Take a look at some of the biggest movers in the premarket:
Apple (AAPL) – Apple could reportedly see a production shortfall of close to 6 million iPhone Pro models due to Covid-related unrest at contract manufacturer Foxconn’s China factory. A person familiar with assembly operations told Bloomberg that Apple and Foxconn do expect to be able to make up that shortfall in 2023. Apple slid 1.7% in premarket trading.
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Taboola.com (TBLA) – The software company’s stock soared 65.2% in premarket action after it announced a 30-year agreement with Yahoo, under which Taboola will power native advertising on all Yahoo platforms.
Wynn Resorts (WYNN), MGM Resorts (MGM), Melco Resorts (MLCO), Las Vegas Sands (LVS) – Casino stocks rallied in off-hours trading after the Chinese government granted the companies provisional licenses to continue operating in Macau. Wynn jumped 5.9%, MGM added 2.2%, Melco rallied 8% and Las Vegas Sands rose 3.2%.
Biogen (BIIB) – Biogen dropped 5.5% in the premarket after online publication Science.org reported that a woman participating in a trial of the experimental Alzheimer’s treatment lecanemab had recently died from a brain hemorrhage. The publication said the trial was sponsored by Biogen and Japanese pharmaceutical company Esai.
Exxon Mobil (XOM), Chevron (CVX) – These and other energy stocks fell in the premarket as WTI Crude touches its lowest level in 11 months. Exxon lost 1.8% while Chevron dropped 1.7%.
Anheuser-Busch InBev (BUD) – Anheuser-Busch InBev jumped 4.2% in the premarket after a double upgrade from J.P. Morgan Securities, which raised the beer brewer’s stock to “overweight” from “underweight.” The firm now sees the potential for earnings outperformance while also noting a rapidly improving balance sheet.
First Solar (FSLR) – The solar company’s stock fell 2.6% in the premarket following a downgrade by J.P. Morgan to “neutral” from “overweight.” J.P. Morgan’s call notes the stock’s outperformance since the announcement of the Inflation Reduction Act, which provided additional incentives for alternative energy.
News Corp (NWSA), Fox (FOXA) – T. Rowe Price is the latest major shareholder to express concern about Rupert Murdoch’s plan to recombine News Corp and Fox, according to a report in The New York Times. The investment firm is News Corp’s second-largest shareholder behind the Murdoch family with a 12% stake and is said to believe a combination would undervalue News Corp shares.
Pinduoduo (PDD) – The China-based e-commerce platform beat top and bottom line estimates for its latest quarter, as China’s strict Covid policies prompted more consumers to shop online. Pinduoduo surged 14.2% in the premarket.