An Exxon gas station sign in the Brooklyn neighborhood of New York on October 6, 2023.
Michael M. Santiago | Getty Images
Check out the companies making headlines before the bell:
Walt Disney — Shares of the media giant rose more than 1% after the Wall Street Journal reported that activist investor Nelson Peltz’s Trian Fund Management had increased its stake and could run for several board seats, including for himself. Trian’s stake is now worth more than $2.5 billion after adding more than 30 million shares compared to just 6.4 million at the end of June, the Journal reported. Trian declined to comment.
Arm Holdings — Shares of the chipmaker climbed nearly 3% after JPMorgan initiated overweight coverage and welcomed the company’s potential expansion into the auto sector.
Spotify Technology — The music streaming platform fell 2% after Redburn Atlantic downgraded its shares to neutral from buy. The company cited factors including gross margin dilution due to the company’s recent decision to include audiobooks in its premium subscription package.
Zscaler — The stock rose slightly after Barclays upgraded the cloud security company to an overweight rating. Analyst Saket Kalia cited a new growth opportunity in an emerging segment as the reason for the upgrade.
Oracle — Shares rose about 1% after Evercore ISI upgraded Oracle to outperform online. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback.
Exxon Mobile, Chevron, Western oil — Energy stocks jumped as oil prices rose following Palestinian militant group Hamas’ attack on Israel over the weekend. Exxon and Chevron rose more than 2% and Occidental rose more than 3%.
Blue Owl Capital — Shares of the investment firm fell 2.6% after Oppenheimer downgraded Blue Owl Capital to outperform.
Mirati Therapeutic — Shares of the commercial-stage oncology company fell 4.7% after Bristol Myers Squibb said Sunday it will acquire Mirati for $58 per share in cash, for a total equity value of $4 .8 billion dollars. Mirati is known for its lung cancer drug Krazati, which Bristol Myers Squibb will add to its commercial portfolio.
You’re here — Tesla shares fell more than 1% after data from the China Passenger Car Association showed the company saw sales fall 10.9% year-over-year in China last month . Meanwhile, rival BYD’s sales increased by more than 40%.
Lockheed Martin — The aerospace and defense company saw its shares rise about 4.5% in premarket trading following the surprise attack on Israel by Hamas.
— CNBC’s Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel and Pia Singh contributed reporting.