multi-month lows in midday trading Thursday, ahead of a midnight deadline in California that would require the ride-hailing services to classify their drivers as employees, rather than independent contractors. Uber’s stock dropped 2.5%, putting it on track to close at the lowest level since May 6, while Lyft’s stock slumped 7.4% toward the lowest close since April 6. Both companies, which are appealing the ruling, have said they are likely to suspend their services in California if they are forced to comply. Uber’s stock has lost 3.5% year to date, while Lyft shares have shed 39.3% and the S&P 500 has gained 4.6%.
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