Top Headlines Before Market Open
SolarEdge Technologies: Shares dropped 6% as Citi downgraded the solar stock to sell from neutral. The company faces high operating expenses despite recent restructuring efforts.
Novo Nordisk: The pharmaceutical giant rose over 3% after an upgrade to buy from UBS. Analysts highlight Novo as a strong growth story in European pharma.
Advanced Micro Devices: Shares slid 3% following a downgrade from HSBC due to concerns about the company’s AI GPU roadmap.
Carvana: The car seller saw a 2% increase after an upgrade to buy from Citi, citing efficient inventory ramp-up to meet growing demand.
Maplebear: Parent company of Instacart saw shares rise nearly 5% as it gets set to replace Enovis in the S & P MidCap 400 index.
Shell: Energy giant saw a 3% drop after trimming its liquified natural gas production outlook for the fourth quarter.
Cal-Maine Foods: The egg producer rose almost 5% following strong fiscal second-quarter results with earnings of $4.47 per share and revenue up 82%.
AAR Corp: Aviation services provider gained nearly 4% after beating earnings expectations for the fiscal second quarter.
Getty Images: Shares tumbled 10% after surging the day before on news of a $3.7 billion merger with Shutterstock.
Quantum computing stocks: Experienced a downturn as Nvidia CEO suggested a longer timeline for development, impacting companies like Rigetti Computing and D-Wave Quantum.
Flutter Entertainment: The sports betting company’s shares dropped 2.5% after revising its 2024 U.S. revenue guidance due to unfavorable sports results.