Stocks in focus in premarket trade on Monday, June 5th.
Apple (NASDAQ:AAPL) stock rose 0.8%, with the tech giant expected to unveil a new “mixed reality” headset at its developer conference in California, some new hardware that has been seven years in the making.
Target (NYSE:TGT) stock fell 0.7% after KeyBanc downgraded its stance on the retailer to ‘sector weight’ from ‘overweight’, citing increasing consumer headwinds over the next 12-18 months.
ExxonMobil (NYSE:XOM) stock rose 1.5% and Chevron (NYSE:CVX) stock climbed 1.3% with these oil majors benefiting from the jump in the price of crude after Saudi Arabia announced plans to cut production from July.
Palo Alto (NASDAQ:PANW) stock rose 5.8% as the cybersecurity firm looks set to replace satellite network company Dish Network (NASDAQ:DISH), down 4.1%, in the S&P 500 index.
UBS (NYSE:UBS) stock rose 1.1% after the Swiss lender said it expected to complete its takeover of Credit Suisse “as early as June 12,” which will create a banking giant with a balance sheet of $1.6 trillion.
Dollar General (NYSE:DG) stock fell 1.3% after Morgan Stanley downgraded the discount retailer to ‘equal-weight’ from ‘overweight’, saying the company has not been the defensive stock it expected.
Estée Lauder (NYSE:EL) stock fell 1% after Oppenheimer cut its stance on the cosmetics giant to ‘perform’ from ‘outperform’, saying more gains will be harder to come by.
CIRCOR International (NYSE:CIR) stock soared 50% after the industrial machinery maker agreed to be acquired by KKR, in a cash deal valued at $1.6 billion.
