Check out the companies making headlines before the bell:
Kohls (KSS) – Kohl’s plunged 17.9% in premarket trading after the retailer confirmed an earlier CNBC report it was ending talks to be bought by Vitamin Shoppe parent Franchise Group (BRG). Kohl’s said the deteriorating retail and financial environment posed significant obstacles to closing a deal. It also lowered its outlook for the current quarter amid more cautious consumer spending.
Micron technology (MU) – Micron is down 4.6% in the premarket despite better-than-expected quarterly earnings. Shares of the chipmaker came under pressure as a result of disappointing sales prospects due to weakening general demand.
Apple (AAPL) – JP Morgan Securities analyst Samik Chatterjee reiterated an “overweight” rating for Apple, saying he isn’t as concerned about Apple’s prospects as others. The company has a December price target of $200 a share, $46 higher 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 the China-based electric vehicle manufacturer. Rival xpeng (XPEV) delivered 15,295 vehicles in June, up 133% from a year earlier. Nioz (NIO) delivered 12,961 vehicles in June, 60% more than a year ago. Li Auto added 1.7% in premarket action, Xpeng was up 2.1% and Nio gained 1.8%.
Metaplatforms (META) — The Facebook parent scraps hiring plans and braces for an economic downturn. In an employee question-and-answer session heard by Reuters, CEO Mark Zuckerberg said it may be “one of the worst downturns we’ve seen in recent memory.”
Caesars Entertainment (CZR), MGM Resorts (MGM) – The resort operators have signed preliminary contract agreements with casino workers in Atlantic City, avoiding a costly strike over the busy July 4 holiday weekend.
FedEx (FDX) – FedEx lost 2.1% in the pre-market after Berenberg downgraded the stock from “buy” to “hold,” pointing to near-term earnings risks that could halt a recent rally in the stock.
coupang (CPNG) – The South Korean e-commerce company saw its premarket shares rise 1.7% after Credit Suisse upgraded it from ‘neutral’ to ‘outperform’. The company believes the prospects for a turnaround in Coupang’s earnings are undervalued by investors.