Before the bell, look at the businesses grabbing attention.
Following Intel’s announcement that it will run its programmable chip division as a separate business, the chipmaker’s stock price increased by 2.5%. Within the subsequent two to three years, Intel aims to undertake an IPO for the division.
Fluor – Shares increased 2.4% after UBS upgraded them to a buy rating. Progress on legacy projects has made the management positive on the stock, and it believes Fluor is about to experience a turning point in its business.
Apple — The producer of the iPhone fell 0.9% after KeyBanc downgraded its rating on the company late on Tuesday from overweight to sector weight, citing the company’s expensive stock and the prospect of weak growth in the US.
Moderna — Following Moderna’s announcement of encouraging interim findings from the Phase 1/2 trial of mRNA-1083, an investigational influenza and Covid combo vaccine, the pharmaceutical stock increased somewhat.
Oddity: The Israel-based cosmetics company that owns direct-to-consumer brands Il Makiage and SpoiledChild had a 3.2% increase after Bank of America changed its rating from neutral to buy. The bank stated that it expects to see stable annual sales growth and profit expansion.
Novartis — Shares fell 3.7% as the Swiss pharmaceutical company completed the spinoff of Sandoz, which had a rough start on the SIX Swiss Exchange. Sandoz is a generics and biosimilars company.
Cal-Maine Foods After the company released poor sales results as a result of lower prices, the shares fell 11.6%. The egg manufacturer announced fiscal first-quarter earnings of two cents per share, while analysts surveyed by StreetAccount had expected earnings of 33 cents per share. Additionally, revenue was disappointing.
Source (CNBC)
