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Check out the companies making headlines in midday trading on Monday.
On semiconductor – Shares gained more than 1% after the company reported earnings above Wall Street estimates on Monday. The company reported revenue of $2.1 billion 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 announcing plans to lay off 5% of its workforce. Dell’s co-chief operating officer, Jeff Clarke, said the workforce reductions were an effort to “stay ahead of the impacts of the recession”. The company has struggled with the global slowdown in demand for PCs and laptops over the past year.
Tyson Foods — Shares of the food processing giant fell 4.8% following the company’s weaker-than-expected results for its latest quarter. Tyson earned 85 cents per share on revenue of $13.26 billion. Analysts had expected earnings of $1.34 per share and revenue of $13.52 billion, according to Refinitiv.
T-Mobile – The telecommunications stock fell 2.4% after MoffettNathanson downgraded the shares to market performance from an outperform rating, citing concerns about slowing growth.
Children’s place – Shares fell more than 5.1% after management said it expected to report a net loss in the range of $52-57 million for the fourth quarter, citing “margin deterioration” crude” due to a difficult macroeconomic environment.
PayPal – Shares of the payments company fell more than 3% after Raymond James downgraded the stock to market performance from outperformance. The Wall Street firm said it was taking a cautious stance on the stock ahead of PayPal’s fourth quarter results expected later this week, expecting “stable to negative growth for branded payments.”
Energizing assets – The battery maker’s share price fell 8.5% after fourth-quarter revenue and profit fell short of expectations. The company reaffirmed earnings per share and revenue growth guidance for the full year.
Catalent – Shares of the contractor jumped 20.4% following a Bloomberg News report showing Danaher expressed interest in taking over the business. Danaher shares fell 1%.
under protection — Shares of the sports equipment retailer were down 3% at midday. However, Baird said on Monday that sentiment for the company’s shares was improving more positively since last fall, citing hopes for a recovery in earnings this year over prospects for a soft landing. Year-to-date, Under Armor’s Class A shares are up 20%.
Alignment Technology — The medical device company rose more than 1% after announcing a $250 million accelerated share buyback deal with Citibank.
– CNBC’s Tanaya Macheel, Samantha Subin, Alex Harring, Sarah Min, Yun Li and Hakyung Kim contributed reporting.
