Stocks looked poised for a further decline at the start of Monday's trading, adding to the weakness seen at the end of last week, when a stronger-than-expected jobs report stoked fears about interest rates. Here are some stocks to watch on Monday:
- Energizer Holdings ( ENR ) slumped in premarket trading after releasing disappointing results , falling by about 5%. The battery maker reported Q1 profit and revenue that came in below what analysts were predicting. The top-line figure fell almost 10% to $765M. The company also maintained its full-year outlook.
- Earnings news also put premarket pressure on Tyson ( NYSE: TSN ), which fell 5% after missing expectations with its Q1 results. The chicken, beef and pork producer announced EPS that dropped 70% from last year and came in below projections . "We faced some challenges in the first quarter. Market dynamics and some operational inefficiencies impacted our profitability," the firm's CEO said, adding that "we expect to improve our performance through the back half of fiscal 2023."
- Newmont ( NEM ) lost ground before the opening bell after making a non-binding bid to acquire Newcrest Mining ( OTCPK:NCMGF ) ( OTCPK:NCMGY ). Under the proposed transaction, each Newcrest share would be exchanged for 0.38 of a NEM share. On the bid, shares of Newmont dropped 6%.
- Activision Blizzard ( ATVI ) is slated to report quarterly results after the closing bell. The video game maker is projected to earn $1.51 per share on revenue of $3.18B. That top-line figure would represent growth of nearly 28% from last year.
For more on the overall market, see why Seeking Alpha contributor Bill Kort says of the economy, "Forget 'hard landing' or 'soft landing,' 'touch and go' may be closest description ."
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4 stocks to watch on Monday: Energizer, Tyson and more