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 had ended talks to be bought by parent company Vitamin Shoppe Franchise Group ( FRG ). Kohl’s said the deteriorating business and financial environment posed significant obstacles to a deal. It also cut its outlook for the current quarter amid more cautious consumer spending.
Micron Technology ( MU ) – Micron fell 4.6% in the market despite reporting better-than-expected quarterly profit. Shares in the chipmaker came under pressure due to a lower-than-expected sales outlook stemming from weakening overall demand.
Apple ( AAPL ) — JP Morgan Securities analyst Samik Chatterjee reiterated an “overweight” rating on Apple, saying he’s not as worried about Apple’s prospects as others. The firm has a December price target of $200 per share, $46 higher than Thursday’s 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 climbed 2.1% and Nio gained 1.8%.
Meta Platforms (META) – Facebook’s parent company is scaling back hiring plans and bracing 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 downturns we’ve seen in recent history.”
Caesars Entertainment ( CZR ), MGM Resorts ( MGM ) — Resort operators reached tentative contract agreements with casino workers in Atlantic City, avoiding a potentially costly strike over the busy July 4 holiday weekend.
FedEx (FDX) — FedEx lost 2.1% in premarket trading after Berenberg downgraded the stock to a “hold” from a “buy,” citing near-term earnings risks that could halt the stock’s recent rally.
Coupang (CPNG) – The South Korean e-commerce company saw its shares rise 1.7% in premarket trading after Credit Suisse upgraded it to “outperform” from “neutral.” The firm believes the prospects for Coupang’s ultimate turnaround have been underestimated by investors.
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