These were among the giant shakers and movers on Wednesday’s premarket trading:
Stock gainers:
- OXY Petroleum Corp.’s stock OXY, -1.35 percent, rose nearly 3 percent premarket following filings that revealed that Warren Buffet’s Berkshire Hathaway Inc. had increased its shareholding by six million shares, bringing the total to more than 200 million shares, worth more significant than 12 billion. Berkshire’s BRK.B, -1.85% stock increased 0.1 percent.
- CrowdStrike Holdings, Inc. shares CRWD, -2.08 percent, jumped nearly 7 percent premarket after the security software provider reported better-than-expected adjusted earnings for the fourth quarter and an outlook for the fiscal first quarter, which also exceeded expectations of analysts. D.A. Davidson also increased its price goal to $165 from $145.
- The shares of Fresh Tracks Therapeutics Inc. FRTX, +5.78 percentage, jumped 60% in the premarket after the pharmaceutical company in the stage of clinical development reported positive first results from a study that tested an inhibitor designed to improve the balance of immune systems for people suffering from autoimmune and inflammation-related diseases.
- The shares of cleaning products manufacturer Diversey Holdings Ltd. DSEY, -3.09% jumped 38% premarket following news that it agreed to a buyout by private-equity-backed chemical manufacturer Solenis. Bain Capital’s backed Diversey has agreed to an $8.40-a-share acquisition, 41% more than its closing price on Tuesday.
Stock decliners
- Tesla Inc.’s TSLA, -3.15 percent stock fell 0.8 percent, adding to the 3.2 percentage drop during the prior session that was part of a more significant market decline. Berenberg reduced the rating of the electric vehicle maker from hold to buy but increased the cost target up to $210 instead of $200, as per press reports.
- Stitch Fix Inc. shares of SFIX +4.19 percent fell nearly 7 percent before trading on Wednesday following the fashion retailer’s announcement that it had disappointed analysts with its second quarter fiscal revenue and announced that its Chief Financial Officer Dan Jedda was stepping down after less than three years serving in his job.
- SoundHound AI Inc.’s stock SOUN, +2.15%, declined 9 percent following a fourth-quarter update, which revealed more losses than anticipated. The AI speech and audio recognition firm posted an operating deficit of $30.7 million compared to a decrease of $21.8 million during the same time frame last year.
- Synchronoss Technologies Inc. The shares of SNCR, -1.92%, declined nearly 15% in premarket trading after the company reported a loss that widened in the fourth quarter of the fiscal. The cloud-based and enterprise-focused provider claimed that its revenues were reduced due to the macroeconomic conditions that affect the foreign currency market and slow business from its clients.
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