Stocks making the biggest moves premarket: Tyson Foods, PayPal, Children's Place and more
Check out the companies making headlines in premarket trading.
Tyson Foods – Shares of the food processing giant suffered a 6% drop in premarket trading after 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.
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PayPal — Shares of the payments company fell 2.6% in premarket after 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 — The children's apparel retailer shed more than 16% after management cuts its 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 — T-Mobile shares dipped more than 2% following a downgrade to market perform by analysts at MoffettNathanson, citing expectations of a slowdown in subscriber growth.
Lyft — Shares of the ride-hailing company fell about 2% in premarket trading after 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.
Dell Technologies — Shares of the consumer technology stock gained nearly 1% before the bell following news that its cutting about 5% of its workforce as it grapples with a difficult macroenvironment.
Spotify — Shares rose more than 1% after Wells Fargo upgraded Spotify to overweight from equal weight, saying the audio streaming company is improving margins with an expected price increase ahead. Separately, Atlantic Equities also upgraded the stock to overweight.
Energizer Holdings — The battery maker's stock fell 6% after 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.
— CNBC's Yun Li, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting