Stocks were mostly lower Wednesday after data on U.S. inflation at the wholesale level were slightly higher than expectations.
These stocks were making moves Wednesday:
Exxon Mobil
(XOM) reached an agreement to purchase shale-drilling company
Pioneer Natural Resources
(PXD) for $59.5 billion in stock. The deal values Pioneer at $253.23 a share. The acquisition is
Exxon’s
biggest since its merger with Mobil in 1999. Exxon fell 4.5%, while
Pioneer Natural
rose 1% to $239.74.
Shoals Technologies
(SHLS) was upgraded to Buy from Neutral at
Goldman Sachs
and the price target was raised to $28 from $27. Shares of Shoals, a supplier of electrical systems for solar and EV charging systems, rose 3.6% to $17.35.
Silk Road Medical
(SILK) was falling 49% to $7.09 after the medical device company estimated full-year revenue at $170 million to $174 million, below previous guidance of $180 million to $184 million. Analysts had expected full-year revenue of nearly $182 million. Citi downgraded the stock to Sell from Buy and reduced its price target to $8 from $35.
Dialysis-services provider
DaVita
(DVA) dropped 19% and U.S.-listed shares of
Fresenius Medical Care
(FMS), the German kidney dialysis services company, declined 18% after a trial of
Novo Nordisk
‘s (NVO) Ozempic, which has weight-loss benefits, to treat renal impairment in diabetes patients was stopped early because of its efficacy. U.S.-listed shares of
Novo Nordisk
rose 5.1%.
Eli Lilly
(LLY) rose 3.8%.
Eli Lilly
is seeking approval to market its own obesity treatment in the U.S.
Amgen
(AMGN) rose 4.4% $283.10 after shares of the drug company were upgraded to Outperform from Market Perform at Leerink and the price target was boosted to $318 from $267.
Birkenstock
(BIRK) opened at $41 a share, below the stock’s initial public offering price of $46, the midpoint of the expected range.
Plug Power
(PLUG) was up 3.4% after the hydrogen fuel-cell technology company disclosed in a presentation it expects revenue of $6 billion by 2027 and $20 billion by 2030.
Walgreens Boots Alliance
(WBA) named Tim Wentworth as its new chief executive. Wentworth is the former CEO of pharmacy-benefit manager Express Scripts. Walgreens is scheduled to report quarterly earnings on Thursday. Shares rose 0.9%.
Coherent
(COHR) jumped 4.5% to $34.53 after
B. Riley
upgraded shares of the materials, networking and lasers company to Buy from Neutral and the price target was increased to $51 from $37.
American depositary receipts of
Polestar Automotive
(PSNY) were down 2.6% after the Swedish electric-car company filed for a mixed shelf of up to $1 billion.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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