KeyBanc analysts downgraded their recommendation on Apple shares to Sector Weight from Overweight. (Photo by Eric Thayer/Getty Images)
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 rose 0.7% to $173.66.
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 7.3%.
A10 Networks (ATEN) fell 27% 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 1.1% to $10.54 and Sunnova Energy (NOVA) rose 2.2% to $9.62 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%.
Phillips 66 (PSX) declined 4.5% and Marathon Oil (MRO) was down 5.1% as oil prices retreated. West Texas intermediate crude, the U.S. benchmark, fell 5% to $84.74 a barrel amid demand concerns.
Palantir Technologies (PLTR) was up 5.6% 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 0.9% after the cannabis company posted a wider-than-expected first-quarter loss.
RPM International (RPM), a maker of coatings, sealants, and building materials, rose 6.3% 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] and Connor Smith at [email protected]
