The Tesla logo is seen at a charging station in Virginia on August 16, 2023.
Celel Gunes | Anadolu Agency | Getty Images
Check out the companies making headlines in midday trading.
Pioneer Natural Resources – The energy stock rose nearly 10%. The move comes after The Wall Street Journal reported that Exxon Mobil is nearing a deal to acquire Pioneer for about $60 billion. Exxon shares fell 1%.
Tesla – Shares of the electric vehicle maker fell nearly 1% after Tesla cut prices on some versions of the Model 3 and Model Y in the United States. Late last year, Tesla began cutting prices for its cars worldwide to stimulate demand. Tesla also reported deliveries in the third quarter that fell short of market expectations.
Levi Strauss – Shares fell 2.5% in midday trading after the denim apparel maker cut its full-year sales forecast. Late Thursday, Levi reported fiscal third-quarter revenue that fell short of expectations and again lowered its full-year sales forecast. Levi’s CEO said consumers were buying fewer items because of inflation and rising mortgage and gasoline prices.
MGM Resorts – The resort and casino operator rose 5% after providing an update on a cybersecurity issue that emerged last month. Late Thursday, MGM said the cyberattack it suffered in September would cost the company about $100 million, but it expects the impact beyond the third quarter would likely be “minimal.” The company said the impact on full-year financial condition and operating results will not be material.
Freedom Holding – Shares fell about 1% after CNBC reported that the financial services company is under investigation by federal prosecutors and the Securities and Exchange Commission. The company is under investigation for compliance issues, insider stock movements and an offshore subsidiary.
Philips – U.S.-listed shares fell 7% a day after the U.S. Food and Drug Administration (FDA) said Philips failed to adequately handle its 2021 recall of sleep apnea machines. The FDA requires additional tests on the devices, known as CPAP devices.
Aehr Test Systems – The provider of semiconductor test systems fell 14%. On Thursday, Aehr reiterated his forecast for full-year sales of at least $100 million, while analysts polled by FactSet called for $102.9 million.
Apellis Pharmaceuticals – The pharmaceutical stock gained 3%. JPMorgan upgraded Apellis to Overweight, saying the eye disease treatment could boost shares by more than 100%.
elf Beauty – The cosmetics retailer rose 4% after an upgrade from Jefferies to “buy from hold.” The company said Elf is “the leader in bringing first-to-mass products to market.”
Liberty Media Formula 1 – Shares of the motorsports stock rose 2% after Citi upgraded the stock to “buy” from “neutral.” The bank said concerns surrounding the Las Vegas Grand Prix were overblown.
Frontdoor – Shares of the home repair company rose 4% on a Truist upgrade to buy from hold. According to Truist, Frontdoor shares are trading at attractive prices.
MarketAxess – Shares rose about 4% after UBS initiated coverage on the fixed-income trading platform with a buy rating. The company described MarketAxess as “a pure attempt at credit trading electronification that is still in its early stages.”
AES – The utility fell 3% to a new 52-week low on Friday, a day after UBS downgraded the stock to neutral from buy and significantly lowered its price target. UBS said the company is likely to come under pressure from rising interest rates and a decline in earnings in its infrastructure business due to the shutdown of coal production.
—CNBC’s Pia Singh, Yun Li, Michelle Fox and Samantha Subin contributed reporting.