Check out the companies making headlines before the market opens. SolarEdge Technologies — Solar stocks fell 6%. Citigroup downgraded SolarEdge to sell from neutral, saying the company still faces “remaining high” operating expenses despite the announced restructuring. SolarEdge shares rose 6.6% on Monday and 8% on Tuesday after the company said in a filing on Monday that it would cut 400 jobs. Novo Nordisk — Shares of the pharmaceutical giant rose more than 3% after UBS upgraded its rating to “buy” from “neutral.” “Novo remains the most exciting growth story in Europe’s pharmaceutical industry and is well-positioned to continue to benefit from high near-term demand for its GLP-1 drugs,” the bank wrote. Novo Nordisk shares have traded higher over the past six months It fell more than 40% during the month. Advanced Micro Devices — Shares of Advanced Micro Devices fell about 3% after HSBC downgraded the technology maker to a downgrade from buy. The ban said the company’s AI GPU roadmap was less competitive than previously estimated. Carvana – The auto seller’s shares rose 2% after Citigroup upgraded the stock to “buy” from “neutral.” Analyst Ronald Josey said Carvana is effectively increasing inventory to meet growing consumer demand. Shares of Maplebear, the parent company of grocery delivery company Instacart, rose nearly 5%. Maplebear will replace Enovis on the S&P MidCap 400 Index before trading begins on Tuesday, January 14. Shell also expects its oil and gas trading results to be lower than in previous months. Cal-Maine Foods — Shares of the egg producer rose nearly 5% after reporting second-quarter earnings. Cal-Maine Foods reported earnings of $4.47 per share on revenue of $954.7 million, an 82% increase from the same period last year. AAR Corp — Shares of AAR Corp rose nearly 4% after the aviation services provider beat fiscal second-quarter profit estimates. AAR reported adjusted earnings of 90 cents per share, above the 85 cents expected by analysts polled by FactSet. The company’s revenue of $686.1 million also beat estimates of $654.2 million. Getty Images – The image library surged more than 24% in regular trading on Tuesday before plunging 10% after Getty Images announced a $3.7 billion merger with Shutterstock. Shutterstock fell more than 5% in early trading Wednesday after rising 14.8% on Tuesday. Quantum Computing Stocks – Quantum stocks plunged Wednesday after Nvidia CEO Jensen Huang said computers are still 15 to 30 years away. The Defiance Quantum & AI ETF fell 3% and Rigetti Computer 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 company lowered its 2024 U.S. revenue guidance, citing unfavorable sports results. Flutter currently expects revenue of about $5.78 billion, down from the previous estimate of $6.05 billion to $6.25 billion. —CNBC’s Michelle Fox, Sarah Minh and Jesse Pond contributed reporting.
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