Intel, Super Micro, Apple, SpaceX, Berkshire, AbCellera, and More Stocks That Explain Today’s Market

Traders working on the floor of the New York Stock Exchange. (Spencer Platt/Getty Images)

Key Points

• Intel declines after the chip maker announces a $15 billion stock offering.
• Apple falls after receiving a downgrade on the belief a new iPhone design won’t materialize any time soon.
• Berkshire Hathaway ticks up after its second-quarter after-tax operating earnings rise 16% to $13 billion.

Stocks moved modestly lower Monday as investor focus shifted to consumer-price inflation data that will be released Wednesday. That information likely will help determine if the Federal Reserve sticks to its guns by not hiking interest rates in September.

Intel declined 4%. The chip maker announced a $15 billion stock offering and said it will use the proceeds for “general corporate purposes,” including capital spending and working capital.

Super Micro Computer Inc. stock added 2.4% ahead of the opening bell on Monday. The artificial-intelligence server maker is scheduled to report its fourth-quarter earnings on Thursday.

SpaceX advanced 2%. Shares of Elon Musk’s rocket and AI company snapped a four-week losing run on Friday with a 16% surge following the end of a lockup period for shares. Wall Street had widely braced for severe selling pressure this past Thursday, when SpaceX’s first lockup expiration freed roughly 911 million restricted insider shares.

Apple declined 1% to $309.70. Jefferies downgraded shares to Underperform from Hold and slashed the price target to $263.66 from $285.56. That’s one of the lowest price targets on Wall Street. The analyst projected that a new iPhone redesign expected to help the company offset soaring memory costs is no longer materializing.

AbCellera soared 28% to $8.90. The biotechnology company reported that its experimental menopause treatment delivered compelling results in an early-stage trial. Vertex Pharmaceuticals rose 7.3%. Vertix and AbCellera announced an unrelated collaboration in late July.

Berkshire Hathaway gained 0.4% after the conglomerate reported solid, but not great second-quarter earnings on Saturday. Berkshire’s after-tax operating earnings rose 16% from a year ago to $13 billion, but a swing in one-time currency gains and losses drove most of the gains.

Sunrise Energy Metals closed 16% higher in Australia after the Trump administration awarded a $400 million loan to the Australian company, which is attempting to mine scandium, a rare chemical element used to strengthen aluminum.

Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com

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