Signage outside Intel headquarters in Santa Clara, California, Jan. 30, 2023.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Intel
Shares of Intel surged by 2.5% following the chipmaker’s announcement that it will operate its programmable chip unit as a standalone business. Intel also revealed plans for an initial public offering for the unit in the next two to three years.
Fluor
Fluor saw a 2.4% increase in its share price after UBS upgraded the stock to a buy rating. UBS cited progress on legacy projects and predicted a turning point for the company.
Apple
Apple’s stock dipped 0.9% after KeyBanc downgraded the company’s rating to sector weight from overweight. The downgrade was based on perceived high valuation and expectations for weak growth in the United States.
Sunrun and Sunnova
Shares of Sunrun and Sunnova declined by 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installers to hold from buy. Truist Securities expressed concern that higher interest rates could negatively impact solar energy stocks.
Moderna
Moderna experienced a slight increase in its stock price after announcing positive interim results from the Phase 1/2 trial of mRNA-1083, a combination vaccine for influenza and Covid. Moderna plans to initiate a Phase 3 trial for the vaccine in 2023, with potential regulatory approval targeted for 2025.
Oddity
Shares of beauty stock Oddity, owner of direct-to-consumer brands Il Makiage and SpoiledChild, rose by 3.2% following an upgrade by Bank of America to buy from neutral. Bank of America expects sustainable sales growth and increased margins for the company.
Novartis
Novartis saw a 3.7% decrease in its share price after completing the spinoff of its generics and biosimilars business Sandoz, which had a lackluster market debut on the SIX Swiss Exchange.
Cal-Maine Foods
Cal-Maine Foods experienced a significant drop of 11.6% in its stock price due to disappointing sales figures attributed to lower prices. The egg producer reported earnings of two cents per share for the fiscal first quarter, falling short of analysts’ expectations of 33 cents per share. Revenue also underperformed.
Contributors: Brian Evans and Lisa Han
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