Stock futures were rising in cautious trading Friday as investors prepared for U.S. jobs data, which are expected to show employers likely added jobs at a slower pace in September.
These stocks were poised to make moves Friday:
Exxon Mobil
(XOM) is close to acquiring
Pioneer Natural Resources
(PXD), the shale-drilling company, in a takeover that could be worth roughly $60 billion, The Wall Street Journal reported. The deal could be finalized in the coming days, the Journal reported, citing people familiar with the matter. Pioneer has a market capitalization of about $50 billion. An acquisition of Pioneer likely would be
Exxon’s
largest deal since its megamerger with Mobil in 1999, the Journal noted. Pioneer shares rose 11% to $239.61 in premarket trading, while Exxon fell 1.6%.
Tesla
(TSLA) cut prices of its Model 3 and Model Y vehicles in the U.S., according to the electric-vehicle maker’s website. The Model 3 was reduced to $38,990 from $40,240, while prices on the Model Y long-range vehicle were cut to $48,490 from $50,490. The Model Y performance car was lowered to $52,490. The price cuts The price cuts follow
Tesla
‘s report of 435,059 deliveries in the third quarter, which missed analysts’ estimates. Tesla declined 1.3%.
Rivian Automotive
(RIVN) rose 0.7% in premarket trading after tumbling 22.9% on Thursday, the stock’s largest percentage drop on record. The plunge came after the EV truck maker issued disappointing guidance and announced plans to raise more funds.
Levi Strauss
(LEVI) said it was lowering its financial forecasts “given the ongoing uncertainty in the macro environment.” The jeans maker said it expected adjusted profit in the fiscal year to be “on the low end” of a prior forecast of between $1.10 and $1.20 a share. The company also forecast fiscal-year sales to be flat to up 1%, compared with previous expectations for growth of 1.5% to 2.5%.
Levi Strauss
was down 1.9%.
Aehr Test Systems
(AEHR) reaffirmed its fiscal 2024 guidance despite improved fiscal first-quarter profit and a revenue jump of 93%. Shares of the maker of semiconductor test and production burn-in equipment fell 12% in premarket trading.
U.S.-listed shares of
Philips
(PHG), the Dutch health-technology company, declined 8.4% after the Food and Drug Administration asked for additional testing of its recalled sleep and respiratory devices.
Apellis Pharmaceuticals
(APLS) jumped 6.1% to $42.05 after the stock was upgraded by
J.P. Morgan
to Overweight from Neutral and the price target was raised to $81 from $60.
General Motors
(GM) was up 0.1% in premarket trading. Shares of the auto maker closed Thursday at $30.31, its lowest since Sept. 30, 2020, following a Journal report that said GM has at least 20 million vehicles built with a potentially dangerous air-bag part. Separately, GM,
Ford
(F), and
Stellantis
(STLA) remain in negotiations to resolve the United Auto Workers strike that has stretched to three weeks.
Write to Joe Woelfel at [email protected]
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