Tyson’s meat products are shown in this photo illustration in Encinitas, California.
Mike Blake Reuters
Check out the companies making headlines in premarket trading.
Tyson’s Food – Shares of the food processing giant fell 6% in premarket trade after the company reported weaker-than-expected results for the first quarter. Earnings came in at 85 cents per share excluding items on profits of $13.26 billion. Analysts expected $1.34 per share in earnings and revenue of $13.52 billion, according to Refinitiv.
PayPal – Shares of the payment company fell 2.6% in the premarket after Raymond James downgraded the stock to market performance from outperform. The Wall Street firm said the decline followed a strong start to the year that saw the stock rise more than 20%. Meanwhile, Raymond James said it maintains a cautious stance on fourth quarter earnings set for later this week.
Children’s Place – The children’s apparel retailer shed more than 16% after management cut its outlook for the fourth quarter as it dealt with a difficult macro environment. Anak Place also said he expects a loss per share, saying “it is broken in the gross margin.”
T-Mobile – T-Mobile shares plunged more than 2% after a downgrade to market performance by analysts at MoffettNathanson, citing expectations of a slowdown in customer growth.
Lyft – Shares of the ride-hailing company fell about 2% in premarket trading after Lyft was downgraded from buy at research firm Gordon Haskett. The company said Lyft’s active ridership metrics for the fourth quarter may not be as expected.
Dell Technologies – Shares of consumer technology stocks gained nearly 1% before the bell after the news that it cuts 5% of the workforce because it grapples with a difficult macro environment.
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 expected price increases. Separately, Atlantic Equities also upgraded the stock to overweight.
Energizer Holdings earnings – The battery maker’s stock fell 6% after revenue and earnings for the new quarter fell short of expectations, according to analysts surveyed by FactSet. Energizer, meanwhile, confirmed its earnings per share and revenue growth guidance for the full year.
– CNBC’s Yun Li, Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting