Apple, Qualcomm, Lyft drop in premarket, while Biogen and Netflix rise
Shares of Apple (NASDAQ:AAPL) fell 3.8% after Bloomberg reported that the tech giant abandoned plans to increase production of new iPhones this year after an expected surge in demand failed to materialize.
Qualcomm (NASDAQ:QCOM) shares fell 2.9% and STMicroelectronics (NYSE:STM) shares fell 5.1% on news from Apple, as both companies are suppliers of iPhone components.
Biogen (NASDAQ:BIIB) stock soared 50.8% after the first significant results from clinical trials of a new Alzheimer’s drug showed it significantly slows the progression of the disease.
Shares of Lyft (NASDAQ:LYFT) tumbled 3.4% after the ride-hauling company announced a hiring freeze in the US until the end of the year amid recession fears.
Shares of Netflix (NASDAQ:NFLX) surged 1.3% after Atlantic Equities upgraded its investment position in the streaming giant’s stock from “outperforming” to “midmarket,” saying ad-supported subscriber numbers could boost up to 26% from the current level.
Shares of Oracle (NYSE:ORCL) fell 0.4% after the technology company agreed to pay about $23 million to settle allegations that its units in Turkey, the United Arab Emirates and India used trust funds to bribe foreign officials, to buy a business.
Shares of Walt Disney (NYSE:DIS) fell 0.7% after the entertainment giant closed 4 theme parks in Florida as the state prepares for Hurricane Yang.
Shares of Thor Industries (NYSE:THO) rose 1.8% after the recreational vehicle maker reported better-than-expected quarterly performance, helped by a stronger motor vehicle segment.