Stocks making the biggest moves premarket: SolarEdge, Novo Nordisk, Rigetti, Maplebear and more
Check out the companies making headlines before the bell. SolarEdge Technologies — The solar stock dropped 6%. Citi downgraded SolarEdge to sell from neutral, saying the company faces “stubbornly high” operating expenses despite its restructuring announcement. Shares moved 6.6% and 8% higher on Monday and Tuesday, respectively, after SolarEdge said in a filing Monday it would cut 400 jobs. Novo Nordisk — The pharmaceutical giant rose more than 3% following an upgrade to buy from neutral at UBS. “Novo remains the most exciting growth story in European pharma and is well placed to continue to benefit from the high demand for GLP-1 medications near-term,” the bank wrote. Novo Nordisk shares have retreated more than 40% over the past six months. Advanced Micro Devices — Shares slid about 3% after HSBC downgraded the technology manufacturer to a reduce rating from buy. The ban said that the company’s AI GPU roadmap is less competitive than previously estimated. Carvana — The car seller rose 2% on the back of an upgrade to buy from neutral at Citi. Analyst Ronald Josey said that Carvana was efficiently ramping inventory to meet growing consumer demand. Maplebear — Shares of the parent of grocery delivery company Instacart popped nearly 5%. Maplebear is set to replace Enovis in the S & P MidCap 400 index, effective before trading commences on Tuesday, Jan. 14. Shell — The energy giant slid 3% after trimming its liquified natural gas production outlook for its fourth quarter. Shell also expects its oil and gas trading results to come in lower than in previous months. Cal-Maine Foods — The egg producer rose nearly 5% on the back of its fiscal second-quarter results . Cal-Maine Foods reported earnings of $4.47 per share while its revenue of $954.7 million marked an 82% increase from this time last year. AAR Corp — The aviation services provider added almost 4% following a fiscal second-quarter earnings beat. AAR reported adjusted earnings of 90 cents per share, higher than the 85 cents analysts polled by FactSet were expecting. The company’s $686.1 million revenue also beat the expected $654.2 million. Getty Images — The image database tumbled 10% after surging over 24% during Tuesday’s regular session after Getty announced a $3.7 billion merger with Shutterstock . Shares of Shutterstock slipped more than 5% in Wednesday’s early trading hours after adding 14.8% on Tuesday. Quantum computing stocks — Quantum stocks tumbled on Wednesday after Nvidia CEO Jensen Huang said the computers are between 15 to 30 years away. The Defiance Quantum & AI ETF shed 3%, while Rigetti Computing plunged 25%. D-Wave Quantum and Quantum Computing sank around 24% each, followed by IonQ , down 15%. Flutter Entertainment — Shares slid 2.5% after the sports betting and gambling company lowered its 2024 U.S. revenue guidance, citing unfavorable sports results. Flutter now expects revenue to come in at around $5.78 billion, lower than its previous estimate of between $6.05 billion to $6.25 billion. — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
