Stocks making the biggest moves midday: Dell, On Semiconductor, PayPal, Catalent & more
Check out the companies making headlines in midday trading Monday.
On Semiconductor — Shares gained more than 1% after the company reported earnings Monday that beat Wall Street estimates. The company posted $2.1 billion in revenue for the quarter, a 13.5% increase from $1.85 billion in revenue last year.
Dell — The tech company saw its shares fall 3.7% after it announced its plans to lay off 5% of its workforce. Dell co-chief operating officer Jeff Clarke said the staff cuts are an effort to "stay ahead of downturn impacts." The company has been struggling with the global slowdown in demand for PCs and laptops during the past year.
Tyson Foods — Shares of the food processing giant suffered a 4.8% drop following the company's weaker-than-expected results for its most-recent quarter. Tyson earned 85 cents per share on revenue of $13.26 billion. Analysts expected $1.34 per share in earnings and revenue of $13.52 billion, according to Refinitiv.
T-Mobile – The telecom stock fell 2.4% after MoffettNathanson downgraded shares to market perform from an outperform rating, citing concerns about slowing growth.
Children's Place — Shares dropped more than 5.1% after management said it expects to report a net loss in the range of $52 million to $57 million for the fourth quarter, citing a "deterioration in gross margin" because of a difficult macro environment.
PayPal — Shares of the payments company fell more than 3% after Raymond James downgraded the stock to market perform from outperform. The Wall Street firm said it holds a cautious stance on the stock ahead of PayPal's fourth-quarter earnings set for later this week, expecting "flat to negative growth for branded checkout."
Energizer Holdings — The battery maker's stock price lost 8.5% after fourth-quarter revenue and earnings fell short of expectations.. The company reaffirmed earnings per share and revenue growth guidance for the full year.
Catalent — Shares of the contract manufacturer surged 20.4% following a Bloomberg News report showing Danaher has expressed interest in taking over the company. Shares of Danaher lost 1%.
Under Armour — Shares of the sports equipment retailer lost 3% in midday trading. However, Baird on Monday said that sentiment for the company's shares are improving more positively since last fall, citing hopes of an earnings recovery this year off of prospects for a soft landing. Year to date, Under Armour's Class A stock is up 20%.
Align Technology — The medical device company rose more than 1% after it announced a $250 million accelerated stock repurchase agreement with Citibank.
— CNBC's Tanaya Macheel, Samantha Subin, Alex Harring, Sarah Min, Yun Li, and Hakyung Kim contributed reporting.