Several companies are in the spotlight before market opening. SolarEdge Technologies saw a 6% drop after Citi downgraded its rating to “sell,” citing high operating expenses despite restructuring efforts. This follows a recent job cut announcement. In contrast, Novo Nordisk’s shares rose over 3% after UBS upgraded it to “buy,” emphasizing its strong growth in the demand for GLP-1 medications, although shares have fallen 40% in six months. Advanced Micro Devices fell about 3% after HSBC downgraded it to “reduce,” predicting a less competitive AI GPU roadmap. Carvana’s shares increased by 2% due to a Citi upgrade, following efficient inventory management. Maplebear’s shares rose nearly 5% as it announced plans to join the S&P MidCap 400. Shell’s shares slid 3% on reduced liquefied natural gas production forecasts. Cal-Maine Foods reported significant earnings growth, raising its shares by almost 5%. AAR Corp’s shares increased nearly 4% after exceeding earnings expectations. However, Getty Images tumbled 10% following a merger announcement, while quantum computing stocks fell sharply after comments from Nvidia’s CEO about the industry’s timeline. Lastly, Flutter Entertainment dropped 2.5% after lowering its revenue guidance for 2024.
