Today's Pre-Market Stock Movers and Top Ratings: TSLA, LEVI, PXD, APLS and More

$Pioneer Natural Resources (PXD.US)$ soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Shares of Exxon were down 3%.

$Apellis Pharmaceuticals (APLS.US)$ Shares rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. JPMorgan upgraded the stock to overweight from neutral, saying that the success of Syfovre should shift sentiment around Apellis heading into 2024.

$Levi Strauss & Co. (LEVI.US)$ shed 1.3% after cutting its full-year sales forecast. Levi's fiscal-third quarter revenue missed expectations, but earnings per share came in slightly above. Levi's CEO said consumers were buying fewer items due to inflation and rising mortgage and gas prices.

$Royal Philips (PHG.US)$, the Dutch health tech company, dropped more than 8.7% after the U.S. Food and Drug Administration said its handling of its 2021 sleep apnea device recall wasn't adequate. The FDA said additional testing was necessary on the devices, known as continuous positive airway pressure (CPAP) machines. Shares of rival $ResMed (RMD.US)$ gained nearly 3%.

$Tesla (TSLA.US)$ shares fell more than 1% after the EV maker cut the price of some Model 3 and Model Y vehicles in the U.S. The move followed the company's third-quarter vehicle production and deliveries update, which missed analysts' expectations.

$Aehr Test Systems (AEHR.US)$ Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. The company also reaffirmed its guidance for the fiscal year.

$Frontline (FRO.US)$, the shipping stock, shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav for $18.43 per share.