Check out the companies making headlines in premarket trading.
Plug Power — The battery stock added nearly 6% after the company projected a sharp rise in revenue by 2027 to roughly $6 billion, according to a regulatory filing.
Timken — Shares fell roughly 2% following a downgrade by Bank of America to underperform from neutral, with analyst Michael Feniger noting concern over inventories moving forward.
Take-Two Interactive — Take-Two Interactive Software rose around 1% after Raymond James upgraded the stock to outperform and expressed optimism about its near- and medium-term future. The firm cited a path to more consistent releases and reasonable valuation based on the company’s Grand Theft Auto 6 release soon.
Exxon Mobil, Pioneer Natural Resources – Shares of Exxon Mobil were lower by more than 1% premarket after the company agreed to buy Pioneer for nearly $60 billion, or $253 per share, in an all-stock merger. Meanwhile, Pioneer shares rose 2.5%. Exxon said production volume in the Permian Basin would more than double after the deal closes.
Sherwin-Williams — Shares of the paint company fell less than 1% after the Serwin-Williams said Heidi G. Petz would assume the chief executive role beginning Jan. 1, 2024. Petz will also continue in her role as president after assuming CEO duties.
CSX — Shares added nearly 2% after an upgrade to overweight from JPMorgan. The firm said that CSX represents the “best near-term growth opportunity” among U.S. rail stocks.
Amgen — The biotech stock ticked up 0.6% following an upgrade to outperform from Leerink Partners, with analyst David Risinger highlighting long-term revenue potential of $19.3 billion.
— CNBC’s Tanaya Macheel, Pia Singh and Michelle Fox contributed reporting