The Tesla logo is seen on a charger station in Virginia on Aug. 16, 2023.
Celal Gunes | Anadolu Agency | Getty Images
Check out the companies making headlines in midday trading.
Pioneer Natural Resources — The energy stock surged by nearly 10.5%. This news comes after The Wall Street Journal reported a potential $60 billion deal between Exxon Mobil and Pioneer. However, Exxon shares declined by 1.7%.
Tesla — Shares of the electric vehicle company increased by 0.2% after Tesla reduced the prices of certain Model 3 and Model Y versions in the United States. Tesla has been lowering prices globally since the end of last year in order to boost demand. However, Tesla’s third-quarter deliveries fell short of market expectations.
Levi Strauss — Shares dropped by 0.8% after the denim apparel maker revised down its full-year sales forecast. Levi’s reported fiscal third-quarter revenue that missed expectations and cited inflation, rising mortgage rates, and gas prices as factors contributing to lower consumer spending.
MGM Resorts — The resort and casino operator saw a 4.9% increase in its stock price after providing an update on a cybersecurity incident that occurred the previous month. MGM stated that the cyberattack, experienced in September, will cost the company approximately $100 million, but it does not anticipate any significant long-term impacts on its financial conditions and operational results beyond the third quarter.
Freedom Holding — Shares rose by approximately 1.5% following reports of federal investigations by prosecutors and the Securities and Exchange Commission. Freedom Holding is being probed for compliance issues, insider trading, and its offshore affiliate.
Philips — U.S.-listed shares fell by 7.2% after the U.S. Food and Drug Administration criticized Philips’ handling of a sleep apnea device recall in 2021. The FDA is now requiring additional testing on these machines, known as CPAP devices.
Aehr Test Systems — The semiconductor test system provider experienced a 12.6% decline in its stock. While Aehr reaffirmed its full-year revenue guidance of at least $100 million, analysts had expected $102.9 million.
Apellis Pharmaceuticals
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