Stocks making the biggest moves premarket: Chevron, Apple, Walgreens Boots Alliance and more
Gas prices are seen at a Chevron gas station in Los Angeles on September 28, 2023. Robyn Beck | AFP | Getty Images
Check out the companies making headlines before the bell.
Chevron, Hess — Chevron shares slumped more than 2% after the oil giant said its buying smaller rival Hess in an all-stock deal totaling $53 billion, or $171 a share. Hess shares moved slightly higher.
Apple — Apple shares fell 1.5% following a report from the Global Times that Foxconn, a major supplier for the tech giant is facing a tax and land-use related investigation in China.
Walgreens Boots Alliance — The pharmacy operator rose nearly 3% after JPMorgan upgraded Walgreens Boots Alliance shares to overweight from neutral. The firm said it expects a “cleaner year ahead” for the company and an improving cash flow profile.
Textainer Group — Textainer popped more than 42% after alternative asset manager Stonepeak said it would acquire the leasing container company in a deal totaling $2.1 billion in equity value and $7.4 billion in enterprise value.
Salesforce — The software giant lost nearly 2% after Piper Sandler downgraded shares to neutral from overweight, citing heightened execution and M&A risks.
Roivant Sciences, Pfizer — Swiss health care company Roche said it would buy Telavant Holdings from Roivant Sciences and Pfizer in a deal worth $7.1 billion. Shares jumped 5.7% and1.1%, respectively.
Okta — Shares of the cybersecurity firm fell more than 3% in premarket trading as investors considered the fallout from a data breach at the company announced last week. The slide comes after a drop of more than 11% on Friday. Citi and Evercore ISI both warned that Okta’s business could suffer a near-term hit from as a result of the attack.
Alcoa — The aluminum stock dropped more than 3% before the bell. Bank of America downgraded Alcoa to a neutral rating and slashed its price target, citing concerns of a near-term earnings decline.
.— CNBC’s Jesse Pound contributed reporting
