Shares of Uber Technologies Inc. are up more than 5% in premarket trading Thursday after The Wall Street Journal reported that the company has struck a deal to list all New York City taxis on its app. New York City taxis regulated through the Taxi and Limousine Commission use their own technology systems, which will be integrated with Uber’s as part of the partnership so that riders will be able to hail taxi rides as well through the app. Uber plans to make it so that passengers are charged approximately the same rates for taxi bookings as they are for rides through Uber X, according to the report. Uber is aiming to have the offering available this spring. The agreement reflects Uber’s evolving approach to the global mobility market as the ride-hailing company now aims to list traditional taxis on its app, per The Wall Street Journal. Shares of Uber have declined about 25% over the past three months as the S&P 500 has lost about 6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
