Biggest stock movers today: INTC and APP (NASDAQ:INTC)

Stock futures inched up Tuesday morning, while Treasury yields slipped as market participants concentrated on the potential scale of an interest rate cut at the crucial Federal Reserve policy meeting this week.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• Intel’s (NASDAQ:INTC) share price surged over 8% following the announcement of a significant restructuring plan. The semiconductor giant revealed plans to transform its foundry business into a standalone subsidiary, potentially opening the door for external investment. This move aligns with Intel’s strategy to explore independent funding sources and bolster its position in the competitive foundry market. Additionally, Intel secured a substantial contract to manufacture a custom artificial intelligence chip for Amazon’s cloud computing division, further solidifying its relationship with a major technology player.
• AppLovin (NASDAQ:APP) shares rose nearly 3% after UBS upgraded the software maker to a Buy rating, citing increased revenue growth visibility. Analyst Chris Kuntarich highlighted in a note that the market has yet to fully recognize the durability of AppLovin’s revenue growth. The company’s improved advertising return compared to competing channels, which is “rarely seen,” could drive software revenue growth of 20%-30%, particularly from its gaming segment. Kuntarich also noted that the company’s current valuation is “supportive” of this outlook.