Signage outside Intel headquarters in Santa Clara, California on January 30, 2023.
David Paul Morris | Bloomberg | getty images
Check out the companies making headlines before the bell rings.
intel – Shares rose 2.5% after the chip maker announced it would operate its programmable chip unit as a stand-alone business. Intel plans to hold an initial public offering for the unit within the next two to three years.
floor – Shares rose 2.4% after UBS upgraded it to buy. The company is bullish on the stock due to progress on legacy projects and said Fluor is on the verge of a turnaround at the company.
Apple – The iPhone maker declined 0.9% after KeyBanc cut its rating on Apple to sector weight from overweight late Tuesday, citing high valuations of shares and expectations of softer growth in the US.
sunrun, Sunnova Energy International – Shares of Sunrun and Sunnova fell 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installers from buy to hold on Wednesday. The firm said prolonged high interest rates could hurt solar energy stocks.
Moderna – Pharma stocks rose slightly after Moderna announced positive interim results from the Phase 1/2 trial of mRNA-1083, an investigational combination vaccine against influenza and Covid. Moderna said in a press release that it plans to begin Phase 3 trials of the combination vaccine in 2023, working toward completing potential regulatory approval in 2025.
oddity – The Israel-based beauty stock, which owns direct-to-consumer brands Il Makiage and Spoiledchild, added 3.2% after Bank of America upgraded it to buy from neutral. The bank said it expects sustainable annual sales growth and margin expansion.
Novartis – Shares fell 3.7% after the Swiss drugmaker completed the spinoff of its generics and biosimilars business Sandoz, which Dip on its market debut On the SIX Swiss Exchange.
Cal-Maine Foods – The stock fell 11.6% after the company reported disappointing sales figures due to low prices. The egg producer reported earnings of 2 cents a share in the fiscal first quarter, while analysts surveyed by StreetAccount had called for earnings of 33 cents a share. Revenue was also weak.
— CNBC’s Brian Evans and Lisa Hahn contributed reporting.
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