Check out the companies that make headlines before the bell:
Kohl’s (KSS): Kohl’s fell 17.9% in pre-market trading after the retailer confirmed a previous CNBC report that ended talks for the purchase of Vitamin Shoppe Franchise Group (FRG). Kohl’s said the deteriorating business and financial environment presented significant obstacles to the conclusion of an agreement. It also cut its outlook for the current quarter amid more prudent consumer spending.
Micron Technology (MU): Micron fell 4.6% in the pre-market although it reported better-than-expected quarterly profit. The chip maker’s shares came under pressure due to a lower-than-expected sales outlook, stemming from weakening global demand.
Apple (AAPL) – JP Morgan Securities analyst Samik Chatterjee reiterated a rating of “overweight” to Apple, saying it is not as concerned about Apple’s prospects as others. The company has a December target price of $ 200 per share, $ 46 more than Thursday’s close.
China-based electric vehicle manufacturers: Li Auto (LI) delivered 13,024 vehicles in June, a 69% year-over-year increase for China-based electric vehicle manufacturer. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, 133% more than a year earlier. Nio (NIO) delivered 12,961 vehicles in June, 60% more than a year ago. Li Auto added 1.7% in pre-market share, Xpeng rose 2.1% and Nio gained 1.8%.
Meta Platforms (META): The Facebook matrix is shrinking hiring plans and preparing for an economic downturn. In an employee question and answer session heard by Reuters, CEO Mark Zuckerberg said it could be “one of the worst falls we’ve seen in recent history.”
Caesars Entertainment (CZR), MGM Resorts (MGM): Resort operators have reached interim contract agreements with Atlantic City casino workers, avoiding what could have been a costly strike over the holiday weekend. July 4th.
FedEx (FDX): FedEx lost 2.1% in the pre-market after Berenberg downgraded shares to “hold” from “buy,” pointing to short-term earnings risks that could stop a recent stock rebound.
Coupang (CPNG) – South Korea’s e-commerce company saw its shares rise 1.7% in the pre-market after Credit Suisse upgraded them to “exceed” from “neutral”. The company considers that the prospects for a change in Coupang’s results are little appreciated by investors.