An Exxon gas station sign in the Brooklyn borough of New York City, October 6, 2023.
Michael M. Santiago | getty images
Take a look at the companies making headlines before the bell:
Walt Disney – Shares of the media giant rose more than 1% after The Wall Street Journal informed of Activist investor Nelson Peltz’s Trian Fund Management has increased its stake and may seek several board seats, including for himself. Trian’s stake is now worth north of $2.5 billion after adding more than 30 million shares from just 6.4 million at the end of June, the Journal reported. Trian declined to comment.
Arm Holdings – Shares of the chip maker climbed nearly 3% after JPMorgan initiated coverage with an overweight rating and praised the company’s potential expansion into autos.
Spotify technology – The music streaming platform fell 2% after Redburn Atlantic downgraded shares from buy to neutral. The firm cited factors including a decline in gross margins from the company’s recent decision to include audiobooks in its premium subscription packages.
zscaler – The stock rose after Barclays upgraded the cloud security company to an overweight rating. Analyst Saket Kalia cited the opportunity for new growth in an emerging sector as the reason for the upgrade.
Oracle – Evercore shares rose about 1% after ISI upgraded Oracle to line-outperform. The Wall Street firm said the software stock is at an attractive entry point after recent declines.
exxon mobil, beam, Occidental Petroleum – Energy stocks rose as oil prices rose following Palestinian militant group Hamas’ attack on Israel over the weekend. Exxon and Chevron were up more than 2%, and Occidental rose more than 3%.
blue owl capital – Shares of the investment company fell 2.6% after Oppenheimer downgraded Blue Owl Capital from outperform.
Mirati Therapeutics – Shares of commercial stage oncology company slip 4.7% after Bristol Myers Squibb announced It was reported on Sunday that it would acquire Mirati for $58 per share in cash, giving a total equity value of $4.8 billion. Mirati is best known for its Crezati lung cancer drug, which Bristol Myers Squibb will add to its commercial portfolio.
Tesla – Tesla shares fell more than 1% after China Passenger Car Association data showed the company saw a 10.9% year-on-year sales decline in China last month. Meanwhile, sales of rival BYD increase of more than 40%,
Lockheed Martin – Shares of the aerospace and defense company rose about 4.5% in premarket trading after Hamas’ surprise attack on Israel.
– CNBC’s Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Lee, Tanaya Machel and Piya Singh contributed reporting.
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