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Lyft Launches Global Chauffeur Network Alcove

Lyft announced Alcove, a new, differentiated global chauffeur network. Alcove will pair world-class, high-touch service with experienced teams and new technology that make corporate ground transportation easier to book and manage. In addition to current TBR Global Chauffeuring customers, Alcove will serve new corporate travel programs, bookers, and passengers around the world, which is expected to bring incremental Gross Bookings and strong margins to Lyft. Alcove will combine TBR's three decades of operating experience and top-tier service standards with new technology capabilities. Building on TBR's existing expertise, Alcove will support complex and high-profile trips, including VIP travel, events, and journeys involving multiple vehicles or extended bookings. In early 2027, Alcove will debut a new portal to make booking and managing trips easier; initially the portal will be open to managed business account customers, with self-service access and a mobile app to follow later in the spring. Additionally, Alcove will continue to support customers through experienced service teams and other channels, including direct corporate and travel management company relationships. Alcove marks another step in Lyft's expansion beyond on-demand rideshare, extending the company's reach into a global chauffeur market worth tens of billions of dollars. While Alcove will be a separate brand, Lyft Business customers will also be able to access its services. Further details about Alcove, including its technology, full service offering, and launch plans, will be announced in early 2027. There will be no impact to Lyft's Q3 or Q4 2026 results.

Kodiak Sciences Short Interest Rises to 31.8%

Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was down 0.5%, the Nasdaq Composite was down 0.3%, the Russell 2000 index was down 1.0%, the Russell 2000 Growth ETFwas down 0.9% and the Russell 2000 Value ETFwas down 1.7% in the four-day trading session range through October 1.SHORT INTEREST GAINERSOrtex-reported short interest in Kodiak Sciencestracked in a 25%-27% range since mid-July and into the final week of September while the stock price languished below $50 per share. Kodiak shares spiked sharply early this week as the company announced that the primary endpoints were met for both Zenkuda and tabirafusp-ted in the Phase 3 DAYBREAK study in patients with wet age-related macular degeneration, and the Street also cheered the readout as a drug that could pose a competitive challenge to the market-share dominant Eylea wet-AMD flagship offering from Regeneron. The stock has tripled in the five-day period covered through Thursday, though short interest as a percentage of free float also increased from 27.1% to a record high of 31.8%, with traders positioning to fade some of the extreme gains.Ortex-reported short interest in Under Armourtracked in a 23%-28% range from mid-July through the first three weeks of September even as the stock price extended its post-earnings dive on August 7 below the $5 per share level. This week, bear turned more aggressive – potentially in anticipation of more cautious rebased guidance from athletic apparel / footwear bellwether Nikewhich reported its first quarter under a new CFO – with short position as a percentage of free float rising from 30.0% to 32.1% - the highest level since mid-July. Days to cover on the stock rose from 6.5 to 7.1 – on the cusp of multi-year high of 7.3 seen two months ago. The stock was up 3.1%, with atypical strength that ran counter to Nike's post-earnings decline, though shares are down nearly 40% from July highs and down over 5% year-to-date.Ortex-reported short interest in MiniMedhas been climbing steadily since mid-September as the stock price has continued to close its post-earnings gap higher on September 1, and this week, bearish positioning notched another record high. Shorts as a percentage of free float on the name jumped from 68.3% to 78.6%, days-to-cover rose from 11.7 to 12.5, while the stock slipped 4.1%. Shares of MiniMed are now trading close to their initial IPO levels below $20 after topping $24 per share following Q4 results.SHORT INTEREST DECLINERSOrtex-reported short interest in Lyfthad troughed at a 5-month low of 19% on August 31 just before the 20% sell-off in the stock over the first week of September sparked a renewed bearish appetite to send short interest to 22.5%. This week however, with shares seemingly finding support above $14, short interest as a percentage of free float turned south once again, sliding from that level to 21%. Days-to-cover on the name remained elevated at 7.1 vs. 7.0 prior however. Shares of Lyft are up 3% in the five-day period covered through Thursday, though the stock is still down 14% from its late-August highs and down 20% year-to-date.

Major Averages Little Changed as Micron Reports Strong Q4 Earnings

The major averages were little changed to start the month as rising Treasury yields continue to weigh on markets even as Micron reported upbeat Q4 earnings and revenue. Also weighing on stocks was a jump in oil prices as traders await President Trump's next move in the war with Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreported better-than-expected Q4 results and provided an upbeat earnings and revenue outlook for Q1Accenturereported upbeat Q4 results but provided conservative FY27 earnings guidanceMSG Sports'board of directors approved a spinoff of its Rangers business from its Knicks businessMattelhas drawn takeover interest from Authentic Brands, WSJ reportsGeneral Motorsreported a 6% drop in Q3 U.S. sales, while Toyotareported an 8.4% increase in September U.S. sales on a volume basis, and Stellantisreported "steady" U.S. sales for last quarter2. WALL STREET CALLS:Wells Fargo upgraded BP, downgraded Exxonon relative valuation callOccidentalupgraded to Buy at Goldman SachsBarclays reinstated Williamswith an Overweight, sees growth from behind-the-meter powerEthosdowngraded to Neutral from Overweight at JPMorganArgus upgraded Regeneron, sees attractive entry point after selloff3. AROUND THE WEB:BAE Systemsis weighing a bid for Robin Radar in a potential $2.3B deal, Reuters reportsMetaCEO Mark Zuckerberg helped initiate and draft the principles behind the White House's voluntary AI industry accord, working with Nvidia'sJensen Huang and other executives to address regulatory and safety concerns, Semafor reportsTencenthas signed an estimated $7B, five-year lease with Oracleacross Southeast Asian data centers, giving it access to roughly 100,000 advanced AI chips unavailable in China, FT saysBroadcomis emerging as a uniquely strategic Anthropic partner, spanning compute supply, equipment leasing, and up to $42B of infrastructure financing, Reuters reportsGoogleis paying roughly 100 digital publishers for how much their content contributes to AI Overviews, AI Mode, and Gemini in a pilot, The Information reports4. MOVERS:Synopsysgained after providing guidance for FY27 and announcing its intention to repurchase $1B sharesWave Life Sciencesincreased after announcing FDA feedback supported its pathway for WVE-006Infosyswas higher in New York after partnering with Columbia University to develop its AI R&D activitiesCortevafell after completing the spin-off of its seed and genetics businessNektarwas lower after announcing long-term data on rezpegaldesleukin5. EARNINGS/GUIDANCE:Lyftbacked its outlook for Q3McCormickreported Q3 results and reaffirmed its outlook for FY26Acuityreported Q4 results, with EPS beating consensusCardinal Healthreaffirmed its outlook for FY27Progress Softwarereported Q3 results and provided guidance for both Q4 and FY26INDEXES:The Dow rose 20.51, or 0.04%, to 50,926.56, the Nasdaq gained 10.53, or 0.04%, to 26,871.60, and the S&P 500 advanced 14.91, or 0.19%, to 7,666.45.