February 5, 2023

Check out the companies making headlines before the bell:

Tesla (TSLA) – Tesla delivered 254,695 vehicles during the second quarter, down 17.9% from the first quarter and less than analysts had expected. China’s Covid-19 lockdown has been a major factor in curbing production. Tesla stock fell 1% in pre-market trading.

Occidental Petroleum (OXY) – Occidental gained 1.3% in premarket after news that Berkshire Hathaway (BRKb) has again added to its share of the energy product. Berkshire bought an additional 9.9 million shares, increasing its stake to 17.4%.

ExxonMobil (XOM) — Exxon rose 1.3% in premarket trading after announcing late Friday that second-quarter earnings could reach $18 billion. Exxon’s results are supported by higher oil and natural gas prices and higher refining margins.

Crocs (CROX) Crocs jumped 2.4% in pre-market activity after upgrading the casual shoe maker’s stock to “buy” from “hold” at Loop Capital.

Stellantis (STLA) — Shares of Stellantis fell 6% in the primary market after a union report on workers said a worldwide chip shortage could cut the company’s production in Italy by about 220,000 vehicles this year. Stellants produced 14% fewer cars during the first half of 2022 than during the same period last year.

Hecla Mining (HL) – The miner has announced a deal to acquire all shares of Alexco Resource it did not already own in a stock swap deal. Hecla will also pay Wheaton Precious Metals (WPM) $135 million to terminate its joint venture with Alexco. Hekla rose 1% in pre-market activity.

HP Inc. (HPQ) — Shares of the computer and printer maker fell 1.9% in premarket trading after Evercore downgraded the stock to “consistent” from “outstanding.” The reduction comes amid a slowdown in demand for personal computers.

AstraZeneca (AZN) — The drugmaker has announced a deal to buy biotech company TeneoTwo in a deal that could be worth $1.17 million if certain milestones are reached. AstraZeneca stock fell 1.1% in the primary market.

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