Lyft Sees Itself as a Big Recovery Winner

Few stocks have been hit as hard by the coronavirus pandemic as Lyft (NASDAQ: LYFT). Lyft's guidance for the third quarter indicates that it expects the recovery to be sluggish, calling for an adjusted EBITDA loss of $225 million, which doesn't include an incremental $40 million that the company is planning to spend to fight new legislation in California that would force the company to reclassify its drivers as employees. No portion of Lyft's business enjoyed favorable tailwinds from COVID.