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Here are the most important things to know about Monday before you hit the door.
1. Uber earnings before lockup expires
Earnings season continues with ride-hailing company Uber reporting third-quarter earnings after the bell on Monday. Wedbush is expecting Uber to report a loss of 95 cents per share on revenue of $3.862 billion. This would be a significant drop in profit losses from the second quarter’s loss of $4.72 per share.
Uber’s earnings come two days before the company’s lockup period expires, making 763 million more Uber shares eligible to trade on the public market. The lockup expiration may “cause an avalanche of selling as early investors and insiders hit the bid, which remains a major Street worry around near-term pressure,” said Wedbush’s Dan Ives.
Shares of Uber are down about 30% since its market debut in May.
2. Shake Shack on deck
Shake Shack will also report quarterly earnings after the bell on Monday. SunTrust is expecting the restaurant company to report earnings per share of 19 cents, below the 21 cents per share earned in the same quarter last year. This quarter, Shake Shack transitioned from four delivery partners to just GrubHub. SunTrust said this is the primary risk to Shake Shack’s recent same-store sales momentum. The firm lowered its comp sales estimate to growth of 2.5%.
Shares of Shake Shack are up about 10% in the last three months.
3. Trade deal update
Investors will be looking for more clarification and advancements on the U.S.-China trade deal on Monday. China said it reached a consensus with the U.S. on the core trade concerns after a phone call among high-level trade negotiators on Friday. The White House said in a statement the trade representatives “made progress in a variety of areas and are in the process of resolving outstanding issues.”
Major events (all times ET):
10:00 a.m. Factory orders
2:00 p.m. Senior loan officer survey
3:05 p.m. New York Fed President John Williams speaks
5:00 p.m. San Francisco Fed President Mary Daly speaks
Major earnings:
Occidental Petroleum (before the bell)
Ryanair (before the bell)
Under Armour (before the bell)
Uber (after the bell)
Shake Shack (after the bell)
Marriott (after the bell)
Groupon (after the bell)
RealReal (after the bell)
—with reporting from CNBC’s Michael Bloom.
