NGCA - Hot Stock: Legal setback for UBER LYFT DASH; Virgin Orbit coming public via SPAC; TGT DIS expanding partnership

A major legal setback for gig employers took center stage in Monday's pre-market trading. Uber (NYSE:UBER), Lyft (NASDAQ:LYFT) and DoorDash (NYSE:DASH) all lost ground after a key California law was declared unconstitutional. Elsewhere, Richard Branson is taking another space-centered enterprise public. His Virgin Orbit has signed a SPAC deal with NextGen Acquisition Corp. II (NASDAQ:NGCA). Checking out some of the other major pre-market stories, Target (NYSE:TG) and Disney (NYSE:DIS) are expanding their partnership, JD.com (NASDAQ:JD) reported better-than-expected earnings and CASI Pharma (NASDAQ:CASI) received attention on insider buying. A California superior court judge has found the state's Proposition 22 unconstitutional. The measure exempted gig-economy workers from being treated as employees in California. The judge said the law violated the state's constitution by limiting the power of lawmakers in matters like workers' compensation and collective bargaining. Weighed down by the news, UBER dropped nearly 5%, LYFT fell 4.5% and DASH slipped more

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Hot Stock: Legal setback for UBER, LYFT, DASH; Virgin Orbit coming public via SPAC; TGT, DIS expanding partnership