Key takeout
- On September 17, 2025, Uber’s stock dropped after rival announcements, though activism investors gave a boost to Workday’s shares.
- Uber saw a 5% decline following Lyft and its self-driving partners’ plans to commence Robotaxi services in Nashville.
- Workday surged after Elliott Investment Management revealed it had taken a significant stake in the enterprise software firm.
While major players in ride-sharing and food distribution faced pressure from competitors extending their Robotaxi partnerships, cloud-based business software stocks experienced an uptick after activist investment firms made headlines.
The S&P 500 ended Wednesday down roughly 0.1%. This occurred as the Federal Reserve announced an expected quarterly interest rate cut, hinting that more cuts could be on the way. The Nasdaq dropped by 0.3%, whereas the Dow gained 0.6%. A comprehensive summary of the day’s market activities is available from related sources.
Stocks tied to the housing construction sector took a hit. Although the Fed’s rate cuts were thought to possibly boost the housing market by lowering mortgage rates, recent data from the National Home Builders/Wells Fargo Housing Market Index revealed that builder confidence remained at its lowest since December 2022. Mohawk Industries, a flooring expert, sank by 4%, significantly affecting its standing in the S&P 500.
Uber Technologies saw its stock decrease by 5% due to news that Waymo, Google’s self-driving division, would team up with Lyft to introduce fully autonomous vehicles next year. Since this announcement, Lyft’s stock has surged over 13%.
Insulet’s stock fell by 3%. The company, known for its wearable insulin delivery devices, announced that Anna Maria Chadwick would leave her role as chief financial officer at the month’s end. She’ll be succeeded by a previous executive from Charles River Institute. Insulet expects its third-quarter revenue growth to surpass earlier projections, attributing this to strong customer gains in the U.S. and abroad.
On a positive note, Hologic, a health-focused medical tech company, saw a 7.7% increase, making it the top performer on the S&P 500 for the day.
Workday’s shares jumped by 7.3% after Elliott Investment Management disclosed a stake of over $2 billion in the company. They’ve expressed confidence in Workday’s management and its multi-year operational and capital improvement plans outlined during their recent Analyst Day.
Finally, shares of Fox Corp. rose about 3%, beginning to recover from previous declines following reports of a settlement by the Murdoch family that would direct the media empire’s future. It appears Lachlan Murdoch will have more authority and is looking to draw in younger audiences through initiatives like Fox One Streaming Service, which launched last month.
