Large premarket moving stocks: TSN, PYPL, PLCE for kids
Tyson Food meat products are featured in this photo illustration in Encinitas, California.
Mike Blake | Reuters
Find out which companies are making headlines in pre-market commerce.
Tyson Foods – Shares of the food processing giant suffered a 6% decline in premarket trading after the company reported weaker-than-expected first-quarter results. Earnings were 85 cents per share excluding items on revenue of $13.26 billion. Analysts had expected earnings of $1.34 per share and revenue of $13.52 billion, according to Refinitiv.
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PayPal – Shares of the payments company fell 2.6% pre-market after Raymond James downgraded the stock to market performance from outperformance. The Wall Street firm said the downgrade followed a strong start to the year that saw the stock rise more than 20%. Meanwhile, Raymond James said he was taking a cautious stance on his fourth quarter earnings forecast later this week.
Children’s place — The children’s clothing retailer lost more than 16% after management cut its fourth-quarter guidance due to a difficult macroeconomic environment. Children’s Place also said it expected a loss per share, citing “deteriorating gross margin.”
T-Mobile – T-Mobile shares fell more than 2% following a downgrade in market performance by analysts at MoffettNathanson, citing expectations of slowing subscriber growth.
Lyft – Shares of the ride-hailing company fell about 2% in premarket trading after Lyft was downgraded to retain its purchase of research firm Gordon Haskett. The company said in a note that Lyft’s active rider metric for the fourth quarter may be below expectations.
Dell Technologies – Shares in the consumer technology sector gained nearly 1% before the bell after news broke about 5% of its workforce as it grapples with a challenging macro environment.
Spotify – Shares rose more than 1% after Wells Fargo put Spotify overweight from equal weight, saying the audio streaming company is improving its margins with an expected price increase to come. Elsewhere, Atlantic Equities also raised the stock to overweight it.
Energizing assets – The battery maker’s stock fell 6% after last quarter’s revenue and profit fell short of expectations, according to analysts polled by FactSet. Energizer, meanwhile, reaffirmed earnings per share and revenue growth guidance for the full year.
– CNBC’s Yun Li, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting
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