Mallinckrodt PLC shares MNK surged 9% in the premarket trading after the drug maker and distributor said it was open to proposed transactions from debt holders as it keeps delaying a payment under an opioid settlement.Mallinckrodt PLC shares MNK surged 9% in the premarket trading after the drug maker and distributor said it was open to proposed transactions from debt holders as it keeps delaying a payment under an opioid settlement.
Alibaba Group Holdings Ltd. BABA stock rose 2.5% after Reuters reported that Chinese authorities will announce a fine of at least 8 billion yuan , possibly by Friday on its Ant Group arm, ending a lengthy regulatory overhaul.Levi Strauss & Co. shares LEVI fell more than 5% in premarket trading after the jeans maker lowered its outlook for the year, stressing that the bulk of its inventory problems were behind it, but cited lower-than-expected revenue and margin, as well as FX for the cut.
Shares of XPeng Inc. XPEV fell 1.9%, tracking moves in Hong Kong after the Chinese electric-vehicle maker was downgraded by a major brokerage. Bocom International downgraded the stock to sell from neutral, saying that market expectations for sales of its new G6 model are likely “too rosy.” Nikola Corp. stock NKLA fell 1.5% in premarket trading after the EV maker said its shareholder meeting was adjourned until Aug. 3 after failure to secure support for a plan to issue new stock.
Shares of Costco Wholesale Corp. COST dropped 0.8% after the retailer’s June sales edged higher, but comparable-store sales fell 1.4%, including a 2.5% drop for U.S. same-store sales.