Check out the companies making headlines before the bell. SolarEdge Technologies — The solar power stock fell 6%. Citi downgraded SolarEdge’s offering rating from neutral, saying the company faces “stubbornly high” operating expenses despite the restructuring announcement. Shares rose 6.6% and 8% on Monday and Tuesday, respectively, after SolarEdge announced in a Monday filing that it would cut 400 jobs. Novo Nordisk — The pharmaceutical giant rose more than 3% after UBS upgraded it to buy from neutral. “Novo remains the most exciting growth story in the European pharmaceutical industry and is well-positioned to continue to benefit from the strong demand for GLP-1 medicines in the near term,” the bank wrote. Novo Nordisk’s stock price has fallen more than 40% in the past six months. Advanced Micro Devices — Shares fell about 3% after HSBC downgraded the technology maker’s rating from “buy” to “downgrade.” The ban stated that the company’s AI GPU roadmap is less competitive than previously estimated. Carvana — The auto retailer rose 2% on the back of Citi’s upgrade from neutral to buy. Analyst Ronald Josey said Carvana is efficiently increasing inventory to meet growing consumer demand. Maplebear — Shares of the parent company of grocery delivery company Instacart soared nearly 5%. Maple Bear will replace Enovis in the S&P MidCap 400 Index prior to the start of trading on Tuesday, January 14th. Shell — The energy giant fell 3% after cutting its fourth-quarter liquefied natural gas production outlook. Shell also expects oil and gas trading results to be lower than last month. Cal-Maine Foods — The egg producer rose nearly 5% after its fiscal second quarter results. Cal-Maine Foods reported earnings of $4.47 per share on revenue of $954.7 million, an 82% increase from this time last year. AAR Corp — The aviation service provider rose nearly 4% after a fiscal second-quarter profit beat. AAR reported adjusted earnings of 90 cents per share, beating the 85 cents expected by analysts surveyed by FactSet. The company’s revenue was $686.1 million, which also exceeded expectations of $654.2 million. Getty Images — The image database fell 10% after surging more than 24% during regular trading Tuesday after Getty announced a $3.7 billion merger with Shutterstock. Shutterstock stock fell more than 5% in early trading Wednesday after rising 14.8% on Tuesday. Quantum Computing Stocks — Quantum stocks fell Wednesday after Nvidia CEO Jensen Huang said computers are 15 to 30 years away. Defiance Quantum & AIETF fell 3%, and Righetti Computing fell 25%. D-Wave Quantum and Quantum Computing each fell about 24%, followed by IonQ, which fell 15%. Flutter Entertainment — Shares fell 2.5% after the sports betting and gambling company lowered its 2024 U.S. revenue outlook, citing poor sports performance. Flutter now expects revenue to be around $5.78 billion, lower than previous expectations of $6.05 billion to $6.25 billion. —CNBC’s Michelle Fox, Sarah Ming and Jesse Pound contributed reporting.
Stocks with the biggest moves pre-market: SEDG, CART, RGTI, NVO
