The Uber logo. Photo: Smith Collection/Gado via Getty Images

Uber will pay $148 million in a nationwide settlement led by California after the company allegedly covered up a data breach involving customer and driver data in 2016, the California Department of Justice announced on Wednesday.

Why it matters: Rather than initially disclosing the breach, Uber paid a hacker $100,000 to destroy the stolen data. California Attorney General Xavier Becerra said the settlement shows Uber that "we will hold them accountable" in protecting user data.

The details: In addition to the payment, Uber will also be required to maintain robust data security practices that comply with state laws covering data collection, maintenance, safeguarding information and reporting security incidents. The company must also report data security incidents on a quarterly basis for two years.

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.