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.

• 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.