Stocks making the biggest moves premarket: Kohl’s, Micron, Apple and more
Check out the companies making headlines before the bell:
Kohl’s (KSS) – Kohl’s tumbled 17.9% in premarket trading after the retailer confirmed an earlier CNBC report that it ended talks to be bought by Vitamin Shoppe parent Franchise Group (FRG). Kohl’s said the deteriorating retail and financial environment presented significant obstacles to concluding a deal. It also cut its current-quarter outlook amid more cautious consumer spending.
Micron Technology (MU) – Micron slid 4.6% in the premarket despite reporting a better-than-expected quarterly profit. The chip maker’s shares came under pressure due to a lower-than-expected sales outlook, stemming from weakening overall demand.
Apple (AAPL) – J.P. Morgan Securities analyst Samik Chatterjee reiterated an “overweight” rating on Apple, saying he is not as worried about Apple’s prospects as others. The firm has a December price target of $200 per share, $46 higher than its Thursday close.
China-based electric vehicle makers – Li Auto (LI) delivered 13,024 vehicles in June, a 69% year-over-year increase for the China-based electric vehicle maker. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, a 133% jump from a year earlier. Nio (NIO) delivered 12,961 vehicles in June, up 60% from a year ago. Li Auto added 1.7% in premarket action, Xpeng rose 2.1%, and Nio gained 1.8%.
Meta Platforms (META) – The Facebook parent is slashing hiring plans and bracing for an economic downturn. In an employee question-and-answer session heard by Reuters, CEO Mark Zuckerberg said it might be “one of the worst downturns we’ve seen in recent history”.
Caesars Entertainment (CZR), MGM Resorts (MGM) – The resort operators reached tentative contract agreements with Atlantic City casino workers, avoiding what might have been a costly strike during the busy July 4th holiday weekend.
FedEx (FDX) – FedEx lost 2.1% in the premarket after Berenberg downgraded the stock to “hold” from “buy”, pointing to near-term earnings risks which could halt a recent rally in the stock.
Coupang (CPNG) – The South Korean e-commerce company saw its stock rise 1.7% in the premarket after Credit Suisse upgraded it to “outperform” from “neutral”. The firm feels Coupang’s bottom-line turnaround prospects are underappreciated by investors.