adminCheck out the companies making headlines before the bell. Microsoft — Shares were up about 2% after the tech giant increased its quarterly dividend by 10.7% to 83 cents per share. The new dividend is payable Dec. 12. The company also approved a new $60 billion share repurchase program. SolarEdge Technologies — Shares fell more than 6% after Jefferies downgraded the solar company to underperform from hold. The firm sees rising domestic competition and high inventory levels overseas putting pressure on SolarEdge. Intel — The stock jumped roughly 7% after the chipmaker announced it is creating a separate entity for its foundry business , a structure that will allow the unit to have its own board and raise outside funding. Dell Technologies — The personal computing and technology stock added 2% after Mizuho Securities initiated coverage with an outperform rating. The firm said Dell is a market leader with a robust supply chain and is gaining share in artificial intelligence servers. Shopify — Shares of the e-commerce stock gained 2.6% after Redburn Atlantic upgraded Shopify to buy from neutral. Shopify should continue gaining market share as the U.S. social e-commerce market appears poised for explosive growth over the next few years. Flutter Entertainment — Shares ticked slightly higher after Flutter Entertainment, the online sports betting company behind FanDuel, said it’s buying Playtech Plc’s Italian gambling business Snaitech S.p.A. for €2.3 billion, or $2.56 billion, in cash. AppLovin — The mobile software company rose more than 2% after UBS upgraded shares to buy from neutral. “We have been warming to APP’s execution on the gaming opportunity for a while … and believe the [e-commerce total addressable market] could drive upside to our above St. estimates,” UBS said. Gannett — Citi upgraded the newspaper company to neutral from sell, sending shares higher by 4%. “In 1H24, Gannett made solid progress slowing the rate of topline declines. If trends continue, the firm may generate flattish revenue growth in 4Q24 or early 2025. This may result in multiple expansion,” the bank said. — CNBC’s Fred Imbert, Sarah Min, Sean Conlon and Michelle Fox Theobald contributed reporting.
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