Intel Stock Extends Rally, Freeport-McMoRan Drops

Reduced forecasts for copper and gold sales weighed on a big mining stock, while shares of a semiconductor giant made another push higher after an industry peer offered a bright outlook.

Major U.S. equities indexes lost ground for a second consecutive session Wednesday, reflecting pressure on the tech sector and despite outperformance from energy names. The S&P 500 and the Nasdaq lost around 0.3%, while the Dow ended 0.4% lower. Read here for Investopedia’s comprehensive market coverage.

Intel (INTC) stock jumped 6.4%, lifted by an afternoon report from Bloomberg that the company had discussed Apple (AAPL) buying a stake. The latest move higher for shares of the chipmaking giant also came after Micron Technology (MU) raised it outlook for PCs and traditional servers, two of Intel’s key markets. Intel stock has gained more than 25% over the past month amid a string of high-profile investments from the U.S. government, SoftBank (SFTBY), and Nvidia (NVDA). Micron’s stock fell nearly 3%, while Apple’s was off less than 1%.

Freeport-McMoRan (FCX) shares tumbled 17%, more than any other stock in the S&P 500 on, after the mining giant lowered its forecasts for quarterly copper and gold sales. Issues at Freeport’s Indonesia unit weighed on its outlook; .the company declared force majeure at its Grasberg mine after a mud flow partially blocked access to the underground facility, resulting in fatal injuries to two workers.

Shares of Axon Enterprise (AXON) fell 10% after the provider of less-lethal weapons and other law enforcement technology announced the acquisition of Prepared, an emergency communications platform powered by artificial intelligence. Needham analysts reiterated their “buy” rating on Axon stock but noted the complexities involved in a potential return to the computer-aided dispatch market. Piper Sandler initiated coverage of Axon stock with a bullish “overweight” rating.

Xcel Energy (XEL) said it agreed to settle litigation related to the devastating 2021 Marshall Fire in Colorado. Although the electric utility reaffirmed its belief that its equipment did not cause the fire, it will pay roughly $640 million to settle lawsuits involving more than 4,000 plaintiffs who sued for damages. Xcel Energy shares rose 6.7%, logging the benchmark index’s top performance in the midweek trading session.

Shares of health insurer Centene (CNC) gained 5.8%. Centene’s managed health subsidiary Meridian Health of Illinois said it paid providers $15 million in value-based care incentives for improving health outcomes for its Medicaid members. Reductions in emergency room visits and inpatient readmissions under this initiative bode well for Centene’s goal of reining in medical costs.