Uber, U.S. Bancorp, Lennar: What to Watch When the Stock Market Opens

On Sep 21, 2021

U.S. stock futures are up, suggesting markets are poised to rebound a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities. Here’s what we’re watching ahead of Tuesday’s open.

Uber Technologies rose 4.7% before the bell. The ride-hailing firm said it could reach a measure of profitability in the current quarter, months earlier than previously expected.
Uber’s rival Lyft added 1.6% in premarket trading.
U.S. Bancorp shares gained 1.4% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the West Coast, for about $8 billion.
Lennar fell more than 2% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.
Bill.com said it planned to sell $1 billion of shares. The financial-software stock dropped 4.8%.
ConocoPhillips ticked up 1.6% after the oil-and-gas company said it had agreed to buy all of Royal Dutch Shell’s assets in the Permian Basin for about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped more than 5%.
Occidental Petroleum , Devon Energy and Phillips 66 rose in premarket trading as oil prices rallied and the energy sector looked set to rebound from a broad selloff. Occidental has repaid $4.5 billion of debt this year, the company said late Monday in a regulatory filing.
KKR added almost 5% after skidding more than 6% Monday. Private-equity stocks have been on a tear this year.
Bitcoin prices stabilized after tumbling on Monday, when investors ditched riskier and speculative assets.
Tapestry rose 3% premarket. The luxury-fashion company last week said Anne Gates was expected to succeed Susan Kropf as independent chairwoman.

Chart of the Day

Today’s inflation may be transitory, but how long “transitory” means is becoming a real head-scratcher for investors. At the risk of intellectual incoherence, they seem more worried about the next five years than the next 10, Jon Sindreu writes for Heard on the Street.