Today's Pre-Market Stock Movers and Top Ratings: INTC, MRNA, AAPL, NVS and More

$Intel (INTC.US)$ popped 2.5% after the chipmaker announced it would be operating its programmable chip unit as a standalone business complete. Intel plans to conduct an initial public offering for the unit within the next two to three years.

$Fluor (FLR.US)$ Shares climbed 2.4% following an upgrade to buy at UBS. The firm is bullish on the stock thanks to progress on legacy projects and said Fluor is on the brink of a company turning point.

$Moderna (MRNA.US)$ rose slightly after Moderna announced positive interim results from the Phase 1/2 trial of mRNA-1083, an investigational combination vaccine against influenza and Covid. Moderna said in a press release it plans to begin a Phase 3 trial of the combination vaccine in 2023, working to accomplish potential regulatory approval in 2025.

$ODDITY Tech (ODD.US)$, which owns direct-to-consumer brands Il Makiage and SpoiledChild, added 3.2% after Bank of America upgraded it to buy from neutral. The bank said it expects sustainable annual sales growth and margin expansion.

$Apple (AAPL.US)$ shed 0.9% after KeyBanc cut its rating on Apple to sector weight from overweight late Tuesday, citing shares' high valuation and an expectation for soft growth in the United States.

Shares of $Sunrun (RUN.US)$ and $Sunnova Energy International (NOVA.US)$ dropped 3% and 2.8%, respectively, after Truist Securities downgraded the solar panel installers to hold from buy on Wednesday. The firm said higher-for-longer interest rates could hit solar energy stocks.

$Novartis AG (NVS.US)$ lost 3.7% after the Swiss drugmaker completed the spinoff of its generics and biosimilars business Sandoz, which dipped on its market debut on the SIX Swiss Exchange.

$Cal-Maine Foods (CALM.US)$ plunged 11.6% after the company came out with disappointing sales figures due to lower prices. The egg producer reported fiscal first-quarter earnings of two cents per share, while analysts polled by StreetAccount had called for earnings of 33 cents per share. Revenue was also lackluster.