Intel, Tesla, and TSMC Experience Pre-Market Decline; Cal-Maine Sees Upsurge

Investing.com — U.S. futures traded slightly lower on Wednesday, retracing some of the hefty gains from the first quarter as investors brace for a series of speeches from Federal Reserve officials.

Here are the notable premarket movers in the U.S. stock market today:

Intel (NASDAQ: INTC) shares declined by more than 5.1% after the company revealed operating losses of $7 billion for its foundry business through 2023, facing intensified competition from Asian rivals.

Tesla (NASDAQ: TSLA) shares fell over 1.3%, extending losses following a 4.9% decline on Tuesday, prompted by the electric vehicle maker’s report of a quarterly drop in deliveries, the first in nearly four years.

Taiwan Semiconductor Manufacturing (NYSE: TSM) shares dropped 1.7% as a severe earthquake in the region forced the chip maker to suspend production at some of its facilities.

Paramount Global (NASDAQ: PARA) shares gained 1.7% amid reports that the media conglomerate is in discussions with David Ellison, founder of Skydance Media, regarding a potential deal.

Walt Disney (NYSE: DIS) shares declined by 0.4% despite billionaire Elon Musk’s statement of intent to purchase Disney shares if activist investor Nelson Peltz secures a seat on the company’s board. Reuters reported that Disney is expected to announce later Wednesday that shareholders have rejected two hedge fund bids aimed at reshaping the board.

Cal-Maine Foods (NASDAQ: CALM) shares rose 5.6% as the poultry egg producer reported robust quarterly results, with record sales compensating for declining egg prices.

Lenz Therapeutics (NASDAQ: LENZ) shares surged over 18% after the company announced positive results from a late-stage study of its experimental drugs designed to treat near vision loss.

Acuity Brands (NYSE: AYI) shares fell 0.4% after the lighting company’s second-quarter sales missed expectations.