Shares transfer at large midday: DELL, ON, PYPL
The PayPal logo on a smartphone screen with a stock market graph in the background.
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Check out the companies making headlines on Monday lunchtime.
About semiconductors — Shares gained more than 1% after the company on Monday reported earnings that beat Wall Street estimates. The company had revenue of $2.1 billion for the quarter, a 13.5% increase from revenue of $1.85 billion a year earlier.
Dell — The tech company’s shares fell 3.7% after it announced plans to lay off 5% of its workforce. Jeff Clarke, Dell’s co-chief operating officer, said the job cuts were an attempt to “stay ahead of the impact of the downturn.” The company struggled last year as global demand for PCs and laptops slowed.
Tyson Foods — Shares of the food giant suffered a 4.8% decline after the company posted weaker-than-expected results in the most recent quarter. Tyson earned 85 cents a share on revenue of $13.26 billion. Analysts were expecting earnings of $1.34 per share and revenue of $13.52 billion, according to Refinitiv.
T Mobile – Telecom stock fell 2.4% after MoffettNathanson downgraded the stock from an outperform rating to market performance, citing concerns about slowing growth.
space for children Shares fell more than 5.1% after management announced it would report a fourth-quarter net loss of $52 million to $57 million, citing a “deteriorating gross margin” due to a difficult macroeconomic 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 company said it is taking a cautious stance on the stock ahead of PayPal’s fourth-quarter earnings expected later this week, and expects “flat to negative growth for branded tills.”
Energizer Holdings — The battery maker’s share price fell 8.5% after fourth-quarter sales and earnings fell short of expectations.
catalytic — Shares of the contract manufacturer rose 20.4% after a report by Bloomberg News showed that Danaher expressed interest in acquiring the company. Danaher shares lost 1%.
under armor — Shares of the sporting goods retailer fell 3% in midday trade. However, Baird said on Monday that sentiment for the company’s shares had turned more positive since last fall, citing hopes for an earnings rebound this year on prospects for a soft landing. Year to date, Under Armor’s Class A stock is up 20%.
align technology — The medical device company rose more than 1% after announcing a $250 million accelerated share repurchase agreement with Citibank.
– CNBC’s Tanaya Macheel, Samantha Subin, Alex Harring, Sarah Min, Yun Li and Hakyung Kim contributed coverage.