Stocks that move wildly in the premarket: TSN, PYPL, Children’s PLCE
Located in Encinitas, California, this photo illustration shows Tyson’s meat products.
Mike Blake | Reuters
Check out the companies that are making headlines in premarket deals.
Tyson Foods – Shares of the food processing giant fell 6% in premarket trading after the company reported disappointing results in the first quarter. Excluding $13.26 billion of revenue items, earnings per share were 85 cents. According to Refinitiv, analysts expected him to earn $1.34 per share and he would earn $13.52 billion.
PayPal — Stocks of the payments company fell 2.6% in the premarket after Raymond James pulled the stock’s market performance from outperform. The Wall Street firm said the downgrade follows a strong start to the year, with its stock gaining more than 20%. Meanwhile, Raymond said James remains cautious about fourth-quarter earnings, which are expected later this week.
Children’s Place — The children’s clothing retailer cut more than 16% after management lowered its fourth-quarter outlook to address a challenging macro environment. Children’s Place also said it expects a loss per share due to “declining gross margins.”
T-mobile — T-Mobile shares fell more than 2% after MoffettNathanson’s analyst downgrade to market performance.
lift — Shares of the ride-hailing company fell about 2% in premarket trading after Lyft was downgraded from buy to holding by research firm Gordon Huskett. In a memo, the company said his Lyft’s active passenger metric for the fourth quarter could be lower than expected.
Dell Technologies — Shares of consumer technology stocks rose nearly 1% ahead of Bell following news that it had cut about 5% of its workforce as it grappled with a challenging macro environment.
Spotify — Shares rose more than 1% after Wells Fargo upgraded Spotify from equal weight to overweight, saying the audio streaming company is improving margins on expected price hikes. Separately, Atlantic Equities also overweighted its stock.
Energizer Holdings — The battery maker’s share price fell 6% after recent quarter earnings and earnings were lower than expected, according to analysts surveyed by FactSet. Meanwhile, Energizer reaffirmed his earnings per share and earnings growth guidance for the full year.
— CNBC’s Yun Li, Sarah Min, Jesse Pound, and Tanaya Macheel contributed to the report
https://www.cnbc.com/2023/02/06/stocks-making-the-biggest-moves-premarket-tyson-foods-paypal-childrens-place-and-more.html Stocks that move wildly in the premarket: TSN, PYPL, Children’s PLCE