Before the bell rings, know about the companies that make headlines:
kohlso (KSS) — Kohl’s declined 17.9% in premarket trading after the retailer confirmed an earlier CNBC report that it ended the buyout talks by the Vitamin Shoppe parent. franchise group (FRG). Kohls said the deteriorating retail and financial environment posed significant obstacles to concluding a deal. It also cut its current-quarter outlook amid more cautious consumer spending.
Micron Technology (MU) — Micron slipped 4.6% in the premarket despite reporting better-than-expected quarterly profit. Shares of the chipmaker came under pressure on a lower-than-expected selling outlook, driven by weak overall demand.
Apple (AAPL) — JPMorgan Securities analyst Samik Chatterjee reiterated the “overweight” rating on Apple, saying he isn’t as worried about Apple’s prospects as others. The firm’s December price target is $200 per share, which is $46 higher than Thursday’s closing price.
China Based Electric Vehicle Manufacturer – lee auto (LI) delivered 13,024 vehicles in June, a 69% year-on-year increase for the China-based electric vehicle maker. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, up 133% from a year ago. NIO (NIO) delivered 12,961 vehicles in June, an increase of 60% compared to a year ago. Li Auto gained 1.7% in premarket action, Xpeng gained 2.1% and Nio gained 1.8%.
meta platform (META) — Facebook’s parent is slacking off on hiring planning and preparing for the economic downturn. In an employee question-and-answer session heard by Reuters, CEO Mark Zuckerberg said it “could be one of the worst recessions in recent history”.
Caesars Entertainment (CZR), MGM Resorts (MGM) – Resort operators reached tentative contract agreements with Atlantic City casino workers during what could have been a costly strike during the busy July 4th holiday weekend.
fedex (FDX) — FedEx lost 2.1% in the premarket to “buy” the stock by Bernberg to “hold,” pointing to near-term earnings risks that could halt the stock’s recent rally.
coupang (CPNG) — The South Korean e-commerce company saw its stock rise 1.7% in the premarket after Credit Suisse upgraded it from “neutral” to “outperform.” The firm feels that Coupang’s bottom-line turnaround prospects have been underestimated by investors.