Stocks making the biggest moves premarket: Exxon Mobil, Lockheed Martin, Walt Disney and more
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Check out the companies making headlines before the bell:
Walt Disney — Shares of the media giant rose more than 1% after The Wall Street Journal reported that activist investor Nelson Peltz's Trian Fund Management has hiked its stake and could seek multiple board seats, including for himself. Trian's stake is now worth north of $2.5 billion after adding over 30 million shares from just 6.4 million at the end of June, the Journal reported. Trian declined to comment.
Arm Holdings — Shares of the chipmaker climbed nearly 3% after JPMorgan initiated coverage with an overweight rating and lauded the company's potential expansion into autos.
Spotify Technology — The music streaming platform fell 2% after Redburn Atlantic downgraded shares to neutral from buy. The firm cited factors included gross margin dilution from the company's recent decision to include audiobooks in its premium subscription package.
Zscaler — The stock edged higher after Barclays upgraded the cloud security company to overweight rating. Analyst Saket Kalia cited a new growth opportunity in an emerging segment as a reason for the upgrade.
Oracle — Shares added about 1% after Evercore ISI upgraded Oracle to outperform from in line. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback.
Exxon Mobil, Chevron, Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Exxon and Chevron were up more than 2%, and Occidental gained more than 3%.
Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform.
Mirati Therapeutics — Shares of the commercial stage
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