5 stocks to watch for Monday: Apple, Meta Platforms, BioNTech and more

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With inflation data and the midterm elections both on tap for later this week, Wall Street looks poised to start Monday on a positive note, carrying over strength seen on the previous session. Here are several stocks to watch for Monday:

  • Apple (NASDAQ:AAPL) warned over the weekend that iPhone shipments will be lower than it had previously thought. The company blamed COVID restrictions in China, which have led to production delays. Following the news, AAPL dropped about 2% in premarket action.
  • Meta Platforms (META) edged up in premarket trading following reports that it is planning sizable job cuts. According to The Wall Street Journal, the cost-cutting effort could impact “many thousands” of employees. The news sent the stock higher by about 3% before the opening bell.
  • BioNTech (BNTX) dropped nearly 4% in premarket action after the company reported a sharp decline in its quarterly results. The company said EPS and revenue both dropped more than 40% from last year, as demand for the firm’s COVID vaccine contracted sharply.
  • Palantir Technologies (PLTR) reported a Q3 non-GAAP EPS of $0.01, a penny below the consensus estimate of market analysts. The firm’s revenue figure topped projections, rising nearly 22% from last year to reach nearly $478M. Looking ahead, the company forecast Q4 revenue of $503M-$505M, compared to a consensus estimate of $506.5M.
  • Costco (COST) slipped in premarket trading, dragged down by a cautious analyst comment. Wells Fargo downgraded its rating on the stock to Equal-Weight from Overweight. The firm pointed to mounting headwinds, such as dis-inflation in food prices and a weakening consumer.

Looking at the broader economy, further data came out pointing to potential slowing. A recent survey showed that more than a third of small businesses had trouble paying their full rent last month.

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