Stocks making the biggest moves midday: PXD, MGM, LEVI

Check out the companies making headlines in midday trading.

Pioneer Natural Resources — The energy stock added nearly 10.5%. The action comes after The Wall Street Journal reported that Exxon Mobil is close to a deal to acquire Pioneer for about $60 billion. Exxon shares slid 1.7%.

Tesla — Shares of the electric vehicle company added 0.2% after Tesla cut the price of some Model 3 and Model Y versions in the U.S. Tesla began slashing prices on its cars across the world at the end of last year in a bid to stoke demand. Tesla also reported third-quarter deliveries that missed market expectations.

Levi Strauss — Shares slid 0.8% after the denim apparel maker cut its full-year sales forecast. Late Thursday, Levi posted fiscal third-quarter revenue that missed expectations, and it cut its full-year sales guidance again. Levi’s CEO said consumers were buying fewer items due to inflation and rising mortgage and gas prices.

MGM Resorts — The resort and casino operator rose 4.9% after offering an update on a cybersecurity issue experienced last month. Late Thursday, MGM said the cyberattack it suffered in September would cost the company about $100 million, but it expects the effect beyond the third quarter would likely be “minimal.” The company said any effect on full-year financial conditions and operational results won’t be material.

Freedom Holding — Shares rose about 1.5% after CNBC reported that the financial services company was under investigation by federal prosecutors and the Securities and Exchange Commission. The company is being probed over compliance issues, insider stock moves and an offshore affiliate.

Philips — U.S.-listed shares fell 7.2% a day after the U.S. Food and Drug Administration said Philips’ handling of its sleep apnea device recall in 2021 wasn’t adequate. The FDA is requiring additional testing on the machines, known as CPAP devices.

Aehr Test Systems — The semiconductor test system provider tumbled 12.6%. On Thursday, Aehr reaffirmed its guidance for full-year revenue of at least $100 million, while analysts polled by FactSet called for $102.9 million.

Apellis Pharmaceuticals — The pharmaceutical stock gained 3.5%. JPMorgan upgraded Apellis to an overweight rating, saying its eye disease treatment could boost shares more than 100%.

e.l.f. Beauty — The cosmetics retailer added 3.5% following a Jefferies upgrade to buy from hold. The firm said e.l.f. is “the leader in bringing ‘first to mass’ items to market.”

Liberty Media Formula One — Shares of the motorsports stock advanced 3.6% following an upgrade to buy from neutral by Citi. The bank said concerns around the Las Vegas Grand Prix are overblown.

Frontdoor — The home repair company’s shares climbed 4.4% on the back of a Truist upgrade to buy from hold. Truist said Frontdoor’s shares are trading at attractive levels.

MarketAxess — Shares jumped about 5.8% after UBS initiated coverage of the fixed income trading platform with a buy rating. The firm described MarketAxess as a “pure-play on the electronification of credit trading, which remains early stage.”

AES — The utility provider dropped 1.3% to a new 52-week low Friday, a day after UBS downgraded the stock to neutral from buy and significantly cut its price target. UBS said the company should be pressured by rising interest rates and an earnings deceleration in the infrastructure business as coal shuts down.

— CNBC’s Pia Singh, Yun Li, Michelle Fox and Samantha Subin contributed reporting.