Check out the companies making headlines before the bell.
Intel — Shares popped 2.5% after the chipmaker announced it would be operating its programmable chip unit as a stand-alone business. Intel plans to conduct an initial public offering for the unit within the next two to three years.
Fluor — Shares climbed 2.4% following an upgrade to buy at UBS. The firm is bullish on the stock due to progress on legacy projects and said Fluor is on the brink of a company turning point.
Apple — The iPhone maker shed 0.9% after KeyBanc cut its rating on Apple to sector weight from overweight late Tuesday, citing shares’ high valuation and an expectation for soft growth in the U.S.
Sunrun, Sunnova Energy International — Shares of Sunrun and Sunnova dropped 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installers to hold from buy Wednesday. The firm said higher-for-longer interest rates could hit solar energy stocks.
Moderna — The pharma stock 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 it plans to begin a Phase 3 trial of the combination vaccine in 2023, working to accomplish 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 lost 3.7% after the Swiss drugmaker completed the spinoff of its generics and biosimilars business Sandoz, which dipped on its market debut on the SIX Swiss Exchange.
Cal-Maine Foods — The stock plunged 11.6% after the company came out with disappointing sales figures due to lower prices. The egg producer reported fiscal first-quarter earnings of 2 cents per share, while analysts polled by StreetAccount had called for earnings of 33 cents per share. Revenue was also lackluster.
— CNBC’s Brian Evans and Lisa Han contributed reporting.