Check out the companies that make headlines before the alarm goes off:
Kohl’s (KSS) – Kohl’s fell 17.9% in pre-market trading after the retailer confirmed an earlier CNBC report that it had concluded negotiations to be acquired by Vitamin Shoppe’s parent company. Franchise group (FRG). Kohl’s said the deteriorating retail and financial environment poses significant obstacles to closing a deal. It also cut its current quarter outlook amid more cautious consumer spending.
Micron Technology (MU) – Micron fell 4.6% in money markets despite reporting better-than-expected quarterly profit. Shares of the chipmaker were under pressure due to a lower-than-expected sales outlook, stemming from weaker overall demand.
Apple (AAPL) – JP Morgan Securities analyst Samik Chatterjee reiterated his “overweight” rating on Apple, saying he’s not as worried about Apple’s prospects as others. The company has a December price target of $200 per share, $46 above Thursday’s closing price.
Electric vehicle manufacturers based in China – Li Auto (LI) delivered 13,024 vehicles in June, up 69% year-on-year for the China-based electric vehicle maker. Competitor Xpeng (XPEV) delivered 15,295 vehicles in June, up 133% from a year earlier. Nio (NIO) delivered 12,961 vehicles in June, up 60% from a year ago. Li Auto was up 1.7% in pre-sales, Xpeng was up 2.1% and Nio was up 1.8%.
Meta . Platform (META) – Facebook’s parent company is cutting back on hiring plans and preparing for an economic downturn. In an employee Q&A heard by Reuters, CEO Mark Zuckerberg said it could be “one of the worst recessions we’ve seen in recent history”.
Caesars Entertainment (CZR), MGM . Resort (MGM) – Resort operators have reached tentative contractual arrangements with Atlantic City casino employees, avoiding what could be a costly final holiday strike. Busy week of July 4th.
FedEx (FDX) – FedEx lost 2.1% in money markets after Berenberg downgraded the stock to “hold” from “buy”, pointing to short-term earnings risks that could halt the company’s recent rally. share.
Coupang (CPNG) – The South Korean e-commerce company saw its shares rise 1.7% in the money markets after Credit Suisse upgraded it to “outperform” from “neutral”. The company feels that Coupang’s earnings turnaround prospects are not appreciated by investors.