PREMARKET MOVES | Macy's Lifts Full-Year Guidance; Meta Upgraded at JPMorgan; Copper Miners Slide

According to CNBC, Macy's reported a second-quarter revenue beat and raised its full-year guidance for net sales, comparable sales and earnings per share; it was unclear whether its quarterly EPS of 40 cents was comparable to the 37-cent LSEG consensus estimate, and shares slipped 1.6%. Meta Platforms, the parent of Facebook and Instagram, added 1.4% after an upgrade at JPMorgan, which sees meaningful upside potential as Meta rolls out its artificial intelligence models and products. Apple rose 1% a day after unveiling its foldable iPhone and other products, following a muted investor response Wednesday that left the stock slightly lower. Novartis rose nearly 2% after Reuters reported that a major shareholder called for an overhaul of the drugmaker's board to boost corporate governance; shares had fallen earlier this week after three drug trial setbacks. Copper miners fell alongside copper prices, which dropped Thursday after hitting a record high earlier in the session, with Freeport-McMoRan tumbling nearly 7% and Southern Copper shedding more than 6%. AeroVironment jumped more than 5% after first-quarter adjusted earnings of 59 cents per share and revenue of $480 million beat LSEG estimates of 25 cents on $456 million. American Eagle Outfitters fell more than 15% after second-quarter comparable sales declined 1% versus an expected 0.6% drop, and it forecast current-quarter operating income of $110 million to $115 million against a StreetAccount estimate of $124.3 million. Navan sank 15.4% after posting second-quarter adjusted earnings of 5 cents a share, narrowly beating the 4-cent FactSet estimate, and announced the acquisition of events platform BoomPop on undisclosed terms. Cooper Companies slid roughly 17% after fourth-quarter projections of revenue between $1.057 billion and $1.08 billion and adjusted earnings of $1.05 to $1.09 per share came in below LSEG estimates of $1.11 billion and $1.19 per share. Enbridge fell nearly 3% after announcing it would acquire Tallgrass Energy's crude transportation business for $2.55 billion.