Apple, Tesla, Salesforce rise premarket; Microsoft, Target fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, January 4th. Please refresh for updates.
Apple (NASDAQ: AAPL) stock rose 0.5%, rebounding after the iPhone maker's stock market value shrank sharply on Tuesday, leaving it below $2 trillion for the first time since March 2021.
Microsoft (NASDAQ: MSFT) stock fell 2.7% after UBS downgraded its stance on the software giant to “neutral” from “buy”, saying its growth engine, Azure, could suffer from a deceleration in growth.
Salesforce (NYSE: CRM) stock rose 3.5% after the cloud-based software company announced it would lay off about 10% of its employees and close some offices as a part of its restructuring plan.
Goldman Sachs (NYSE: GS) stock fell 0.4% after Wolfe Research downgraded its stance on the investment bank to “market perform” from “outperform”, seeing “less compelling” upside.
Alibaba (NYSE: BABA) stock rose 6.4% after reports that Ant Group, of which the Chinese e-commerce giant holds 33%, had received permission from China’s securities regulators to raise capital.
Tesla (NASDAQ: TSLA) stock rose 1.1%, bouncing after having dropped over 12% during the prior session, its biggest daily fall in over two years, following missing expectations for deliveries in the fourth quarter.
Target (NYSE: TGT) stock fell 1.9% after Wells Fargo downgraded the retailer to “equal weight” from “overweight”, saying consumers will have to make tough decisions in 2023.