US Premarket: Meta, FedEx, Kohl’s and other stocks making biggest moves

Meta Platforms (META)

The social media giant is slashing hiring plans and looking
for an economic downturn. “It might be one of the worst downturns we’ve seen in
recent history,” said CEO Mark Zuckerberg in an employee question-and-answer
session, according to a Reuters report.

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FedEx (FDX)

FedEx slid 2.1% in premarket action after Berenberg
downgraded the stock to “hold” from “buy”, citing near-term earnings risks
which could hurt a recent rally in the stock.

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Kohl’s (KSS)

The stock slumped 17.9% in the premarket after the retailer
confirmed an earlier CNBC report that it ended discussions to be bought by
Vitamin Shopee parent Franchise Group (FRG). The company said the deteriorating
retail and financial environment presented significant obstacles to concluding
a deal. It also slashed its current-quarter outlook amid more cautious consumer
spending.

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Li Auto (LI), Nio (NIO), Xpeng (XPEV)

China-based electric vehicle maker Li Auto delivered 13,024
vehicles in June, a 69% year-on-year rise for the company. Rival Xpeng
delivered 12,961 vehicles in June, up 60% from a year ago. Li Auto surged 1.7%
in the premarket trading, Xpeng added 2.1% and Nio rose 1.8%.

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Micron Technology (MU)

Shares of Micron fell 4.6% in premarket trading despite
reporting a higher-than-expected quarterly profit. The chipmaker’s stock came
under pressure due to a lower-than-expected sales outlook, stemming from
weakening overall demand.

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Caesars Entertainment (CZR), MGM Resorts (MGM)

The resort operators have signed tentative contract
agreements with Atlantic City casino workers, avoiding what might have been a
costly strike during the busy July 4th holiday weekend.

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Coupang (CPNG)

Shares of the South Korean e-commerce company rose 1.7% in
premarket trading after Credit Suisse upgraded it to “outperform” from
“neutral”. The company feels Coupang’s bottom-line turnaround prospects are
underappreciated by investors.