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.
Natural Resources Pioneer — The energy stock rose nearly 10.5%. 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 1.7%.
Tesla – Shares of the electric vehicle maker rose 0.2% after Tesla cut prices on some versions of the Model 3 and Model Y in the United States. Tesla began cutting prices for its cars globally late last year to stimulate demand. Tesla also reported deliveries in the third quarter that fell short of market expectations.
Levi Strauss – Shares fell 0.8% 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 4.9% after providing an update on a cybersecurity issue 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.
keep freedom – Shares rose about 1.5% 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.
Phillips – U.S.-listed stocks fell 7.2% a day after the U.S. Food and Drug Administration 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 semiconductor test systems provider fell 12.6%. 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 3.5%. JPMorgan upgraded Apellis to Overweight, saying the eye disease treatment could boost shares by more than 100%.
Fairy beauty – The cosmetics retailer rose 3.5% after Jefferies upgraded the stock to Buy from Waitlist. The company said Elf is “the leader in bringing first-to-mass products to market.”
Liberty Media Formula 1 – Shares of Motorsports stock rose 3.6% after Citi upgraded the rating to “Buy” from Neutral. The bank said concerns surrounding the Las Vegas Grand Prix were overblown.
front door — Shares of the home repair company rose 4.4% as Truist upgraded the stock to “buy” from “hold.” According to Truist, Frontdoor shares are trading at attractive levels.
MarketAxess — Shares rose about 5.8% 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 1.3% 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.