The Tesla logo is seen at a charger station in Virginia on August 16, 2023.
Celal Guns | Anadolu Agency | getty images
Check out the companies making headlines in afternoon trading.
Pioneer Natural Resources – The energy stock rose nearly 10%. The action comes after The Wall Street Journal reported that Exxon Mobil is near a deal to acquire Pioneer for about $60 billion. Exxon shares slipped 1%.
Tesla – Shares of the electric vehicle company fell about 1% after Tesla cut the price of some Model 3 and Model Started cutting prices. , Tesla also reported third quarter deliveries that fell short of market expectations.
Levi Strauss – Shares fell 2.5% in afternoon trading after the denim apparel maker cut its full-year sales forecast. Late Thursday, Levi posted fiscal third-quarter revenue that fell short of expectations, and it again cut its full-year sales guidance. The Levi’s CEO said consumers are buying fewer items due to inflation and rising mortgage and gas prices.
MGM Resorts – The resort and casino operator rose 5% after offering an update on a cybersecurity problem it experienced last month. Late Thursday, MGM said the September cyberattack would cost the company about $100 million, but it expected the impact beyond the third quarter to be “minimal.” The company said there will be no impact on its full-year financial position and operating results.
Freedom Holding – Shares fell about 1% after CNBC reported that the financial services company is under investigation by federal prosecutors and the Securities and Exchange Commission. The company is being investigated over compliance issues, insider stock moves and an offshore affiliate.
Philips – US-listed shares fell 7% a day after the US Food and Drug Administration said the way Philips handled its sleep apnea device recalls in 2021 was not adequate. The FDA requires additional testing on the machines, known as CPAP devices.
Ehr Test Systems – The semiconductor test systems provider fell 14%. On Thursday, Ehr reaffirmed its guidance for full-year revenue of at least $100 million, while analysts surveyed by FactSet called for $102.9 million.
Apelis Pharmaceuticals – The pharmaceutical stock rose 3%. JPMorgan upgraded Apelis to an overweight rating, saying its eye disease treatment could send shares soaring more than 100%.
Elf Beauty – The cosmetics retailer added 4% after Jefferies upgraded it from hold to buy. The firm said that Elf is “a pioneer in bringing ‘already at scale’ items to market.”
Liberty Media Formula One – Shares of motorsports stock rose 2% after City upgraded it to buy from neutral. The bank said that concerns regarding the Las Vegas Grand Prix have increased.
Frontdoor – Shares of the home repair company rose 4% on Truist upgrades from hold to buy. Truist said Frontdoor shares are trading at attractive levels.
MarketAccess – Shares rose about 4% after UBS initiated coverage of the fixed income trading platform with a buy rating. The firm described MarketAccess as a “pure-play on the electronicization of credit trading”, which is in the early stages.
AES – The utility provider fell 3% to a new 52-week low on Friday, a day after UBS downgraded the stock from buy to neutral and significantly cut its price target. UBS said rising interest rates and a decline in earnings in its infrastructure business due to the coal shutdown should put pressure on the company.
— CNBC’s Piya Singh, Yun Lee, Michelle Fox and Samantha Subin contributed reporting.