Apple, Intel, Cal-Maine Foods, A10 Networks, and More Stock Market Movers

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Stock futures fell Wednesday as a relentless surge in Treasury yields dragged equities lower. 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 1.4% to $169.96 in premarket trading.

Intel

(INTC) was up 2% in premarket trading 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.

Cal-Maine Foods

(CALM) reported fiscal first-quarter earnings that missed analysts’ expectations and said sales slumped about 30% as average egg prices tumbled to $1.59 per dozen from $2.28 a year earlier. Shares of the egg producer fell 12% in premarket trading.

A10 Networks

(ATEN) was falling 14% after the cloud security software company said it expected third-quarter revenue of $56.5 million to $58.5 million, down from $72.1 million a year earlier and below analysts’ estimates of $74.6 million. The company said it experienced “delays related to North American service provider customers pushing out capital expenditures.”

Earnings reports are expected Wednesday from

RPM International

(RPM),

Acuity Brands

(AYI),

Helen of Troy

(HELE), and

Tilray

(TLRY).

Write to Joe Woelfel at joseph.woelfel@barrons.com