Stock futures were rising Wednesday after data on U.S. inflation at the wholesale level was in-line with expectations.
These stocks were poised to make moves Wednesday:
Exxon Mobil
(XOM) reached an agreement to purchase shale-drilling company
Pioneer Natural Resources
(PXD) for $59.5 billion in stock. The deal values Pioneer at $253.23 a share. The acquisition is
Exxon’s
biggest since its merger with Mobil in 1999. Exxon fell 3%, while
Pioneer Natural
rose 1.6% to $241.17.
Plug Power
(PLUG) jumped 12% after the hydrogen fuel-cell technology company disclosed in a presentation it expects revenue of $6 billion by 2027 and $20 billion by 2030.
HP Inc.
(HPQ), the maker of computers and printers, said it was increasing its annual dividend by 5% and forecast fiscal 2024 free cash flow of between $3.1 billion and $3.6 billion. HP said it expected to return “approximately 100% of fiscal 2024 free cash flow to shareholders through dividends and share repurchases.” The stock was up 1.1%.
Silk Road Medical
(SILK) was falling 50% to $6.98 after the medical device company estimated full-year revenue at $170 million to $174 million, below previous guidance of $180 million to $184 million. Analysts had expected full-year revenue of nearly $182 million. Citi downgraded the stock to Sell from Buy and reduced its price target to $8 from $35.
Dialysis-services provider
DaVita
(DVA) dropped 17% and U.S.-listed shares of
Fresenius Medical Care
(FMS), the German kidney dialysis services company, declined 16% after a trial of
Novo Nordisk
‘s (NVO) Ozempic to treat renal impairment in diabetes patients was stopped early because of its efficacy. U.S.-listed shares of
Novo Nordisk
rose 3.6%.
American depositary receipts of
Polestar Automotive
(PSNY) were down 9% after the Swedish electric-car company filed for a mixed shelf of up to $1 billion.
Shoals Technologies
(SHLS) was upgraded to Buy from Neutral at
Goldman Sachs
and the price target was raised to $28 from $27. Shares of Shoals, a supplier of electrical systems for solar and EV charging systems, rose 6.9% to $17.90.
Texas Instruments
(TXN) was declining 1.6% after Oppenheimer downgraded shares of the chip maker to Perform from Outperform.
Take-Two Interactive
(TTWO) was upgraded to Outperform from Market Perform with a $170 price target at Raymond James. The videogame company rose 2.2% to $148.36.
Walgreens Boots Alliance
(WBA) named Tim Wentworth as its new chief executive. Wentworth is the former CEO of pharmacy-benefit manager Express Scripts. Walgreens is scheduled to report quarterly earnings on Thursday. Shares rose 1.9%.
Birkenstock
‘s (BIRK) initial public offering was priced at $46 a share, the midpoint of the expected range. At $46 a share, the company raises $1.5 billion and has a market value of $8.6 billion. Shares of the German sandals maker will begin trading on the New York Stock Exchange Wednesday under the ticker symbol “BIRK.”
Write to Joe Woelfel at [email protected]
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