Check out the businesses that are trading most aggressively in premarket:
Pioneer Natural Resources — After The Wall Street Journal reported that a deal to sell Pioneer to Exxon Mobil for around $60 billion was almost finalised, the energy stock rose about 10% in premarket trade. Exxon’s stock price dropped by 3%.
Levi Strauss – The manufacturer of denim clothing fell 1.3% after lowering its full-year sales projection. Levi’s fiscal third quarter revenue fell short of forecasts, although earnings per share came in slightly higher. According to the CEO of Levi’s, people are purchasing less goods as a result of inflation, increased petrol and mortgage costs, and other factors.
Tesla – Following the EV manufacturer’s decision to lower the price of select Model 3 and Model Y vehicles in the US, shares of Tesla dropped more than 1%. The action was taken in response to the company’s third quarter car production and delivery update, which fell short of analysts’ predictions.
Shares of Apellis Pharmaceuticals increased 5.5% after the biopharmaceutical company revealed expanding Syfovre medication sales in August. The stock was raised by JPMorgan from neutral to overweight, noting that Syfovre’s performance should change perceptions about Apellis going into 2024.
Aehr Test Systems – Shares dropped more than 11% even though Aehr Test Systems reported better-than-expected earnings and revenue for the first quarter. Additionally, the business reiterated its fiscal year guidance.
Frontline — After Euronav announced that Compagnie Maritime Belge, its second stakeholder, would purchase Frontline’s shares of Euronav for $18.43 per share, the shipping company’s stock fell 4.8% in premarket trade.
Source (CNBC)
