Stock Market

Stocks making the biggest moves premarket: Tesla, Occidental Petroleum, Exxon Mobil and more

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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 below what analysts had predicted. China’s Covid-19 shutdowns were a key factor in holding back production. Tesla fell 1% in premarket trading.

Occidental Petroleum (OXY) – Occidental gained 1.3% in the premarket following news that Berkshire Hathaway (BRKb) once again added to its stake in the energy producer. Berkshire bought 9.9 million more shares, boosting its stake to 17.4%.

Exxon Mobil (XOM) – Exxon rose 1.3% in premarket trading following its late Friday announcement that second-quarter earnings could be as much as $18 billion. Exxon’s results are getting a boost from rising oil and natural gas prices and higher refining margins.

Crocs (CROX) – Crocs jumped 2.4% in premarket action after the casual shoe maker’s stock was upgraded to “buy” from “hold” at Loop Capital.

Stellantis (STLA) – Stellantis shares slid 6% in the premarket after a union workers report said the worldwide chip shortage could cut the automaker’s Italy-based production by about 220,000 vehicles this year. Stellantis produced about 14% fewer vehicles during the first half of 2022 compared with the same period a year ago.

Hecla Mining (HL) – The mining company announced a deal to acquire all of the Alexco Resource shares it didn’t already own in a stock swap transaction. Hecla will also pay Wheaton Precious Metals (WPM) $135 million to terminate its joint venture with Alexco. Hecla rose 1% in premarket action.

HP Inc. (HPQ) – The computer and printer maker’s shares fell 1.9% in premarket trading after Evercore downgraded the stock to “in line” from “outperform”. The downgrade comes amid a slowdown in demand for personal computers.

AstraZeneca (AZN) – The drug maker announced a deal to buy biotech firm TeneoTwo in a deal that could be worth up to $1.17 million if certain milestones are reached. AstraZeneca fell 1.1% in the premarket.