Stock futures wavered Thursday after equities started off the first two trading days of 2024 with losses. Pushing stocks lower were the minutes from the Federal Reserve’s meeting from December in which central bank officials said interest-rate cuts were likely in 2024 but they also didn’t rule out further rate hikes this year, citing an “unusually elevated degree of uncertainty.”
These stocks were poised to make moves Thursday:
Walgreens Boots Alliance
was rising 3.3% after the drugstore chain reported fiscal first-quarter adjusted earnings that beat analysts’ estimates but slashed its quarterly dividend by 48%.
Mobileye Global
was down 23% after the maker of self-driving technology said it expects fiscal first-quarter revenue to fall about 50% from revenue of $458 million a year earlier.
Mobileye
said in a statement that it has “become aware of excess inventory at our customers.”
Intel
was falling 1.3%. It owns a stake of 88% in Mobileye. The stock had traded higher earlier after it named Justin Hotard as executive vice president and general manager of its data-center and artificial-intelligence group, effective Feb. 1. The chip maker said in a press release that Hotard will “play an integral role in driving the company’s mission to bring AI everywhere.” Hotard previously served as executive vice president and general manager of High-Performance Computing, AI and Labs at
Hewlett Packard Enterprise.
APA Corp.
reached an agreement to acquire
Callon Petroleum
in an all-stock deal valued at about $4.5 billion, including debt.
Callon
shares rose 5.7% to $35.58, while
APA
declined 4.6%.
Fiscal second-quarter earnings at
Cal-Maine Foods
widely missed analysts’ estimates and revenue declined to $523.2 million from $801.7 million a year earlier because of lower average selling prices for eggs. The stock fell 4.3%.
Dyne Therapeutics,
the clinical stage muscle disease company, said it has begun an underwritten public offering of $175 million of common shares. The stock fell 3.2% in premarket trading. The shares rose 13% on Wednesday after the company released positive new data from trials of two investigational treatments for genetic muscle disorders.
Micron Technology
rose 0.9% to $83. Analysts at Piper Sandler upgraded shares of the chip maker to Overweight from Neutral and raised their price target to $95 from $70.
Enphase Energy
was downgraded to Sector Weight from Overweight at KeyBanc, with the analysts saying they believe “the timing of recovery in demand is uncertain due to a poorly quantifiable inventory glut
in the channel.” The stock declined 0.9% in premarket trading after falling 6.6% on Wednesday.
Sunrun
also was downgraded to Sector Weight from Overweight. KeyBanc cited a “recent valuation rebound” for the downgrade.
Sunrun
shares fell 1%.
MongoDB
was downgraded to Neutral from Buy at
UBS
and the price target was lowered to $410 from $475. Shares of the cloud-based database software provider were falling 2.4% to $364.
Write to Joe Woelfel at [email protected]
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