Hot Stocks: INTC, MO fall on analyst comments; SPOT rises on Investor Day; MRNA vaccine data
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Analyst comments stirred trading in Wednesday's midday action. Intel (INTC) and Altria Group (NYSE:MO) both pushed lower in the wake of pessimistic notes.
In other news, Moderna (MRNA) advanced in intraday action on positive data for its Omicron COVID booster. At the same time, Spotify (SPOT) gained ground after it hosted its Investor Day.
Decliners
Intel (INTC) lost ground in midday trading following downbeat assessments from multiple analysts. Citi cut its earnings estimate for the semiconductor maker, saying it expects INTC to miss its current forecasts for Q2.
Meanwhile, Nikko Securities America lowered its price target on INTC to $54 from $62, while also trimming earnings estimates. The move came in the wake of recent commentary from the company and some of its competitors.
Weighed down by the cautious analyst sentiment, INTC retreated 4% in midday action.
Altria Group (MO) also suffered in the face of analyst commentary, with the stock falling nearly 6% in intraday trading. Morgan Stanley downgraded the tobacco company to Underweight from Equal-weight, as higher inflation will likely force consumers to cut cigarette use or turn to cheaper alternatives.
"The market may continue to move toward a more defensive positioning, but we see risk-reward skewed to the downside given the combination of near-term fundamental pressures and our longer-term concerns about MO's cigarette portfolio," the firm said.
Gainers
Moderna (MRNA) saw strength in midday action after revealing data about its Omicron-focused COVID booster. The company said the product outperformed its original variation in neutralizing antibody response.
MRNA advanced 4% on the news.
Spotify (SPOT) also attracted buying interest after a positive response to the company's Investor Day. Shares climbed 5% as the event unfolded, with the company highlighting a further investment in podcasts and audiobooks.

To track Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.