An Exxon gas station sign in the Brooklyn borough of New York City, Oct. 6, 2023.
Michael M. Santiago | Getty Images
Discover the companies making headlines before the bell:
Walt Disney — Shares of the media giant surged over 1% following the report by The Wall Street Journal that activist investor Nelson Peltz’s Trian Fund Management has increased its stake and may pursue multiple board seats, including one for himself. According to the Journal, Trian’s stake is now valued at more than $2.5 billion after acquiring over 30 million shares since June, up from 6.4 million. Trian declined to comment.
Arm Holdings — The chipmaker’s shares rose nearly 3% after JPMorgan initiated coverage with an overweight rating and praised the company’s potential expansion into the automotive industry.
Spotify Technology — The music streaming platform dropped 2% after Redburn Atlantic downgraded its shares to neutral from buy. The firm cited factors such as gross margin dilution resulting from the inclusion of audiobooks in its premium subscription package.
Zscaler — The stock received a boost after Barclays upgraded the cloud security company to an overweight rating. Analyst Saket Kalia mentioned a new growth opportunity in an emerging segment as the rationale for the upgrade.
Oracle — Shares gained approximately 1% after Evercore ISI upgraded Oracle to an outperform rating from in line. The Wall Street firm believes the software stock is at an attractive entry point after its recent decline.
Exxon Mobil, Chevron, and Occidental Petroleum — Energy stocks surged as oil prices rallied following the recent attack on Israel by the Palestinian militant group Hamas. Exxon and Chevron saw increases of more than 2%, while Occidental gained more than 3%.
Blue Owl Capital — Shares of the investment company declined by 2.6% after Oppenheimer downgraded Blue Owl Capital from outperform to perform.
Mirati Therapeutics — Shares of the commercial stage oncology company fell 4.7% after Bristol Myers Squibb announced its acquisition of Mirati for $58 per share in cash, resulting in a total equity value of $4.8 billion. Mirati is renowned for its Krazati lung cancer medicine, which will now be part of Bristol Myers Squibb’s commercial portfolio.
Tesla — Tesla experienced a drop of over 1% in its shares after data from the China Passenger Car Association indicated a 10.9% decline in sales compared to the previous year. In contrast, rival BYD’s sales Follow Google News
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