Palo Alto Networks, Apple, Target & more
Tech giant Apple’s shares rose by 1% in premarket trading before its annual Worldwide Developers Conference, set to start on Monday at its headquarters in Cupertino, California. Investors are expecting Apple to unveil its “Reality Pro” headset, which will include virtual reality. Other companies making headlines in premarket trading include Palo Alto Networks, which saw a nearly 5% jump after being announced as a replacement for Dish Network in the S&P 500. Valley National Bancorp’s shares climbed by over 4% following JPMorgan’s upgrade of the stock to overweight. Meanwhile, Target’s shares fell slightly after KeyBanc downgraded the retailer from overweight to sector weight and Morgan Stanley downgraded Dollar General’s stock to equal weight from overweight, citing a challenging economic environment.
FAQs:
What is Apple’s Worldwide Developers Conference?
Apple’s Worldwide Developers Conference is an annual event hosted by the company to showcase its latest software and hardware developments.
What is Apple expected to unveil at the conference?
Investors are expecting Apple to unveil its “Reality Pro” headset, which will include virtual reality.
What happened to Palo Alto Networks’ shares in premarket trading?
Palo Alto Networks saw a nearly 5% jump in premarket trading after being announced as a replacement for Dish Network in the S&P 500.
Why did Valley National Bancorp’s shares climb by over 4%?
Valley National Bancorp’s shares climbed by over 4% following JPMorgan’s upgrade of the stock to overweight.
Why did Target’s shares fall slightly in premarket trading?
Target’s shares fell slightly after KeyBanc downgraded the retailer from overweight to sector weight and warned that the resumption of student loan repayments could squeeze its margins.
Why did Morgan Stanley downgrade Dollar General’s stock?
Morgan Stanley downgraded Dollar General’s stock to equal weight from overweight, citing a challenging economic environment, after the company’s quarterly financials showed a miss on earnings and a cut to full-year guidance.
More Companies: Palo Alto Networks, Apple, and Target Included
Traders at the New York Stock Exchange are gearing up for what’s expected to be a busy week, with several major companies making headlines in premarket trading. Tech giant Apple saw shares rise about 1% ahead of its Worldwide Developers Conference, which is set to kick off in Cupertino, California. Investors are eagerly anticipating the company’s expected announcement of a “Reality Pro” headset that incorporates virtual reality.
Meanwhile, Palo Alto Networks saw a nearly 5% jump in its stock price following the announcement that it will replace Dish Network in the S&P 500, effective June 20. Dish Network’s stock fell 4% in premarket. Regional bank Valley National Bancorp also saw a positive spike in its stock price, climbing more than 4% after JPMorgan upgraded the stock to overweight from neutral. And luxury cosmetic maker Estee Lauder dipped about 1% following Oppenheimer’s downgrade of the stock to perform from outperform, with the firm citing the company’s inability to meet “aggressive” Street expectations.
In other news, KeyBanc downgraded Target to sector weight from overweight, warning that the resumption of student loan repayments could squeeze the retailer’s margins. Shares of Target were down less than 1% in premarket trading. Discount retailer Dollar General saw a 0.8% drop in its stock price after Morgan Stanley downgraded the stock to equal weight from overweight on Sunday, following a challenging economic environment that caused the company to miss on earnings and cut full-year guidance.
Overall, it looks set to be an eventful week for traders and investors as they navigate the latest developments in the stock market.