A california appeals court extended the length of time Uber and Lyft will have to reclassify their drivers as employees. The temporary reprieve gives Uber and Lyft until 5pm August 25. The temporary reprieve gives Uber until 5 p.m. PT on August 25 to file written statements agreeing to expedited procedures stated in the order.

There is still a lot to play out on this battle, but the market liked the extension and Uber traded higher with volume, well back above its .382 level of support. This level of support dates all the way back to June 29th, so it's nice to see it hold that level.

A quote from CNBC on the news:
"The stay will extend until Uber and Lyft’s appeals are resolved on the condition that they agree to a new timeline and procedure. If they do not, the stay will expire on Aug. 25 at 5 p.m. PT. One of those conditions is that the CEOs of Uber and Lyft both submit sworn statements on or before Sept. 4 confirming they’ve developed plans to comply with the preliminary injunction within 30 days of a ruling if the appeals court affirms the preliminary injunction and if Proposition 22, the ballot measure that would exempt the firms from AB5, fails to pass."