Wall Street could be looking at another red day with stock index futures falling on Monday, as tech companies remained under pressure. Here are the four stocks to watch on the day:
Devon Energy (DVN) and Coterra Energy (CTRA) shares were both down ~3% in premarket trading after the companies announced they agreed to merge in an all-stock transaction to create a leading shale operator anchored by a premier position in the Delaware Basin. The transaction implies a combined enterprise value of approximately $58 billion.
Tyson Foods (TSN) shares rose 1% in premarket trading after the protein company topped fiscal first-quarter earnings expectations. Revenue climbed 5.1% year-over-year to $14.3 billion for the quarter ended December 27, with sales up 6.2% excluding the impact of a $150 million increase in legal contingency accruals.
Disney (DIS) fell 1.4% in early action after reporting a top- and bottom-line beat for its fiscal first quarter, mainly benefitting from strong momentum in its Experiences segment. Shares initially dropped 4% in immediate reaction to the report but erased losses and jumped as much as 4% before paring most of those gains.
Alibaba (BABA) stock slipped 0.9% before the opening bell as the company announced a 3 billion yuan (approximately $431 million) investment to promote its Qwen AI app during the Lunar New Year holidays. The campaign launches February 6, ahead of the public holiday starting February 15, offering rewards for dining, entertainment, and leisure via “large red envelopes.”