Shale Company Spikes 10%

By George Banko

October 6, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Friday ahead of the release of the monthly US jobs report. Hopes are that the September jobs data will show signs of cooling in the labor market, as forecast. If that turns out to be the case, expect the Fed to keep rates on pause.

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Here’s a look at the top-moving stocks this morning.

Pioneer Natural Resources Company (NYSE: PXD)

Pioneer Natural Resources is up 10.92% premarket after the shale company is nearing a $60 billion deal with Exxon Mobil. Exxon acquiring PXD would give the oil company a massive presence in the oil-rich Permian Basin. The deal could be sealed over the next few days assuming no last-minute roadblocks.

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Levi Strauss & Co. (NYSE: LEVI)

Levi Strauss & Co. is down 1.06% premarket after the clothing retailer reported third quarter adjusted earnings of $0.28 per share, slightly better than the $0.27 analysts had expected. Revenue, however, fell short, $1.51 billion compared to the $1.54 billion that was expected. The company also cut its full-year sales guidance, citing weakness in its wholesale channel.

Mirati Therapeutics (Nasdaq: MRTX)

Mirati Therapeutics is down 1.39% premarket after a pullback. The stock spiked 45% in after-hours trading after reports that French pharmaceutical firm Sanofi is exploring the potential acquisition of the cancer drugmaker. A deal would further bolster Sanofi’s drug pipeline, helping the company to reduce its reliance on the blockbuster asthma medicine Dupixent.