Palo Alto Networks, Apple, Target and more
Traders on the floor of the NYSE, June 1, 2023.
Source: NYSE
Check out the companies making headlines in premarket trading.
Apple — The tech giant’s shares rose about 1% ahead of Apple’s Worldwide Developers Conference, which starts Monday at 10 a.m. in Cupertino, California. Apple is widely expected to announce a “Reality Pro” headset that incorporates virtual reality.
Palo Alto Networks — Chip stock jumped nearly 5% after S&P Dow Jones Indices announced Friday night that the cybersecurity company will replace Dish Network in the S&P 500, effective June 20. Dish Network’s stock fell 4% in premarket trading.
Valley National Bancorp — The regional bank climbed more than 4% after JPMorgan upgraded the stock to overweight from neutral. The Wall Street firm said concerns about Valley National’s commercial real estate seem “overblown” as its Manhattan offices represent less than 1% of its loans.
Target — KeyBanc downgraded the retailer to sector weight from overweight, warning that the resumption of student loan repayments could squeeze Target’s margins. Target’s shares fell less than 1% in premarket trading.
Dollar General — Shares fell 0.8 percent. Morgan Stanley downgraded the discount retailer’s stock to equal weight from overweight on Sunday, citing its “thesis-changing quarter.” When it reported quarterly results last week, the company said a challenging economic environment led to the earnings miss and a cut to full-year guidance.
Estee Lauder — The luxury cosmetics maker fell about 1% after Oppenheimer downgraded the stock to outperform and removed its $250 price target. The firm said Estee Lauder will struggle to meet these “aggressive” Street expectations.
— CNBC’s Alex Harring and Jesse Pound contributed reporting.
