U.S. stocks were lower, with the Nasdaq Composite falling around 1% on Monday.

Shares of TOYO Co., Ltd (NASDAQ:TOYO) rose sharply after the company reported better-than-expected first-quarter EPS results.

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Toyo posted quarterly earnings of 75 cents per share, beating market estimates of 72 cents per share. The company's quarterly sales came in at $142.773 million versus expectations of $202.900 million.

TOYO shares surged 13.7% to $14.41 on Monday.