Stocks Making the Biggest Premarket Moves: Pioneer Natural Resources, Levi Strauss, Tesla, Philips and More

Check out the companies making the biggest moves in premarket trading:

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Pioneer Natural Resources: The energy company witnessed a remarkable 10% surge in premarket trading following reports from The Wall Street Journal about an impending acquisition by Exxon Mobil for approximately $60 billion. Conversely, Exxon's shares experienced a 3% decline.

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Levi Strauss: The denim apparel manufacturer faced a 1.3% drop in its stock value after revising its full-year sales projection. While Levi's fiscal-third quarter revenue fell short of expectations, it managed to slightly exceed earnings per share projections. The CEO attributed the decline in consumer purchases to factors like inflation, rising mortgage rates, and increasing gas prices.

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Philips: The Dutch health technology company encountered a significant 8.7% decrease in its stock price after receiving criticism from the U.S. Food and Drug Administration regarding its handling of the 2021 sleep apnea device recall. The FDA insisted on additional testing for the devices, known as continuous positive airway pressure (CPAP) machines. In contrast, competitor ResMed saw a nearly 3% increase in its shares.

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Tesla: Tesla's stock declined by more than 1% after the electric vehicle manufacturer reduced the prices of certain Model 3 and Model Y vehicles in the United States. This decision came after Tesla's third-quarter vehicle production and deliveries update fell short of analysts' expectations.

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Apellis Pharmaceuticals: The biopharmaceutical company experienced a 5.5% boost in its stock value following reports of growing sales for its Syfovre drug in August. JPMorgan upgraded the stock's rating from neutral to overweight, citing the success of Syfovre as a factor that could positively influence market sentiment toward Apellis heading into 2024.

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Aehr Test Systems: Despite reporting better-than-expected earnings and revenue for its first quarter and reaffirming its fiscal year guidance, Aehr Test Systems saw its shares plummet by more than 11%.

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Frontline: In premarket trading, the shipping company's stock declined by 4.8% after news broke that its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav at a price of $18.43 per share.

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