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 says the company’s AI GPU roadmap is less competitive than previously estimated. Carvana – Citigroup upgraded the auto seller to a buy rating from neutral, sending shares of the auto seller up 2%. 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%, while 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 Min and Jesse Pond contributed reporting.
