- Intel’s Bold Move: Intel shares surged by 2.5% as the tech giant revealed its plan to spin off its programmable chip unit as an independent business. The company aims to launch an initial public offering for this unit in the next two to three years.
- Fluor’s Upward Trajectory: Fluor saw a 2.4% increase in its stock price following a Buy rating from UBS. The firm expressed optimism in Fluor’s future, applauding progress on legacy projects and anticipating a pivotal turning point for the company.
- Apple’s Bittersweet Moment: Apple experienced a 0.9% dip in its shares after KeyBanc downgraded the tech titan to “sector weight” from “overweight.” The decision was attributed to Apple’s high valuation and expectations of subdued growth in the United States.
- Solar Setback: Sunrun and Sunnova Energy International both faced a 3% and 2.8% drop in their shares, respectively, due to a downgrade by Truist Securities. Concerns were raised about the impact of sustained high interest rates on solar energy stocks.
- Moderna’s Positive Boost: Moderna’s stock edged up after announcing favorable interim results from the Phase 1/2 trial of mRNA-1083, a combined vaccine for influenza and Covid. The company plans to initiate a Phase 3 trial in 2023, with potential regulatory approval anticipated in 2025.
- Oddity’s Beautiful Rise: Israel-based beauty stock, Oddity, which owns popular brands like Il Makiage and SpoiledChild, gained 3.2% following an upgrade by Bank of America to “buy” from “neutral.” The bank cited expectations of sustained sales growth and improved margins.
- Novartis’ Spinoff Saga: Novartis shares dipped by 3.7% as the Swiss drugmaker completed the spinoff of its generics and biosimilars business, Sandoz. Unfortunately, Sandoz faced a lackluster market debut on the SIX Swiss Exchange.
- Cal-Maine Foods’ Sales Slump: Cal-Maine Foods experienced a steep 11.6% decline in its stock price due to disappointing sales figures attributed to lower prices. The company reported fiscal first-quarter earnings significantly below analyst expectations, causing concern among investors.
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