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Check out the companies making the biggest strides in pre-market trading:
Pioneering natural resources — Energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported that Pioneer was close to a deal to be acquired by Exxon Mobile for around $60 billion. Exxon shares fell 3%.
Levi Strauss — The denim clothing maker lost 1.3% after cutting its full-year sales forecast. Levi’s third-quarter revenue was lower than expected, but earnings per share were slightly higher. The CEO of Levi’s said consumers are buying fewer items because of inflation and rising prices for mortgages and gasoline.
Philips — The Dutch health technology company fell more than 8.7% after the U.S. Food and Drug Administration said its handling of the 2021 recall of its sleep apnea device was not successful. was not adequate. The FDA said additional testing is needed on the devices, known as continuous positive airway pressure, or CPAP, machines. Rival’s actions ResMed gained almost 3%.
You’re here — Tesla shares fell more than 1% after the electric vehicle maker reduced the price of some Model 3 and Model Y vehicles in the United States. The move follows the company’s third-quarter vehicle production and deliveries update, which fell short of analysts’ expectations.
Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported sales growth for its drug Syfovre in August. JPMorgan upgraded the stock from neutral to overweight, saying Syfovre’s success should shift sentiment around Apellis by 2024.
Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting higher profits and revenue for its first quarter. The company also reaffirmed its guidance for the fiscal year.
First line — The shipping stock lost 4.8% in pre-market trading after Euronav announced that its second-largest 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.