Check Out the Companies Making Headlines Before the Market Opens
Microsoft – Shares rose approximately 2% after the tech giant announced a 10.7% increase in its quarterly dividend, raising it to 83 cents per share. This new dividend will be payable on December 12. Additionally, the company approved a new $60 billion share repurchase program.
SolarEdge Technologies– Shares fell by more than 6% following a downgrade from Jefferies, which changed its rating from hold to underperform. The firm cited increasing domestic competition and high inventory levels overseas as factors putting pressure on SolarEdge.
Intel – The stock surged roughly 7% after the chipmaker revealed plans to create a separate entity for its foundry business. This structure will allow the new unit to have its own board and pursue outside funding.
Dell Technologies– Shares of the personal computing company gained 2% after Mizuho Securities initiated coverage with an outperform rating. The firm highlighted Dell’s status as a market leader, emphasizing its robust supply chain and growing share in artificial intelligence servers.
Shopify– The e-commerce company’s shares increased by 2.6% after Redburn Atlantic upgraded its rating from neutral to buy. The firm projects that Shopify will continue to gain market share as the U.S. social e-commerce market is expected to experience significant growth over the next few years.
Flutter Entertainment – Shares experienced a slight uptick after Flutter Entertainment, the online sports betting company known for FanDuel, announced its acquisition of Playtech Plc’s Italian gambling business, Snaitech S.p.A., for €2.3 billion (approximately $2.56 billion) in cash.
AppLovin – The mobile software company saw an increase of more than 2% after UBS upgraded its rating from neutral to buy. UBS expressed confidence in AppLovin’s performance in the gaming sector, noting that an expanding e-commerce market could provide significant upside to their above-Street estimates.
Gannett – Shares rose by 4% after Citi upgraded the newspaper company’s rating from sell to neutral. The bank observed that Gannett made solid progress in slowing the decline in its top-line revenue during the first half of 2024.
Source (CNBC)
