Stocks rose modestly Wednesday as Treasury yields fell from 16-year highs after a weaker-than-expected U.S. private payrolls report.
(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
shares. The stock was down 0.2% to $172.02.
(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 9%.
(ATEN) was falling 24% 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.”
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Palantir Technologies (PLTR) was up 5% following a report from Bloomberg that said the company has emerged as the top pick for a contract to overhaul the U.K.’s National Health Service.
(INTC) fell 0.2% 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.
(MRNA) declined 1.1% after the biotech company said its first combination vaccine, which protects against the flu and Covid-19, had succeeded in an early-stage trial and could be ready to launch as soon as 2025.
U.S.-listed shares of
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(NVS) declined 3.6% following the spinoff of the generic drug maker Sandoz.
(RUN) fell 2% to $10.45 and
(NOVA) slipped 0.6% to $9.14 after shares of both solar companies were downgraded to Hold from Buy at
Truist
.
The firm cut its price target on
to $12 from $30 and reduced the target on Sunnova to $11 from $35.
(TLRY) declined 6.8% after the cannabis company posted a wider-than-expected first-quarter loss but revenue of almost $177 million set a record.
(RPM), a maker of coatings, sealants and building materials, rose 5.5% after adjusted earnings in its fiscal first quarter topped estimates and sales of $2.01 billion, up 4% from a year earlier, also were higher than expected.
(FLR) rose 3.6% to $35.85 after shares of the engineering and construction company were upgraded to Buy fro Neutral at
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and the price target was raised to $47 from $35.
Industrial technology company
(AYI) reported fiscal fourth-quarter adjusted earnings of $3.97 a share, higher than Wall Street estimates of $3.73. Sales fell to $1.01 billion from $1.11 billion a year earlier and missed forecasts of $1.02 billion. The stock rose 5.4%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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