Hey guys, Patrick here. Hope you’re doing great today on this glorious Monday, the 10th of August, a year’s tone along really well. And it’s going to be January 20, 21 before we know it. If we can make it through 2020, apparently. So today highlights are going to be mainly just covering the market is how the market is chugging higher, hitting higher highs. It’s it’s on fire. I know Uber their earnings last week and how much they lost because it was pretty, pretty bad for Uber, obviously, cause nobody can really go anywhere, but there was a bright side and Amazon is actually in discussions with mall owners right now about using some stores to make fulfillment centers and stay tuned, to find out what stores they’re gonna gut and basically turn into their own, you know, just stores.
It’s kind of awful if you look at it and we’ll dive into that in a little bit. All right. So hope you guys doing great here in lovely Mississippi. And I’ve lived in Florida, Tennessee and Mississippi all this year. And it’s actually been one of the most active years of my past couple of years, which is kind of hilarious because when the, with the code virus, you think I would be home more, but I’ve had a lot of business trips and things I’ve had to take care of and obviously wearing my mask and stuff like that.
But yeah, it’s definitely a different world we live in right now and I think it’s going to get better. I think it’s definitely going to get better. So just hang in there guys. So last week, the market chugged higher and you know, really finished, pretty strong and this is second highest, weekly close ever in the S and P 500. And that’s pretty crazy. That’s pretty crazy. So back in February, we were hitting the highest highs ever for this and P and then that March just complete crash.
And now the recovery a couple months later is all the way pretty much back at February levels. You know, investors are shrugging this thing off. They’re realizing that all these technology companies like Apple, Amazon AMD, Nvidia, they don’t need people to leave their house to make money. I can sit on my couch, he Cheetos and or off Amazon all day. They don’t need people to leave their house. They don’t need businesses to leave their house because VPN capability remote work.
So there’s so many options now, which makes tech an even stronger force to stop. And not only has the technological companies shown that they are almost invulnerable to this pain to, but they’re actually thriving in it. Apple did so well last quarter, they’re doing a stock split four for one stock split. You can listen to that last week. I talked about that more in depth. So I don’t want to get off on that tangent. Let’s go ahead dive into the first top story of last year week, and that’s going to be Uber.
So Uber I’d share bookings plunge 73%. That is really bad. The only did 737 million trips, less than half the 1.7 billion from the same quarter last year, but get this. And this is kind of funny. Their delivery booking serves 113% because of Uber eats. And so it actually doubled its earnings from eats more than it did from rides, Uber rides.
So that, that actually, luckily they diversified into the food business and that way that food, the food delivery books, Kings earnings were able to kind of cushion the complete destruction of their ride share business. So that is, that is one good example of diversification and how it can work in your favor. So definitely the food delivery definitely is keeping Uber kind of still running.
So yeah, at lost Uber lost $1.8 billion last quarter, which definitely is awful. It sounds terrible, but it’s better than the 5.2 billion it last quarter to last year. And so what they did was they, they laid off 14% of their workforce. So roughly about 4,000 employees. And, you know, it’s just, it’s really rough out there for companies like Uber and these tech startups, because what they do is they grow so fast.
You know, they go through the business life cycle so quickly compared to older companies that they’re, you know, working for these companies pretty risky, you know, they hire and fire quarterly pretty much. And that means it’s not, you know, it’s not a big deal to see a company slash 14% of its workforce like Uber. Hm. It’s getting pretty common with these tech guys. So definitely if you’re in that field, if you’re working for startups, like I remember we work last, last year, they were like blowing up growing crazy fast, ever had like a $50 billion valuation, something like that.
And then in all caved in the CEO left and it was just a complete disaster, complete disaster. So these companies I think, are growing really fast and if there’s nothing to support them, then also blow up really fast. And I think that that delivery bookings surging for Uber shows that it’s not going to necessarily blow up all the way it’s still blowing up, but it definitely has some cushion to land on because they have the delivery booking searching hundred, 13% for over eats, offsetting their ride share bookings, which drops 73%.
So luckily they’re able to kind of counteract that. Yeah. Good, good things there. But I don’t know if I would necessarily trust Uber. I don’t think next quarter is going to be great because I mean, let’s just be honest. When is paying them and going to be over. I mean, it could be two, three more quarters, maybe even more quarters impacted by this virus. So hopping into a stock like Uber and stuff like that. And going into these rideshare businesses is pretty risky. My opinion, it’s going to take years for them to, well, maybe not years quarters for them probably to recover.
Cause people, investors tend to look very far in the future with these technology companies. And that’s what Uber is a technology company. So moving on next here, Amazon, these guys are always doing just ludicrous things and watering their competition, undercutting everybody, you know, they’re next. I was watching the Senate hearings last week with, with Jeff Bezos and Tim cook and all these guys and the Congressman was like, so Jeff Bezos, your, I think it was either five or eight times larger than your second year, this competitor.
He’s like, how do you justify that? And I mean, you really couldn’t, let’s just be honest. So, you know, really, if you really want to tap into something that is, has a little competition, Amazon’s a way to go. And here’s some proof. So Amazon is actually in discussions with the mall owner group, Simon property group about using some of the close down JCP and see your stores. Now, obviously JC Penny’s and Sears have went bankrupt here.
Recently I can may JC penny went bankrupt and Sears went bankrupt a couple of years ago and they just really haven’t recovered as strongly as you would, as they’d like to obviously, because Amazon is really putting the pressure on these guys. And so the JC Penny’s and Sears stores are going to basically be gutted out and turn into Amazon fulfillment centers. This is coming from the wall street journal on Sunday and the wall street journal says unclear how many of the stores inside of the time malls are under consideration.
But if it’s my guess, I’m going to say a lot, probably hundreds and the Sears and JC Penny’s locations could given Amazon more fulfillment center space closer to cut customers and we’re delivery drivers come unload and transport packages. Now you gotta think about this. Amazon has created, created their own like fleet of vans that is basically their own delivery system. They have their own Amazon like ups.
And I mean, it’s just insane. So now they’re trying to get it and to every basically local mall and every hive of every makeup, your city, I mean, this is crazy, crazy. And from those Congress hearing last week, I don’t think there’s anything Congress can do to stop these guys. And these big, massive brands like Facebook, Amazon, Apple, people want them to stay together.
Like basically in the monopolies that they’re in. People want them to stay that way. They want them to stay the huge, massive companies they are. And I mean, it makes sense because thanks to Amazon, you do have the fulfill and you do have the ability to open Amazon stores. Now, obviously there’s bad stories and there’s good stories of people having success on Amazon’s platforms and failures. And you know, obviously obviously it’s, it’s a different time we’re in and things definitely different.
And we, there are massive companies. I mean, I am Apple is larger than 19 GDPs. Grammas gross domestic product of several countries, Norway, Denmark, apples, the company, Apple is larger than an entire country. And I find that insane. I believe. So these tech companies are just stupid. The massive, I think Apple’s actually closing in on one or 2 trillion market cap.
I mean, these companies are just huge, huge. I get off on a tangent. We’ll save that for later. I just want to close it out today, guys, with the week ahead, what we’re looking at going through this week. And so today is August the 10th. So on August 11th, we have the July producer price index, August the 12th. We have the July consumer price index and August the 14th, which is going to be in my opinion union, the highlight of the week, which is Friday. Obviously people are Fridays is going to be July retail sales.
So get ready for a slaughter on Friday. I don’t think the market is going to like what it sees here. I think Friday’s going to be a slaughter of the retail stores. I could be wrong. I definitely could be wrong, but let’s, let’s hope I am because that way saves a lot of investors money and yeah. So thanks for this show today, guys. I don’t hold any in Amazon or Uber, so I’m not trying to sway your opinions or votes. I do own shares an Apple. So just want to be transparent with you guys and let you know what I got.