Apple shares are downgraded at KeyBanc, Intel plans a spinoff of its programmable solutions business, and sales slump at Cal-Maine Foods as egg prices tumble.
Stock futures fell Wednesday as a relentless surge in Treasury yields dragged equities lower. The S&P 500 fell 1.4% on Tuesday to a four-month low.Apple was downgraded to Sector Weight from Overweight at KeyBanc with the analysts saying the stock has been trading at near all-time-high multiples and a historically large premium to the Nasdaq, and that they see soft growth from the iPhone maker’s Americas region. KeyBanc has no price target on Apple shares. The stock was down 1.1% to $170.
Cal-Maine Foods reported fiscal first-quarter earnings that missed analysts’ expectations and said sales slumped about 30% as average egg prices tumbled to $1.59 per dozen from $2.28 a year earlier. Shares of the egg producer fell 12% in premarket trading.
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