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Exxon Mobil has held preliminary talks with Pioneer Natural Resources about a possible acquisition of the shale driller, The Wall Street Journal reported.
Dreamstime
Stock futures dipped Monday as investors assessed the monthly U.S. jobs report that showed a slowdown in hiring, and looked ahead to inflation data and the beginning of corporate earnings season later this week.
These stocks were poised to make moves Monday:
Pioneer Natural Resources (ticker: PXD) was rising 7.3% following a report from The Wall Street Journal that said Exxon Mobil (XOM) had held preliminary talks with the shale driller about a possible acquisition. Discussions between the two companies about a potential deal have been informal, people familiar with the matter told the Journal. Exxon dipped 0.7%.
Tupperware Brands
(TUP) shares tumbled 11.2% after the plastic food storage manufacturer issued a going-concern warning on Friday, saying it has
hired financial advisors “to assist in securing supplemental financing, and is engaging in discussions with potential investors or financing
partners.”
Micron Technology
(MU) jumped 6.2% in premarket trading to $62.19 after Samsung Electronics said it would make “meaningful” cuts to production of memory chips. Analysts at Citi said Samsung has roughly half the DRAM market. “We believe a cut by Samsung is a huge positive for the DRAM industry and when combined with Micron and Hynix’s production and capex cuts, should help ensure a DRAM recovery beginning in 2H23.” The analysts reiterated their Buy rating on Micron and $75 price target.
First Republic Bank
(FRC) was down 3.6% in premarket trading after the struggling regional lender said it would suspend paying quarterly cash dividends on its preferred stock. The bank, in a regulatory filing, said the move was “as a measure of prudent oversight.” First Republic suspended its common stock dividend in mid-March.
Tesla (TSLA) said it plans to build a new factory in Shanghai to boost production of its Megapack batteries. Elon Musk, chief executive of the electric-vehicle maker, said the company’s next “Megafactory” would be capable of producing 10,000 Megapacks per year. The new Shanghai plant would supplement the output of its Megapack factory in California. Tesla shares were down 2% in premarket trading.
Walmart
(WMT) has sued
Capital One Financial
(COF) in effort to end a credit-card partnership between the two companies. Capital One shares fell 3.9% in premarket trading. Walmart’s lawsuit alleged that Capital One didn’t meet certain service obligations. A spokesman for the bank told the Journal it would “vigorously protect our contractual rights in court.”
American depositary receipts of
Taiwan Semiconductor Manufacturing
(TSM) fell 1.1% after the chip maker posted a 3.6% jump in first-quarter revenue but said revenue in March fell 15% from a year earlier, the first year-over-year monthly decline in almost four years.
NetApp
(NTAP), the cloud-based data-services company, was upgraded to Buy from Hold with an unchanged price target of $75. The stock rose 1.2% to $63.75.
Earnings reports are expected Monday after the stock market closes from
Tilray Brands
(TLRY) and
PriceSmart
(PSMT).
Some of the biggest U.S. banks including
JPMorgan Chase
(JPM),
Wells Fargo
(WFC),
Citigroup
(C), and
BlackRock
(BLK), will release quarterly earnings reports on Friday.
Delta Air Lines
(DAL) is scheduled to report quarterly earnings on Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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