Check out the companies making headlines before the bell:
Tesla ( TSLA ) — Tesla delivered 254,695 vehicles in the second quarter, down 17.9% from the first quarter and below analysts’ estimates. The shutdown in China due to Covid-19 was a key factor holding back production. Tesla fell 1% in premarket trading.
Occidental Petroleum ( OXY ) – Occidental gained 1.3% in premarket trading following news that Berkshire Hathaway ( BRKb ) has again added to its stake in the energy producer. Berkshire bought another 9.9 million shares, increasing its stake to 17.4%.
Exxon Mobil (XOM) — Exxon rose 1.3% in premarket trading after announcing late Friday that second-quarter profit could reach $18 billion. Exxon’s results were boosted by rising oil and natural gas prices and higher refining margins.
Crocs ( CROX ) – Crocs jumped 2.4% in premarket action after shares of the casual footwear maker were upgraded to “buy” from “hold” at Loop Capital.
Stellantis (STLA) – Shares of Stellantis fell 6% in premarket trading after a report by union workers said a global chip shortage could cut the Italian carmaker’s output by about 220,000 cars this year . Stellantis produced around 14% fewer vehicles in the first half of 2022 compared to the same period a year ago.
Hecla Mining (HL) – The mining company has announced a deal to acquire all of the shares of Alexco Resource that it does not already own through a share swap deal. Hecla will also pay Wheaton Precious Metals (WPM) $135 million to end its joint venture with Alexco. Hecla rose 1% in premarket action.
HP Inc. (HPQ) — Shares of the PC and printer maker fell 1.9% in premarket trading after Evercore downgraded the stock to “in-line” from “outperform.” The decline comes amid a slowdown in demand for personal computers.
AstraZeneca ( AZN ) – The drugmaker announced a deal to buy biotech firm TeneoTwo in a deal that could be worth up to $1.17 million if certain milestones are met. AstraZeneca fell 1.1 percent in premarket trading.
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