During Market hours on Friday – 01.07.2022
• The Dow (Symbol: DIA) went up 0.98%. The S&P 500 (Symbol: SPY) gained 1.06% and the Nasdaq (Symbol: QQQ) rose 0.66%.
• Micron Technology (Symbol: MU) – Shares of the chipmaker fell 3% after the company issued disappointing fiscal fourth-quarter guidance and said weakening consumer demand will hurt smartphone sales. The warning pulled down other chip stocks, which were among the top decliners in the S&P 500. Western Digital and On Semiconductor lost 3.2% and 6.9%. Nvidia, Qualcomm and Advanced Micro Devices all pulled back by more than 3%.
• Kohl’s (Symbol: KSS) — The retailer’s stock cratered 19.6% after Kohl’s confirmed a CNBC report that it had ceased talks with Franchise Group, saying that the retail environment has worsened since bidding began. Kohl’s also cut its outlook for the current quarter.
• Meta Platforms (Symbol: META) — Meta Platforms’ shares closed down 0.8% following news that it’s cutting its hiring plans for engineers as it prepares for a potential downturn. CEO Mark Zuckerberg said “one of the worst downturns we’ve seen in recent history” is ahead, according to a recording heard by Reuters.
• FedEx (Symbol: FDX) — FedEx shares dropped 1.4% after Berenberg downgraded the transportation stock and cut its price target, citing rising inflation pressures ahead.
• Intel (Symbol: INTC) — Semiconductor stocks declined Friday with shares of Intel falling roughly 3%. Intel delayed plans to start constructing chip factories in Ohio this month, as it waits for Congress to pass legislation giving a boost to the U.S. semiconductor industry.
• Coupang (Symbol: COUP) — Coupang soared 18% after Credit Suisse upgraded shares of the South Korean e-commerce company to “outperform” from “neutral.”
During Premarket hours today (Tuesday – 05.07.2022):
• Tesla (Symbol: TSLA) – Tesla delivered 254,695 vehicles during the second quarter, down 17.9% from the first quarter and below what analysts had predicted. China’s Covid-19 shutdowns were a key factor in holding back production. Tesla fell 1% in premarket trading.
• Occidental Petroleum (Symbol: OXY) – Occidental gained 1.3% in the premarket following news that Berkshire Hathaway (BRKb) once again added to its stake in the energy producer. Berkshire bought 9.9 million more shares, boosting its stake to 17.4%.
• Crocs (Symbol: CROX) – Crocs jumped 2.4% in premarket action after the casual shoe maker’s stock was upgraded to “buy” from “hold” at Loop Capital.
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