Take a look at some of the biggest pre-market movers:
Apple (AAPL) – Apple could see a production shortfall of nearly 6 million iPhone Pro models due to Covid-related unrest at contract maker Foxconn’s Chinese factory. A person familiar with assembly operations told Bloomberg that Apple and Foxconn expect to be able to make up that shortfall in 2023. Apple slipped 1.7% in premarket trading.
Taboola.com (TBLA) – The software company’s stock soared 65.2% in premarket stock after announcing a 30-year deal with Yahoo, under which Taboola will power native advertising across all Yahoo platforms.
Wynn Resorts (WYNN), MGM Resorts (MGM), Melco Hotels (MLCO), Las Vegas Sands (LVS) – Casino shares rallied during after-hours trading after the Chinese government granted the companies temporary licenses to continue operating in Macau. Wynn jumped 5.9%, MGM 2.2%, Melco 8% and Las Vegas Sands 3.2%.
biogenic (BIIB) – Biogen fell 5.5% in premarketing after online publication Science.org reported that a woman participating in a trial of lecanemab, an experimental treatment for Alzheimer’s disease, was recently died of a cerebral hemorrhage. The publication says the trial was sponsored by Biogen and Japanese pharmaceutical company Esai.
Exxon Mobil (XOM), Chevron (CVX) – These energy stocks and others fell pre-market as WTI crude hits an 11-month low. Exxon lost 1.8% while Chevron fell 1.7%.
Anheuser-Busch InBev (BUD) – Anheuser-Busch InBev jumped 4.2% pre-market after a double upgrade from JP Morgan Securities, which moved the beer brewer’s stock from “overweight” to “underweight “. The company now sees the potential for earnings outperformance while noting a rapidly improving balance sheet.
First Solar (FSLR) – The solar company’s stock fell 2.6% pre-market following a downgrade by JP Morgan from “overweight” to “neutral”. JP Morgan’s call notes the stock’s outperformance since the announcement of the Cut Inflation Act, which provided additional incentives for alternative energy.
press company (NWSA), Fox (FOXA) — T. Rowe Price is the latest major shareholder to worry about Rupert Murdoch’s plan to recombine News Corp and Fox, according to a report from The New York Times. The investment firm is News Corp’s second largest shareholder behind the Murdoch family with a 12% stake and believes a combination would undervalue News Corp shares.
Pinduo-duo (PDD) – The China-based e-commerce platform beat earnings estimates for its latest quarter as China’s strict Covid policies prompted more consumers to shop online. Pinduoduo jumped 14.2% pre-release.
