Stocks Making the Biggest Premarket Moves: Cal-maine Foods, Intel, Apple & More

Check out the companies making headlines before the bell.

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Intel

Intel's shares surged by 2.5% as the chipmaker announced its intention to run its programmable chip unit as an independent business entity. Intel plans to initiate an initial public offering (IPO) for this unit within the next two to three years.

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Fluor

Shares of Fluor rose by 2.4% following an upgrade to a "buy" rating by UBS. The firm is optimistic about the stock's prospects due to progress made on previous projects and believes Fluor is approaching a pivotal moment in its trajectory.

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Apple

Apple, the iPhone manufacturer, experienced a 0.9% decline in its stock value after KeyBanc downgraded its rating on the company from "overweight" to "sector weight." This decision was based on the perception of Apple's shares being overvalued and an anticipation of slower growth in the United States.

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Sunrun and Sunnova Energy International

Shares of Sunrun and Sunnova dropped by 3% and 2.8%, respectively, following a downgrade from Truist Securities, which shifted its rating from "buy" to "hold" on Wednesday. The firm expressed concerns that rising interest rates could negatively impact solar energy stocks.

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Moderna

Moderna's stock saw a modest increase after the company announced positive interim results from the Phase 1/2 trial of mRNA-1083, a combination vaccine under investigation for influenza and Covid. Moderna plans to commence a Phase 3 trial of this combination vaccine in 2023, with the goal of potential regulatory approval by 2025.

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Oddity

Oddity, an Israel-based beauty company that owns direct-to-consumer brands Il Makiage and SpoiledChild, witnessed a 3.2% increase in its stock price after receiving an upgrade from Bank of America, shifting from a "neutral" to a "buy" rating. The bank is optimistic about sustained annual sales growth and improved profit margins.

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Novartis

Novartis experienced a 3.7% decrease in its shares after completing the spinoff of its generics and biosimilars business, Sandoz. Sandoz had a lackluster market debut on the SIX Swiss Exchange.

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Cal-Maine Foods

Cal-Maine Foods faced a sharp decline of 11.6% in its stock value due to disappointing sales figures attributed to lower prices. The egg producer reported first-quarter earnings of two cents per share, falling short of analysts' expectations of 33 cents per share. Revenue also underperformed.

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