Stocks rose Wednesday as Treasury yields fell from 16-year highs after a weaker-than-expected U.S. private payrolls report.
These stocks were making 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 rising 0.3% to $172.99.
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 7.5%.
A10 Networks
(ATEN) was falling 28% 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.”
Sunrun
(RUN) fell 5.5% to $10.07 and
Sunnova Energy
(NOVA) declined 4.3% to $9.01 after shares of both solar companies were downgraded to Hold from Buy at
Truist.
The firm cut its price target on
Sunrun
to $12 from $30 and reduced the target on Sunnova to $11 from $35.
Industrial technology company
Acuity Brands
(AYI) reported fiscal fourth-quarter adjusted earnings of $3.97 a share, higher than Wall Street estimates of $3.73. Sales fell to $1.01 billion from $1.11 billion a year earlier and missed forecasts of $1.02 billion. The stock rose 7.1%.
Phillips 66
(PSX) declined 4.5% and
Marathon Oil
(MRO) was down 5.2% as oil prices retreated. West Texas intermediate crude, the U.S. benchmark, fell 4.4% to $85.32 a barrel amid demand concerns.
Palantir Technologies (PLTR) was up 5% following a report from Bloomberg that said the company has emerged as the top pick for a contract to overhaul the U.K.’s National Health Service.
Tilray
(TLRY) declined 2.7% after the cannabis company posted a wider-than-expected first-quarter loss but revenue of almost $177 million set a record.
RPM International
(RPM), a maker of coatings, sealants and building materials, rose 5.9% after adjusted earnings in its fiscal first quarter topped estimates and sales of $2.01 billion, up 4% from a year earlier, also were higher than expected.
Write to Joe Woelfel at [email protected]
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