Both Uber and Lyft will no longer require riders or drivers to wear a mask
Ridesharing bigwigs Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT) are on the rise today after both companies announced they were lifting their mask mandates for both drivers and passengers, starting today. This update comes after a Florida judge said on Monday that the Center for Disease Control and Prevention's (CDC) mask requirements on airplanes and public transportation overstepped their authority, with mask mandates being lifted by the Transportation Security Administration (TSA) as well as most major airlines.
At last check, UBER was seen up 5.4% at $33.49, still a long ways from its February highs above the $62 level, but set to close atop its 10-day moving average for the first time since April 4. It's been a choppy ride lower for Uber stock since that peak, with the stock shedding 42% in the past 12 months. It's worth noting that Uber stock sits right on the cusp of being "oversold," with a 14-day Relative Strength Index (RSI) of 33, which could indicate a short-term bounce is on the horizon.
Things haven't been much easier for sector peer LYFT, which has dropped 41.3% in the past year, and is down 15% in 2022. The security was last seen up 5% at $36.35, as it tries to distance itself from its April 11 annual low of $32.35. Meanwhile, Lyft stock sport an RSI of 37.
Options traders remain bullish on Lyft stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), LYFT sports a 10-day call/put volume ratio of 5.15, which stands higher than all but 4% of readings from the past year. In other words, long calls have rarely been more popular in the past 12 months.
Uber stock's options pits reflect this optimism. In fact, at the ISE, CBOE, PHLX, 4.77 calls have been picked up for every put over the past two weeks. This ratio sits higher than 74% of annual readings, implying a healthier-than-usual appetite for long calls.