By Peter Nurse

Fxgecko.com -- Stocks in focus in premarket trade on Friday, July 1st. Please refresh for updates.

• Micron (NASDAQ:MU) stock fell 4.9% after the chipmaker revealed a significantly weaker than expected business outlook, raising concern that the semiconductor industry was turning toward a down cycle.

• Kohl's (NYSE:KSS) stock slumped 18% after the department store chain called off talks to sell itself to Vitamin Shoppe owner Franchise Group (NASDAQ:FRG), and cut its outlook for the second quarter.

• Apple (NASDAQ:AAPL) stock fell 0.9% after the iPhone maker hiked by nearly a fifth the cost of its flagship phone in Japan, which is battling a weakening yen currency and rising inflation.

• Citigroup (NYSE:C) stock rose 0.8% after the Financial Times reported that the U.S. bank is in talks with local buyers in Russia over a potential sale of its operations in the country.

• 3M Company (NYSE:MMM) stock fell 0.2% after the industrial conglomerate said it will exit its Neoplast and Neobun brands in Thailand, and sell manufacturing assets at its Ladlumkaew plant, as part of its strategic portfolio management.

• Nio (NYSE:NIO) ADRs rose 2.1%, Xpeng (NYSE:XPEV) stock climbed 2.6%, and Li Auto (NASDAQ:LI) stock rose 1.2% after the Chinese automakers delivered strong sales numbers in June, suggesting the market has rebounded from the COVID shutdown.

• FedEx (NYSE:FDX) stock fell 1.9% after Berenberg downgraded its stance on the shipping giant to ‘hold’ from ‘buy’, citing the “cloudy macroeconomic outlook”.