Target, JM Smucker, Robinhood Fall Premarket; Kohls, Novavax Rise
2022.06.07 17:26
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Tuesday, June 7th. Please refresh for updates.
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Target (NYSE:TGT) stock fell 9.3% after the big-box retailer announced its second profit warning in only three weeks, admitting that it needs to cut down a mountain of unsold inventory.
- Kohls (NYSE:KSS) stock soared 9.1% after the department store chain announced it was in exclusive negotiations with retail store operator Franchise Group (NASDAQ:FRG) over a potential deal, valuing it at nearly $8 billion.
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Novavax (NASDAQ:NVAX) stock rose 3.7% with the U.S. Food and Drug Administration set to consider whether to recommend the drugmaker’s COVID-19 vaccine for adults, amid hopes it can become the shot of choice among some American vaccine skeptics.
- JM Smucker (NYSE:SJM) stock fell 1% after the food producer cut its full-year forecast on the back of a recall of its Jif peanut butter product, adding inflation and supply chain issues will create uncertainty going forward.
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Twitter (NYSE:TWTR) stock fell 1.5%, continuing to weaken after Elon Musk warned that he might walk away from his $44 billion deal to acquire the social media company if it fails to provide the data on spam and fake accounts that he seeks.
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Affirm (NASDAQ:AFRM) stock fell 3.7%, adding to Monday’s 5.5% loss, after Apple (NASDAQ:AAPL), down 1.4%, announced plans to enter the Buy Now Pay Later business, threatening serious competition.
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Robinhood (NASDAQ:HOOD) stock fell 2.4% after the Wall Street Journal reported that the Securities and Exchanges Commission is drawing up plans that would force more competition for executing investors’ orders, hitting the business model espoused by the broker-dealer.
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Exxon Mobil (NYSE:XOM) stock rose 0.8% after Evercore ISI upgraded its stance on the oil major to ‘outperform’ from ‘in line’, saying it looks cheap even after surging more than 60% this year.
