Micron, Kohl's, Apple Fall Premarket; Nio Climbs

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, July 1st. Please refresh for updates.

Micron (NASDAQ:MU) stock fell 4.9% after the chipmaker revealed a significantly weaker than expected business outlook, raising concern that the semiconductor industry was turning toward a down cycle.

Kohl's (NYSE:KSS) stock slumped 18% after the department store chain called off talks to sell itself to Vitamin Shoppe owner Franchise Group (NASDAQ:FRG), and cut its outlook for the second quarter.

Apple (NASDAQ:AAPL) stock fell 0.9% after the iPhone maker hiked by nearly a fifth the cost of its flagship phone in Japan, which is battling a weakening yen currency and rising inflation.

Citigroup (NYSE:C) stock rose 0.8% after the Financial Times reported that the U.S. bank is in talks with local buyers in Russia over a potential sale of its operations in the country.

3M Company (NYSE:MMM) stock fell 0.2% after the industrial conglomerate said it will exit its Neoplast and Neobun brands in Thailand, and sell manufacturing assets at its Ladlumkaew plant, as part of its strategic portfolio management.

Nio (NYSE:NIO) ADRs rose 2.1%, Xpeng (NYSE:XPEV) stock climbed 2.6%, and Li Auto (NASDAQ:LI) stock rose 1.2% after the Chinese automakers delivered strong sales numbers in June, suggesting the market has rebounded from the COVID shutdown.

FedEx (NYSE:FDX) stock fell 1.9% after Berenberg downgraded its stance on the shipping giant to ‘hold’ from ‘buy’, citing the “cloudy macroeconomic outlook”.

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