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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Apple, Qualcomm, Lyft Fall Premarket; Biogen, Netflix Rise

Investing.com
·1 min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, September 28th. Please refresh for updates.

Apple (NASDAQ:AAPL) 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.

Qualcomm (NASDAQ:QCOM) stock fell 2.9% and STMicroelectronics (NYSE:STM) ADRs dropped 5.1% on the Apple news, with these two companies being component suppliers to the iPhone.

Biogen (NASDAQ:BIIB) 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:LYFT) 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.

Netflix (NASDAQ:NFLX) 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:ORCL) 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:DIS) stock fell 0.7% after the entertainment giant closed its four Florida theme parks as the state braces for Hurricane Ian. Thor Industries (NYSE:THO) stock rose 1.8% after the manufacturer of recreational vehicles reported better-than-expected quarterly numbers, boosted by strength in its motorized RV segment.

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