Intel Corporation shares surged roughly 10% by midday Wednesday, pushing the stock further into one of the top-performing large-cap U.S. chip sectors for the month. The rally shows no signs of slowing.
AbbVie Inc shares were up 88 cents, or about 0.4%, at $214.92 in midday trading on Wednesday, a muted move after a fresh round of analyst target changes. The stock has traded between $211.92 and $218.00, with about 5.3 million shares changing hands.
Lumentum Holdings Inc shares rose about 5% to $374.52 in late-morning trading Wednesday, extending a solid rally. Aletheia Capital raised its price target for the optical components maker from $330 to $500, according to Investing.com.
Procter & Gamble shares fell 0.7% on Wednesday as investors positioned ahead of the consumer-products maker’s quarterly results due Thursday. The stock was down $1.06 at $145.94 in late-morning trade, after swinging between $145.43 and $147.38.
QUALCOMM Incorporated shares climbed roughly 1.5% to $156.36 by late morning Wednesday, following the announcement of its upcoming quarterly earnings release date.
Shares of GE Aerospace climbed 1.7% to $317.67 late Wednesday morning, just ahead of the jet-engine maker's quarterly earnings report due the next day.
Intel investors are bracing for a volatile earnings week, with options markets pricing an about 8% move in the chipmaker’s shares after it reports quarterly results on Thursday. Options are contracts investors use to hedge — or bet on — near-term swings.
Sandisk Corp shares rose 3.1% to $467.10 Wednesday morning, buoyed by gains across the storage and memory sector. Western Digital advanced 3.7%, Micron Technology added 4.2%, and Seagate inched up 0.2%.
Shares of Grab Holdings Ltd dipped about 2% to $4.42 early Wednesday, retreating from a nearly 3% rise the day before. On Monday, Bank of America Securities raised its rating on the Nasdaq-listed Southeast Asian ride-hailing and delivery firm to Buy, keeping a $6.30 price target.
Shares of Meta Platforms ticked higher by 31 cents to $604.43 in early Wednesday action. The stock swung within a range from $600.24 to $608.60. On the broader market front, the S&P 500-tracking SPDR fund climbed around 0.7%, while the Invesco QQQ Trust, which follows the Nasdaq 100, gained about the same.
Intel shares climbed about 7% Wednesday morning, extending gains from a solid January rally ahead of the chipmaker’s next quarterly earnings report. The stock was last seen up $3.42, trading at $51.98.
Netflix shares slid about 7% in premarket trading on Wednesday, extending the post-earnings drop as investors weighed a pause in share repurchases and the price tag of the company’s all-cash bid for Warner Bros Discovery assets.
Shares of Microsoft dipped roughly 1.4% to $448.16 in early Wednesday trading, down from Tuesday’s close at $454.52. The stock fluctuated between $448.05 and $452.69 in the initial session.