Today's Pre-Market Stock Movers: PYPL, TSN, LYFT, PLCE and More
Gapping up
$Dell Technologies(DELL.US$ +1% (The company is cutting about 5% of its workforce as it grapples with a difficult macroenvironment.)
$Spotify Technology(SPOT.US$ +1% (Wells Fargo upgraded Spotify to overweight from equal weight, saying the audio streaming company is improving margins with an expected price increase ahead.)
Gapping down
$Tyson Foods(TSN.US$ -6%(The company reported weaker-than-expected results for the first quarter. Earnings came in at 85 cents per share excluding items on revenues of $13.26 billion. Analysts expected $1.34 per share in earnings and revenue of $13.52 billion, according to Refinitiv.)
$PayPal(PYPL.US$ -2.6% (Raymond James downgraded the stock to market perform from outperform. The Wall Street firm said the downgrade followed the strong start to the year that saw the stock rise more than 20%. Meanwhile, Raymond James said it holds a cautious stance on its fourth-quarter earnings set for later this week.)
$Children's Place(PLCE.US$ -16% (Its management cuts outlook for the fourth quarter as it deals with a difficult macro environment. Children's Place also said it expects a loss per share, citing "deterioration in gross margin.")
$T-Mobile US(TMUS.US$ -2% (The company received a downgrade to market perform by analysts at MoffettNathanson, citing expectations of a slowdown in subscriber growth.)
$Lyft Inc(LYFT.US$ -2% (Lyft was downgraded to hold from buy at research firm Gordon Haskett. The firm said in a note that Lyft's active rider metric for the fourth quarter could fall short of expectations.)
$Energizer Holdings(ENR.US$ -6% (The company's revenue and earnings for the recent quarter fell short of expectations, according to analysts surveyed by FactSet. Energizer, meanwhile, reaffirmed earnings per share and revenue growth guidance for the full year.)
Source: CNBC
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