Uber stock gains after reports of planned sale of Indian food-delivery business, London appeal

Uber Technologies Inc. shares are up more than 5% in Monday morning trading after reports indicated that the company was near a deal to sell its Indian food-delivery arm to a local rival, as part of the company's attempts to be more rational when it comes to the highly competitive food-delivery business. The company recently left the South Korean market, a move that Chief Financial Officer Nelson Chai has said "demonstrates our willingness to exit markets with low [returns on investment]." Uber also submitted an appeal to win back its license to operate in London, according to reports, after regulators in the city said last month that they would be pulling the company's license on safety concerns. The company didn't immediate respond to a MarketWatch request for comment. Uber's Monday rally comes even as a late-Friday filing showed that Travis Kalanick, the company's former chief executive and current board member, conducted a pre-scheduled sale of 5.8 million shares. Uber's stock is up 12% over the past month, but it's off 13% over a three-month span. The S&P 500 has climbed 6.6% over the past three months.

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