Kohl’s, Micron, Apple and more

Check the companies that make headlines before the bell:
Kohl’s (KSS) – Kohl’s fell 17.9% in pre-market trading after the retailer confirmed an earlier CNBC report that it ended calls to be bought by Vitamin Shoppe parent Franchise Group (FRG). Kohls said the deteriorating retail and financial environment posed significant barriers to an agreement. It also cut the outlook for the current quarter among more cautious consumer spending.
Micron Technology (MU) ̵[ads1]1; Micron fell 4.6% in the advance market despite reporting a quarterly result that was better than expected. The shares of the chip manufacturer came under pressure due to lower sales prospects than expected, which stemmed from weakened total demand.
Apple (AAPL) – JP Morgan Securities analyst Samik Chatterjee reiterated an “overweight” rating on Apple, saying he is not as concerned about Apple’s prospects as others. The company has a price target for December of $ 200 per share, $ 46 higher than the end of Thursday.
China-based electric car manufacturers – Li Auto (LI) delivered 13,024 cars in June, an increase of 69% from year to year for the China-based electric car manufacturer. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, a jump of 133% from the previous year. Nio (NIO) delivered 12,961 vehicles in June, an increase of 60% from a year ago. Li Auto added 1.7% in premarket action, Xpeng rose 2.1%, and Nio gained 1.8%.
Meta Platforms (META) – The Facebook parent is cutting employment plans and preparing for a financial downturn. In a question-and-answer session for employees heard by Reuters, CEO Mark Zuckerberg said it could be “one of the worst downturns we have seen in recent history”.
Caesars Entertainment (CZR), MGM Resorts (MGM) – The resort operators reached preliminary contract agreements with Atlantic City’s casino workers, avoiding what could have been a costly strike during the busy July 4 weekend.
FedEx (FDX) – FedEx lost 2.1% in the futures market after Berenberg downgraded the stock to “hold” from “buy”, pointing to short-term earnings risks that could stop a recent rise in the stock.
Coupang (CPNG) – The South Korean e-commerce company saw its stock rise 1.7% in the pre-market after Credit Suisse upgraded it to “outperform” from “neutral”. The company feels that Coupang’s bottom line prospects for turnaround operations are underestimated by investors.