These were some of the biggest movers and shakers in premarket trading Wednesday:
Stock gainers:
- Occidental Petroleum Corp.’s stock OXY, -1.35% rose almost 3% premarket after filings disclosed that Warren Buffett’s Berkshire Hathaway Inc. had upped its stake in the energy company by 6 million shares, taking its total to over 200 million shares worth more than $ 12 billion. Berkshire’s BRK.B, -1.85% stock edged up 0.1%.
- CrowdStrike Holdings Inc. shares CRWD, -2.08% increased almost 7% premarket after the security software company posted higher-than-expected fourth-quarter adjusted earnings and a fiscal first quarter outlook that also beat analyst expectations. D.A. Davidson also raised the stock’s price target to $ 165 from $ 145.
- Shares of Fresh Tracks Therapeutics Inc. FRTX, +5.78% soared 60% premarket after the clinical-stage pharmaceutical firm reported positive initial results from a trial that was testing an inhibitor which aims to restore immune balance in people with autoimmune and inflammatory diseases.
- Shares in cleaning products provider 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-backed Diversey agreed on an $ 8.40-a-share acquisition, which represented a 41% premium over its closing price on Tuesday.
Stock decliners
- Tesla Inc.’s stock TSLA, -3.15% stock moved down 0.8%, adding to the 3.2% drop in the previous session, which was part of a broader stock market selloff. Berenberg downgraded the electric vehicle maker from buy to hold, but raised the stock price target to $ 210 from $ 200, according to press reports.
- Stitch Fix Inc. shares SFIX, +4.19% dropped almost 7% before Wednesday trading after the fashion styling retailer missed analyst expectations of its fiscal second quarter revenue and announced its CFO Dan Jedda was stepping down after under three years in the role.
- SoundHound AI Inc.’s stock SOUN, +2.15% dropped 9% following a fourth-quarter update, which included a wider loss than expected. The AI audio and speech recognition company posted a loss of $ 30.7 million, compared with a loss of $ 21.8 million in the same period last year.
- Synchronoss Technologies Inc. shares SNCR, -1.92% declined almost 15% premarket after reporting a widening loss during the fiscal fourth quarter. The cloud and enterprise solutions provider said that its revenue was dragged down due to the macroeconomic environment impacting foreign currency and slowing down activity from its customers.