Look at the firms that are generating news in the premarket trade.
Intel — Shares dropped by over 4% following the disclosure of a growing operating loss in its semiconductor manufacturing business. Intel revealed an operating loss of $7 billion in 2023 for a segment of the company, compared to $5.2 billion from the previous year.
Tesla — The electric vehicle manufacturer slipped by around 1% after Guggenheim and Deutsche Bank reduced their price targets on the stock. This adjustment came after Tesla reported much weaker-than-expected first-quarter delivery numbers.
Paramount Global — Shares increased by 2.5% following a report from The New York Times indicating that the company might commence exclusive sale discussions with media firm Skydance.
Dave & Buster’s — Shares surged by 5% as the restaurant and entertainment chain expanded its share repurchase authorization by $100 million, bringing the total available to $200 million. The company’s fourth-quarter earnings and revenue were below expectations.
Cal-Maine Foods — The egg producer’s shares rose by 7% after reporting earnings per share of $3 and $703 million in revenue for the latest quarter. The company noted that market prices increased due to the impact of highly pathogenic avian influenza (HPAI) and normal seasonal fluctuations. Sales volumes also grew by 3%.
Wolfspeed — The chipmaker’s stock declined by 2% after Wells Fargo downgraded it to equal weight from overweight. The downgrade was attributed to Tesla exposure impacting growth potential, with the price target on Wolfspeed reduced to $30 per share from $55.
Ally Financial — Shares fell by 2% as it was downgraded to underweight from neutral by Morgan Stanley. The lender’s stock had risen more than 50% since early October, with limited upside potential seen based on the existing valuation, as per analyst Richard Shane.
Source (CNBC)
