Stocks making the biggest moves premarket: Palo Alto Networks, Apple, Target & more

Traders on the floor of the NYSE, June 1, 2023.

Source: NYSE

Check out the companies making headlines in premarket trading.

Apple — The tech giant’s shares rose about 1% ahead of Apple’s Worldwide Developers Conference, which kicks off Monday at in Cupertino, California. Apple is widely expected to announce a “Reality Pro” headset that incorporates virtual reality.

Palo Alto Networks — The chip stock jumped nearly 5% after S&P Dow Jones Indices announced Friday evening that the cybersecurity company will replace Dish Network in the S&P 500, effective June 20. Dish Network’s stock fell 4% in premarket.

Valley National Bancorp — The regional bank climbed more than 4% after JPMorgan upgraded the stock to overweight from neutral. The Wall Street firm said the concern around Valley National’s commercial real estate appears “overblown” as Manhattan offices represents less than 1% of its loans.

Target — KeyBanc downgraded the retailer to sector weight from overweight, warning that the resumption of student loan repayments could squeeze Target’s margins. Shares of Target were down less than 1% in premarket trading.

Dollar General — Shares fell 0.8%. Morgan Stanley downgraded the discount retailer’s stock to equal weight from overweight on Sunday, citing its “thesis-shifting quarter.” When reporting quarterly financials last week, the company said a challenging economic environment prompted on a miss on earnings and a cut to full-year guidance.

Estee Lauder — The luxury cosmetic maker dipped about 1% after Oppenheimer downgraded the stock to perform from outperform and removed its $250 price target. The firm said Estee Lauder will struggle to meet these “aggressive” Street expectations.

— CNBC’s Alex Harring and Jesse Pound contributed reporting.