Tesla ( TSLA ) – Tesla delivered 254,695 vehicles in the second quarter, down 17.9% from the first quarter and below analysts’ expectations. Covid-19 shutdowns in China were a key factor in the suspension of production. Tesla fell 1% in premarket trading. Occidental Petroleum (OXY) – Occidental gained 1.3% in the premarket after news that Berkshire Hathaway (BRKb) once again added to its stake in the energy producer. Berkshire bought 9.9 million more 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 are boosted by higher oil and gas prices and higher refining margins. Crocs ( CROX ) – Crocs jumped 2.4% in premarket action after Loop Capital upgraded shares of the casual shoe maker to “buy” from “hold”. Stellantis (STLA) – Shares of Stellantis fell 6% in premarket after union workers reported that a global chip shortage could reduce the carmaker’s output in Italy by about 220,000 vehicles this year. Stellantis produced about 14% fewer vehicles in the first half of 2022 compared to the same period a year ago. Hecla Mining (HL) – The mining company announced an agreement to acquire all of the shares of Alexco Resource that it did not already own in a share swap transaction. 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 computer and printer maker fell 1.9% in premarket trading after Evercore was downgraded to “in-line” from “outperform.” The downgrade comes amid slowing demand for personal computers. AstraZeneca (AZN) – The drugmaker announced an agreement to buy biotech company TeneoTwo in a deal that could be worth up to $1.17 million if certain milestones are met. AstraZeneca fell 1.1% in the premarket.
