© Reuters.
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Wednesday, September 28th. Please refresh for updates.
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Apple (NASDAQ:) stock fell 3.8% after Bloomberg reported that the tech giant has dropped plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.
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Qualcomm (NASDAQ:) stock fell 2.9% and STMicroelectronics (NYSE:) ADRs dropped 5.1% on the Apple news, with these two companies being component suppliers to the iPhone.
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Biogen (NASDAQ:) stock soared 50.8% after the first significant clinical trial results of its latest Alzheimer’s drug showed it significantly slowed the disease’s progression.
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Lyft (NASDAQ:) stock fell 3.4% after the ride-hailing company announced it was freezing all hiring in the United States through the end of the year, as recession fears mounted.
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Netflix (NASDAQ:) stock rose 1.3% after Atlantic Equities upgraded its investment stance on the streaming giant to ‘overweight’ from ‘neutral’, saying the ad-supported subscriber tier can trigger a rally of 26% from current levels.
- Oracle (NYSE:) stock fell 0.4% after the tech company agreed to pay about $23 million to resolve charges that its units in Turkey, the United Arab Emirates, and India used slush funds to bribe foreign officials in order to win business.
- Walt Disney (NYSE:) stock fell 0.7% after the entertainment giant closed its four Florida theme parks as the state braces for Hurricane Ian.
- Thor Industries (NYSE:) stock rose 1.8% after the manufacturer of recreational vehicles reported better-than-expected , boosted by strength in its motorized RV segment.
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