Uber fined $8.9 million by Colorado

The markets extended its gains during the midday with the Dow leaping 174 points to 23,605. Nasdaq soared 64 points to 6,855.


Colorado Public Utilities Commission has fined Uber $8.9 million for employing drivers with criminal records. Over the past 18 months, regulators discovered 57 Uber drivers with felony convictions, major moving violations or who were driving with suspended, revoked or cancelled driver's licenses. Uber said that their drivers undergo background checks and that corrective action against an employee was taken when a problem was discovered.


The Department of Justice has filed a suit against the proposed merger of AT&T and Time Warner alleging that the $85.4 billion deal violates antitrust laws and would increase costs to consumers. AT&T disputed the claims saying that the combination of the two companies was a vertical merger which is routinely approved. AT&T said that it would work with the DOJ on potential divestitures in order to move forward with the merger.


Dish Network and CBS were unable to reach an agreement on retransmission fees last night resulting in the loss of CBS programming for Dish Network subscribers. Major markets such as Los Angeles, Chicago and New York have been impacted by the blackout. CBS has been using its position as the most-watched television network as leverage to secure higher fees.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 climbed 16 points to 2,598. Bitcoin gained $73 to $8,313.


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