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KeyBanc analysts downgraded their recommendation on Apple shares to Sector Weight from Overweight. (Photo by Eric Thayer/Getty Images)
Stock futures edged slightly higher Wednesday as a relentless surge in Treasury yields stabilized. 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 0.9% to $170.86 in premarket trading.
Intel
(INTC) was up 1.9% 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.
Moderna
(MRNA) rose 0.9% 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.
Cal-Maine Foods
(CALM) reported fiscal first-quarter earnings that missed analysts’ expectations and said sales slumped about…
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