Stocks making the biggest moves premarket: CALM, INTC, AAPL
Sign outside Intel headquarters in Santa Clara, California, January 30, 2023.
David Paul Morris | Bloomberg | getty images
Check out the companies making headlines before the bell rings.
intel — Shares soared 2.5% after the chipmaker announced it would operate its programmable chip division as a standalone business. Intel plans to conduct an initial public offering for the device within the next two to three years.
fluorite — Shares rose 2.4% after a UBS buy upgrade. The company said it was bullish on the stock due to progress on legacy projects and that Fluor was nearing a turning point for the company.
apologize — The iPhone maker fell 0.9% after KeyBanc downgraded its sector exposure to Apple from overweight late Tuesday, citing the stock’s high valuation and expectations of weak U.S. growth.
Sunrun, Sunnova Energy International — Shares of Sunrun and Sunnova fell 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installer from buy to hold on Wednesday. The company said higher interest rates could hurt solar energy stocks in the long term.
modern — Pharmaceutical stocks rose slightly after Moderna announced positive interim results from a Phase 1/2 trial of mRNA-1083, its investigational combination vaccine against influenza and Covid. Moderna said in a press release that it plans to begin Phase 3 trials of its combination vaccine in 2023 and achieve potential regulatory approval in 2025.
oddity — The Israel-based beauty stock, which owns direct-to-consumer brands Il Makiage and SpoiledChild, rose 3.2% after Bank of America upgraded it to buy from neutral. The bank said it expects continued annual revenue growth and margin expansion.
Novartis — Shares fell 3.7% after the Swiss drugmaker completed the spinoff of its generics and biosimilars business, Sandoz. Sandoz made its market debut on the SIX Swiss exchange.
cal maine food — Shares plunged 11.6% after reporting disappointing sales results due to lower prices. The egg producer reported fiscal first-quarter earnings of 2 cents per share, while analysts polled by StreetAccount had called for earnings of 33 cents per share. Profits were also sluggish.
— CNBC’s Brian Evans and Lisa Han contributed reporting.
