Movers: Align Tech, Catalent, Children's Place, Dell, Energizer, ON Semi, T Mobile, Tyson, Under Armour

Scott Peters
06 Feb, 2023
New York City

Align Technology, Inc declined 0.2% to  $342.58 after the maker of digital scanners and restorative dental accessories announced $250 million accelerated stock repurchase agreement with Citibank N.A. 

The latest plan its a part of its $1.0 billion stock repurchase plan announced on May 13, 2021. 

Catelent Inc soared 19.5% to $67.0 after Danaher showed an interest in acquiring the pharmaceutical contract manufacturing company, according to Bloomberg News. 

Children's Place Inc declined 3.9% to $44.84 after the apparel retailer announced a loss in the fourth quarter based on the preliminary assessment. 

Fourth quarter revenue is expected to fall between $454 million and $456 million, a decline between 10.2% and 10.6% from the previous year. 

Loss per share for the fourth quarter of 2022 is expected to be in the range of $4.24 to $4.63 and adjusted loss per share is expected to be in the range of $4.02 to $4.41 after excluding approximately $3.6 million of adjustments. 

The company previously guided adjusted earnings per diluted share of $0.50 to $0.75.

Dell Technologies Inc declined 3% to $40.99 after the maker of personal computers announced a plan to lay off about 5% its staff. 

The company expects to recognize  expenses associated with these actions in the fourth fiscal quarter of fiscal 2023, according to a regulatory filing with the Securities and Exchange Commission. 

"The steps we’ve taken to stay ahead of downturn impacts – which  enabled several strong quarters in a row – are no longer enough. We now have to make additional decisions to prepare for the road ahead," Vice Chairman and Co-chief Operating Officer Jeff Clarke said.  

"Unfortunately, with changes like this, some members of our team will be leaving the company," Clarke added. 

Energizer Holdings dropped 5.3% to $35.29 after the battery maker reported weaker-than-anticipated quarterly results. 

Sales in the fourth quarter or the fiscal first quarter ending in December decreased 9.6% to $765.1 million from $846.3 million a year ago. 

Net income dropped to $49 million from $60 million and diluted earnings per share decreased to 68 cents from 83 cents a year ago. 

The company reiterated its fiscal 2023 outlook, , with organic revenue expected to increase low single digits, adjusted EBITDA  in the range of $585 million to $615 million, and adjusted earnings per share in the range of $3.00 to $3.30. 

"We still expect low single digit  declines for reported revenues with currency headwinds of approximately $50 million and anticipate negative currency headwinds on pre-tax  earnings of approximately $20 million and $0.23 per share, based on current rates," the company said in the earnings release.

ON Semiconductor Corp declined 0.6% to $80.39 after the company said revenue in the fourth quarter increased 14% to record $2.1 billion. 

Net income in the period rose to $604.3 million from $425.9 million and diluted earnings per share increased to $1.35 from 96 cents a year ago. 

The company also announced a new share repurchase program with authorization to repurchase up to $3 billion of shares of the company's common stock through December 31, 2025. 

PayPal Holdings Inc declined 3.7% to $82.36 after Raymond James lowered its rating on the payment processor's stock to "market perform" from "outperform." 

Paypal is scheduled to release its latest quarterly earnings later in the week and in November the company reported third quarter revenue increased 11% to $6.85 billion and net income per share rose about 25% to $1.13 from 92 cents a year ago.  

T. Mobile US Inc declined 2.2% to $141.97 after the independent research boutique MoffettNathanson downgraded the company's stock to "market perform" from "outperform."  

Tyson Foods, Inc declined 5% to $60.77 after the company reported weaker-than-expected quarterly results. 

Revenue in the fiscal first quarter increased 2.5% to $13.2 billion.

Net income plunged to $320 million from $1.1 billion and diluted earnings per share fell to 88 cents from $3.07 a year ago. 

The company also guided fiscal 2023 revenue in the range of $55 billion and $57 billion and capital expenditure of $2.5 billion. 

The company repurchased 4.9 million shares for $313 million the quarter ending in December. 

Under Armour Inc declined 3.7% to $12.18 despite positive comments from Baird on the sports apparel retailer's business. 

Baird said in a note to clients that the sales are likely to recover towards the year's end on the prospects of the economy avoiding a deep recession. 

Under Armour stock has jumped 20.5% in the year so-far.