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Stock Alert: Uber Technologies Climbs 28%

Shares of Uber Technologies, Inc. (UBER) are spiking more than 28% Thursday morning when the company today said in an analysts' conference call that it believes the worst is over and its food delivery business is growing.

As many of the restaurants and hotels are closed to the public, and allowing only pick-up to contain the virus, Uber eats is gaining.

However, the company sees 60% to 70% dip in its rides business in the areas hardest hit by coronavirus.

"We believe we're already seeing worst of the impact and the recovery in some places... Once things start moving, Uber will too," Khosrowshahi said on a call with analysts.

"Our Eats business is an important resource right now. Even in Seattle, our Eats business is still growing," he added.

Uber is currently trading at $19.02. It has traded in the range of $13.71- $47.08 in the past one year.

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