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Palantir and Novavax rise premarket; PacWest, PayPal and Under Armour fall

Published May 09, 2023 07:46AM ET Updated May 09, 2023 08:08AM ET
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Investing.com -- Stocks in focus in premarket trade on Monday, May 9th. Please refresh for updates.

  • Palantir (NYSE:PLTR) stock rose 15.6% after the data analytics software maker said it expects to turn a profit every quarter in 2023, seeing strong demand in its new artificial intelligence platform.

  • PacWest Bancorp (NASDAQ:PACW) stock fell 6.5%, with the Los Angeles-based lender's decision to cut its quarterly dividend failing to stem worries about its financial stability.

  • PayPal (NASDAQ:PYPL) stock fell 6.2% after the online payments giant raised its full-year profit guidance after strong first quarter results, driven by cost cuts and growth in e-commerce.

  • Under Armour (NYSE:UAA) stock fell 5.2% after the sports apparel retailer forecast annual sales and profit below expectations as elevated inflation discouraged shoppers from spending.

  • Valero Energy (NYSE:VLO) stock fell 0.4% after the U.S. refiner announced CEO Joseph Gorder would step down from the role at the end of June and named chief operating officer Lane Riggs as his successor.

  • Fisker (NYSE:FSR) stock fell 15% after the EV startup cut its full-year production target as it seeks to curb expenses and posted a smaller first-quarter loss.

  • Novavax (NASDAQ:NVAX) stock rose 4% after the cash-strapped biotech announced plans to reduce its global workforce by 25% as it struggles with reduced demand for its COVID-19 vaccines.

  • Skyworks Solutions (NASDAQ:SWKS) stock fell 9.4% after the chipmaker’s guidance for the current quarter fell short of estimates as a challenging macro backdrop continued to weigh on performance.

  • Shopify (NYSE:SHOP) stock fell 1.8% after Atlantic Equities downgraded the e-commerce company to ‘Neutral’ from ‘Overweight’ following a shares surge after its first-quarter results.

Palantir and Novavax rise premarket; PacWest, PayPal and Under Armour fall
 

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Comments (4)
Peter Chau
Peter Chau May 11, 2023 5:27PM ET
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Best stocks: AI, PATH, UPST, U, PLTR, DM
Derick Lim
Derick Lim May 09, 2023 8:59AM ET
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Just add AI in announcement and shares will rally.......
Dave Jones
Dave Jones May 09, 2023 8:32AM ET
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Monday?
Takis Karalivanos
Takis Karalivanos May 09, 2023 8:31AM ET
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For the ones interested in Palantir, google Palantir AIP.
 
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