Stock Market

Stocks making the biggest premarket moves: Pioneer Natural Resources, Levi Strauss, Tesla, Philips and more

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Check out the companies making the biggest moves in premarket trading:

Pioneer Natural Resources — The energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Shares of Exxon were down 3%.

Levi Strauss — The denim apparel maker shed 1.3% after cutting its full-year sales forecast. Levi’s fiscal-third quarter revenue missed expectations, but earnings per share came in slightly above. Levi’s CEO said consumers were buying fewer items due to inflation and rising mortgage and gas prices.

Philips — The Dutch health tech company dropped more than 8.7% after the U.S. Food and Drug Administration said its handling of its 2021 sleep apnea device recall wasn’t adequate. The FDA said additional testing was necessary on the devices, known as continuous positive airway pressure, or CPAP, machines. Shares of rival ResMed gained nearly 3%.

Tesla — Tesla shares fell more than 1% after the EV maker cut the price of some Model 3 and Model Y vehicles in the U.S. The move followed the company’s third-quarter vehicle production and deliveries update, which missed analysts’ expectations.

Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. JPMorgan upgraded the stock to overweight from neutral, saying that the success of Syfovre should shift sentiment around Apellis heading into 2024.

Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. The company also reaffirmed its guidance for the fiscal year.

Frontline — The shipping stock shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline’s shares in Euronav for $18.43 per share.

— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.

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