The Tesla logo is seen on a charging station in Virginia on August 16, 2023.
Celal Gunes | Anadolu Agency | Getty Images
See the companies making headlines at midday.
Pioneering natural resources — Energy stocks added nearly 10.5%. The action comes after The Wall Street Journal reported that Exxon Mobil was close to a deal to acquire Pioneer for about $60 billion. Exxon shares slipped 1.7%.
You’re here — Shares of the electric vehicle maker rose 0.2% after Tesla cut the price of some Model 3 and Model Y versions in the United States. Tesla began lowering prices of its cars across the world late last year in a bid to boost demand. Tesla also reported third-quarter deliveries below market expectations.
Levi Strauss — Shares fell 0.8% after the denim clothing maker lowered its full-year sales forecast. On Thursday evening, Levi reported lower-than-expected third-quarter revenue and again lowered its full-year sales forecast. The CEO of Levi’s said consumers are buying fewer items because of inflation and rising prices for mortgages and gasoline.
MGM Resorts — The resort and casino operator rose 4.9% after providing an update on a cybersecurity issue it encountered last month. Late Thursday, MGM said the cyberattack it suffered in September would cost it about $100 million, but it expects the effect beyond the third quarter will likely be “minimal.” The company said any effect on full-year financial conditions and operating results would not be material.
Freedom holding — Shares rose about 1.5% after CNBC reported that the financial services company was under investigation by federal prosecutors and the Securities and Exchange Commission. The company is under investigation over compliance issues, insider trading and an offshore subsidiary.
Philips — U.S.-listed stocks fell 7.2% a day after the U.S. Food and Drug Administration said Philips’ handling of the 2021 recall of its sleep apnea device was not affected. was not adequate. The FDA requires additional testing of the machines, called CPAP devices.
Aehr Test Systems — The semiconductor test systems provider fell 12.6%. On Thursday, Aehr reaffirmed its forecast for annual revenue of at least $100 million, while analysts surveyed by FactSet predicted revenue of $102.9 million.
Apellis Pharmaceuticals — The pharmaceutical stock gained 3.5%. JPMorgan upgraded Apellis to an overweight rating, saying its eye disease treatment could send shares higher by more than 100%.
beauty elf — The cosmetics retailer added 3.5% following an upgrade from Jefferies to buy from hold. The company said Elf is “the leader in bringing ‘mass’ items to market.”
Liberty Media Formula 1 — Motorsports stocks rose 3.6% following an upgrade to neutral from Citi. The bank said concerns about the Las Vegas Grand Prix were overblown.
Front door — Shares of the home repair company rose 4.4% on an upgrade from Truist to buy from hold. Truist said Frontdoor shares are trading at attractive levels.
Market axes — Shares jumped about 5.8% after UBS began covering the fixed-income trading platform with a buy rating. The company described MarketAxess as a “pure play on the electronization of credit trading, which is still in its early stages.”
AES — The utility provider fell 1.3% to a new 52-week low on Friday, a day after UBS lowered its rating on the stock to neutral from buy and slashed its target from course. UBS said the company was expected to come under pressure from rising interest rates and a deceleration in profits in the infrastructure sector due to the coal shutdown.
— CNBC’s Pia Singh, Yun Li, Michelle Fox and Samantha Subin contributed reporting.