Morning Movers: Intel, MaxLinear skyrocket following first quarter reports

Stock futures are mixed this morning. The Nasdaq is leading higher driven by a surge in chip stocks after strong earnings, particularly from Intel. Meanwhile, the S&P 500 is only modestly positive and the Dow is slightly down, reflecting a divergence between tech strength and broader market hesitation.

The macro headwind is still oil and geopolitics. Crude has surged back above $100, and in some cases above $107, on renewed tensions in the Middle East, including shipping disruptions and military activity tied to the ongoing U.S.-Iran conflict. At the same time, the S&P 500 is still hovering near record levels and tech is having one of its strongest months in some time.

In pre-market trading, S&P 500 futures rose 0.33%, Nasdaq futures rose 1.21% and Dow futures fell 0.14%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Organon (OGN) up 29% after The Economic Times reported that Sun Pharmaceutical is set to make a binding offer of $13B for the company

UP AFTER EARNINGS –

• MaxLinear (MXL) up 52%
• Intel (INTC) up 25%
• Procter & Gamble (PG) up 2%

DOWN AFTER EARNINGS –

• Coursera (COUR) down 15%
• HCA Healthcare (HCA) down 7%
• Charter (CHTR) down 4%
• SLB (SLB) down 3%
• Norfolk Southern (NSC) down 1%