Pioneer Natural Resources, an energy company, surged almost 10% in premarket trading following a report in The Wall Street Journal that suggested it was nearing a deal to be acquired by Exxon Mobil for around $60 billion. Exxon’s stock, in contrast, saw a 3% decline.
Levi Strauss, a maker of denim clothing, saw a 1.3% drop in its stock price after revising its full-year sales forecast downward. While Levi’s third-quarter revenue fell short of expectations, its earnings per share slightly exceeded them. Levi’s CEO attributed the decline in consumer purchases to inflation and rising costs associated with mortgages and gasoline.
Philips:
Philips, the Dutch health technology company, experienced a significant decrease of more than 8.7% in its stock value. This drop occurred in response to the U.S. Food and Drug Administration’s announcement that Philips’ handling of its 2021 recall of sleep apnea devices, known as continuous positive airway pressure (CPAP) machines, was deemed inadequate. The FDA called for additional testing on these devices. On the other hand, Philips’ rival, ResMed, saw its stock gain nearly 3%.
Tesla:
Tesla’s stock price declined by over 1% following the company’s decision to reduce the prices of certain Model 3 and Model Y vehicles in the United States. This price adjustment came after Tesla released its third-quarter vehicle production and delivery update, which fell short of analysts’ expectations.
Apellis Pharmaceuticals:
Shares of the biopharmaceutical company Apellis Pharmaceuticals increased by 5.5% after it reported growing sales of its Syfovre drug in August. JPMorgan upgraded the stock’s rating from “neutral” to “overweight,” citing the positive performance of Syfovre, which is expected to improve investor sentiment towards Apellis as we approach 2024.
Aehr Test Systems:
Despite reporting better-than-expected earnings and revenue for the first quarter and reaffirming its fiscal year guidance, Aehr Test Systems’ stock price dropped by more than 11%.
Frontline:
The shipping company Frontline experienced a 4.8% decrease in its stock value during premarket trading. This decline came after Euronav announced that its second shareholder, Compagnie Maritime Belge, would acquire Frontline’s shares in Euronav at a price of $18.43 per share.
