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

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.

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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.

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