Several companies are in the spotlight during premarket trading today. Here are the latest updates:
Apple Inc. (NASDAQ: AAPL) – Apple’s shares have risen approximately 1% ahead of the highly anticipated Apple Worldwide Developers Conference, set to begin on Monday in Cupertino, California. The tech giant is expected to unveil its new “Reality Pro” headset, which combines virtual reality technology.
Palo Alto Networks, Inc. (NASDAQ: PANW) – The chip stock surged nearly 5% after S&P Dow Jones Indices announced on Friday evening that it will replace Dish Network in the S&P 500 index, effective from June 20. Consequently, Dish Network Corporation’s (NASDAQ: DISH) stock fell 4% in premarket trading.
Valley National Bancorp (NASDAQ: VLY) – The regional bank has witnessed a rise of over 4% following JPMorgan’s upgrade of the stock from neutral to overweight. JPMorgan stated that concerns surrounding Valley National’s commercial real estate are exaggerated, as Manhattan offices account for less than 1% of its loans.
Target Corporation (NYSE: TGT) – KeyBanc downgraded the retailer from overweight to sector weight, cautioning that the resumption of student loan repayments could potentially impact Target’s margins. Target’s shares were down less than 1% in premarket trading.
Dollar General Corporation (NYSE: DG) – Shares of the discount retailer fell by 0.8% after Morgan Stanley downgraded the stock from overweight to equal weight on Sunday. The downgrade was based on the company’s recent quarterly financial report, which revealed challenges in the current economic environment, resulting in lower earnings and revised full-year guidance.
The Estee Lauder Companies Inc. (NYSE: EL) – The luxury cosmetic maker experienced a slight dip of around 1% following Oppenheimer’s downgrade of the stock from outperform to perform. In addition, Oppenheimer removed its $250 price target, expressing doubts that Estee Lauder would meet the ambitious expectations set by analysts.