Stocks fell Monday, extending losses from Friday after a stronger-than-expected U.S. jobs report raised concerns the Federal Reserve would continue raising interest rates.
These stocks were making moves Monday:
Tesla (TSLA) rose 2.5% after the electric-vehicle company raised prices for its Model Y following a rules change from the U.S. government that made the SUV eligible for EV tax credits.
Newmont (ticker: NEM), one of the world’s largest gold miners, fell 4.5% after it launched a bid of about $17 billion for Australian rival Newcrest. Shares of the Australian miner rose 12% in Australia.
Catalent (CTLT) shares soared 19.5% after a report said Danaher (DHR), a life sciences company, was interested in taking over the contract drug maker.
Dell Technologies (DELL) confirmed Monday in a regulatory filing that it will be reducing its workforce by 5%. Dell joins the ranks of other tech companies slashing jobs in the face of a softening global economy. The stock was down 3%.
Public Storage (PSA) made an unsolicited offer of $11 billion for its smaller rival Life Storage (LSI). Public Storage published a letter on its website that it sent to management of Life Storage (LSI) detailing its all-stock proposal, worth about $129 a share. Life Storage rose 11%. Public Storage fell 0.2%.
Energizer Holdings (ENR) shares fell 4.9% after the batteries maker reported fiscal first-quarter earnings that missed analysts’ estimates and sales that fell from a year earlier.
RH (RH), which operates Restoration Hardware, fell 7.2% after the company said it found errors in its financial statements from 2022, and said the reports “should no longer be relied upon.”
Tyson Foods (TSN) shares fell 4.6% Monday after the meat giant reported adjusted earnings that fell well short of Wall Street expectations. The company reported adjusted earnings of 85 cents a share on sales of $13.26 billion, while Wall Street had anticipated $1.31 a share on sales of $13.52 billion, according to FactSet.
PayPal (PYPL) shares fell 3.7% after the fintech stock was downgraded to Market Perform from Outperform by analysts at Raymond James.
T-Mobile (TMUS) shares fell 2.2% after the wireless communications company was downgraded to Market Perform from Outperform by analysts at MoffettNathanson. Last week, the company posted fourth-quarter earnings that beat expectations and revenue that missed.
Datadog (DDOG) declined 3% after shares of the software company were downgraded to Sector Weight from Overweight at KeyBanc.
Spotify Technology (SPOT) rose 1.5%. Shares of the music-streaming company were upgraded to Overweight from Equal Weight at Wells Fargo, and to Overweight from Neutral at Atlantic Equities. Spotify last week said fourth-quarter revenue rose from a year earlier and premium subscribers jumped 14% to 205 million.
Lyft (LYFT) was down 0.2%. The ride-share app was downgraded to Hold from Buy by analysts at Gordon Haskett.