Kohl’s (KSS) – Kohl’s fell 17.9% in pre-market trading after the retailer confirmed an earlier CNBC report that it had ended talks on a purchase by Vitamin Shoppe (FRG) parent company Franchise. Kohl’s said the deteriorating retail and financial environment posed significant obstacles to a deal. It also downgraded the outlook for the current quarter amid more cautious consumer spending. Micron Technology (MU) – Micron fell 4.6% in premarket, despite reporting higher-than-expected quarterly earnings. Chip maker shares came under pressure from lower-than-expected sales prospects due to weakening aggregate demand. Apple (AAPL) – JP Morgan Securities analyst Samik Chatterjee reiterated Apple’s “overweight” rating, saying he was not as concerned about Apple’s prospects as others. The company has a December target of $ 200 per share, $ 46 higher than closing Thursday. China-based electric vehicle manufacturers – Li Auto (LI) delivered 13,024 vehicles in June, a 69% year-on-year increase for Chinese electric vehicle maker. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, an increase of 133% over the previous year. Nio delivered 12,961 vehicles in June, up 60% from a year earlier. Li Auto added 1.7% to pre-market action, Xpeng gained 2.1% and Nio gained 1.8%. Meta Platforms (META) – Facebook parent company cuts recruitment plans and prepares for economic downturn. In a question-and-answer session with Reuters, CEO Mark Zuckerberg said it could be “one of the worst falls we’ve seen in recent history.” Caesars Entertainment (CZR), MGM Resorts (MGM) – Resort managers have reached trial agreements with Atlantic City casino staff to avoid a costly strike during the busy July 4th holiday weekend. FedEx (FDX) – FedEx lost 2.1% in the preliminary market after Berenberg downgraded the stock to a “hold” from the “market”, indicating short-term profit risks that could stop a recent rally in the stock. Coupang (CPNG) – The South Korean e-commerce company saw its share rise 1.7% in the premarket after Credit Suisse upgraded it from “neutral” to “neutral”. The company believes that Coupang’s prospects for recovery are being underestimated by investors.
