4 stocks to watch on Monday: monday.com, C3.ai and more
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The futures were pointing to a higher open on Monday following uncertain trading last week. Worries about the debt ceiling and the future of Federal Reserve policy have led to choppy action on Wall Street. Here are some stocks to watch on Monday:
- monday.com (NASDAQ:MNDY) rallied in premarket trading after the provider of product management software exceeded estimates with its Q1 earnings and revenue. The firm's top-line figure jumped almost 50% from last year. The company also raised its 2023 outlook, predicting total revenue of $702M-$706M.
- C3.ai (AI) issued preliminary Q4 revenue that surpassed the total predicted by Wall Street analysts. The AI software provider said it will post a top-line figure of $72.1M-$72.4M. Analysts were looking for a total of $71.1M. Bolstered by the news, shares rose about 4% before the opening bell.
- News of a takeover deal sparked premarket buying in Magellan Midstream Partners (MMP), with the stock rising about 12%. The company agreed to be acquired by Oneok (OKE) in a transaction valued about $18.8B, including assumed debt. Under the deal, each MMP common unit will be exchanged for $25 in cash and 0.667 common shares of OKE.
- CVS Health (CVS) is reportedly closing down its clinical trials unit. According to Endpoints News, the move is meant to allow the drug store chain to focus on its core business. The company plans a phased wind down that will lead to a full exit by the end of 2024.
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