Stocks making the biggest moves premarket: Walgreens, Apple, Yeti & more

Published Thu, Jan 4 20247:46 AM EST

Check out the companies making headlines in premarket trading. Walgreens — Walgreens shares were up more than 2% in the premarket after the pharmacy operator posted fiscal first -quarter earnings and revenue that beat analyst expectations. To be sure, Walgreens cut its quarterly dividend to 25 cents per share from 48 cents per share. APA — The oil producer fell 5% after it said it would buy Permian Basin producer Callon Petroleum in a $4.5 billion all-stock transaction, including debt. Callon, which has a market cap of $2.3 billion as of Wednesday's closing level, saw shares jump more than 4% in premarket. Eli Lilly — Eli Lilly said Thursday it launched a website to allow patients access to weight loss drugs via a telehealth provider. These drugs include recently approved Zepbound. Shares rose more than 1%. Apple — Shares of the tech giant dipped 0.5% in premarket trading after the firm got another downgrade from Wall Street. Piper Sandler downgraded shares of the iPhone maker to neutral from overweight , citing valuation concerns, macro weakness and a strained handset outlook. The tech stock has slid 4% this week. Barclays slashed its rating on Apple earlier this week. Yeti — The drinkware brand saw shares drop more than 6% in premarket after a Canaccord Genuity downgrade to hold from buy. The Wall Street firm said rival Stanley is proving itself to be a much tougher-than-expected competitor to Yeti, while Owala is also garnering attention. Cal-Maine Foods — Shares of the egg company fell more than 4% after Cal-Maine reported its fiscal second quarter results. The company's net sales and net income both declined year over year, though that was due in part to the lower cost of eggs as sales volumes increased. Cal-Maine has a variable dividend, which will come to $0.116 per share for the second quarter. Mobileye Global — Shares of the autonomous driving tech company plunged 28% in premarket trading after the firm forecast preliminary fiscal 2024 revenue below estimates. The firm said it expects its customers to pull back on orders as they clear excess inventory. — CNBC's Jesse Pound and Fred Imbert contributed reporting.