It’s Fed day!
Here are some of the stories that Jim Cramer and Katherine Ross will be covering at 10:30 a.m. ET on TheStreet Live:
Plug Power to Restate Some Financial Results
Plug Power (PLUG) – Get Report will be restating its financial results
The company said in a news release that it will restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in a Form 10-K with the Securities & Exchange Commission for the year ended Dec. 31, 2020.
KPMG, the company’s accounting firm, management, and the audit committee of Plug Power’s board of directors “determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items.
“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.
Uber Eats and Shake Shack
Shake Shack (SHAK) – Get Report has partnered with Uber Eats (UBER) – Get Reporton a new delivery service that will be offered within the Shake Shack app.
And this builds on the Shack Track service, which already allows customers to preorder their food via the app for pickup at the walk-up windows at Shake Shacks.
Uber’s Court Loss Makes U.K. Drivers Employees
Following a court loss in the United Kingdom, Uber said that it will begin to treat its drivers in the U.K. as full-time employees who are entitled to minimum wage and pension benefits among other rights.
Per the company, U.K. drivers will receive an earnings guarantee as well as holiday pay and pensions. The changes will go into effect on Wednesday for the more than 70,000 drivers across the country.
TheStreet’s Tom Bemis noted that drivers will receive at least £8.72 ($12) per hour. The company claims that “On average, drivers earn £17 ($23.50)per hour in London and £14 ($19.30) in the rest of the UK on the same basis when driving on Uber.”
Hear what Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday’s Daily Rundown.
Daniel Kuhn contributed reporting to this article.
