KeyBanc analysts downgraded their recommendation on Apple shares to Sector Weight from Overweight. (Photo by Eric Thayer/Getty Images)
Stock futures fell Wednesday as a relentless surge in Treasury yields dragged equities lower. The
S&P 500
fell 1.4% on Tuesday to a four-month low.
These stocks were poised to make moves Wednesday:
Apple
(AAPL) was downgraded to Sector Weight from Overweight at KeyBanc with the analysts saying the stock has been trading at near all-time-high multiples and a historically large premium to the Nasdaq, and that they see soft growth from the iPhone maker’s Americas region. KeyBanc has no price target on
Apple
shares. The stock was down 1.1% to $170.46 in premarket trading.
Intel
(INTC) was up 2.1% after the chip maker said it plans to spin off its programmable solutions group in a public offering over the next two to three years. As a transition to the spinoff, Intel said PSG would operate as a stand-alone business on Jan. 1, 2024, and its financials would be reported as a separate business unit when Intel posts earnings for the first quarter of 2024.
Cal-Maine Foods
(CALM) reported fiscal first-quarter earnings that missed analysts’ expectations and said sales slumped about 30% as average egg prices tumbled to $1.59 per dozen from $2.28 a year earlier. Shares of the egg producer fell 12% in premarket trading.
A10 Networks
(ATEN) was falling 12% after the cloud security software company said it expected third-quarter revenue of $56.5 million to $58.5 million, down from $72.1 million a year earlier and below analysts’ estimates of $74.6 million. The company said it experienced “delays related to North American service provider customers pushing out capital expenditures.”
Fluor
(FLR) rose 2.2% to $35.39 after shares of the engineering and construction company were upgraded to Buy fro Neutral at
UBS
and the price target was raised to $47 from $35.
Earnings reports are expected Wednesday from
RPM International
(RPM),
Acuity Brands
(AYI),
Helen of Troy
(HELE), and
Tilray
(TLRY).
Write to Joe Woelfel at [email protected]
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