Pre-market : Telsa, Nio gains: Apple Falls/ Stocks July 3

Pre-market active stocks

Gainers

• XPeng (NYSE:XPEV) stock rose 10.9%;  Following news that second-quarter deliveries increased 27% from the first quarter, XPeng (NYSE:XPEV) stock increased 10.9%.
• Tesla (NASDAQ:TSLA) stock rose 6.3%The stock of electric vehicle manufacturer Tesla (NASDAQ:TSLA) increased 6.3% after the company said that deliveries in the second quarter increased to a record 466,140, suggesting that Elon Musk’s plan to lower vehicle pricing may be increasing demand.
• Nio (NYSE:NIO) ADRs rose 5% ; After the Chinese EV manufacturer reported a spike in June deliveries of 74% on the month, Nio (NYSE:NIO) ADRs increased 5%.
• Occidental Petroleum (NYSE:OXY) stock rose 0.7%; The share price of Occidental Petroleum (NYSE:OXY) jumped 0.7%, maintaining the solid gains made the previous week after Berkshire Hathaway (NYSE:BRKa), owned by Warren Buffett, expanded its stake in the business.

Losers

• AstraZeneca (NASDAQ:AZN) ADRs fell 6.1%; The pharmaceutical giant AstraZeneca (NASDAQ:AZN) announced that its experimental precision medication has improved in delaying the progression of lung cancer in a late-stage trial, but this disappointed investors because the update omitted the phrase “clinically meaningful.” ADRs for the company dropped 6.1% as a result.
• AMC Entertainment (NYSE:AMC) stock fell 1.6%; After Citigroup reiterated coverage of the movie theater chain with a “sell” recommendation, citing the possibility of a nearly 50% decline, AMC Entertainment’s (NYSE:AMC) stock slumped 1.6%.
• United Airlines (NASDAQ:UAL) stock fell 0.7%; Following the airline’s announcement that it would give 30,000 frequent flyer points to passengers who were most negatively impacted by widespread travel delays that hindered travel over the holiday weekend, United Airlines’ (NASDAQ:UAL) stock dipped 0.7%.
• Apple (NASDAQ:AAPL) stock fell 0.2%; After the Financial Times reported that the iPhone manufacturer is lowering its output objectives for its mixed reality Vision Pro headset due to the device’s complexity, Apple’s (NASDAQ:AAPL) stock dropped 0.2%.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• Shares of Tesla Inc. (NASDAQ:TSLA) increased 6%; after the electric vehicle manufacturer delivered a record-breaking over 466,000 vehicles in the second quarter, exceeding expectations. This year, the stock has more than doubled. Shares of Rivian Automotive Inc. (NASDAQ:RIVN), which announced better-than-expected deliveries, also increased 15%.
• Shares of Carnival Corporation (NYSE:CCL) increased 1%; on Monday and reached a new 52-week high as investors responded favorably to recent management comments regarding rising demand. 
• Shares of Norwegian Cruise Line Holdings (NYSE:NCLH) increased by 1% to a new 52-week high.
• The share price of Exxon Mobil Corp (NYSE:XOM) increased 0.4% as Saudi Arabia extended its oil output curbs through at least August.

LOSERS

• Shares of AstraZeneca PLC ADR (NASDAQ:AZN) are down 8.9%; after the pharmaceutical company stated that the data for the phase 3 trial’s preliminary results of a treatment for lung cancer were not mature.
• Apple Inc (NASDAQ:AAPL) shares fell 1%; Days after closing above a $3 trillion market capitalization, Apple Inc. (NASDAQ:AAPL) shares dropped 1% on news that the company intended to reduce production of its Vision Pro headsets.

Insider Trades

More Buffett purchases benefit Occidental Petroleum.

Shares of Occidental Petroleum (NYSE:OXY) rose when it was revealed that Berkshire Hathaway, owned by Warren Buffett (NYSE:BRKa) (NYSE:BRKb), is once again growing its stake in the business.

Berkshire purchased more than 2.1 million shares between June 26 and June 28, with an approximate value of $122 million, according to SEC filings from late last week.

With these acquisitions, Berkshire now owns 91,964 series A preferred shares and 224,129,192 common shares of Occidental. It also has warrants on shares worth an extra 83,858,848.81.

AlloVir gains a stake from Gilead.

In the most recent public offering, Gilead Sciences (NASDAQ:GILD) reported purchasing an additional 2,930,870 common shares of AlloVir (NASDAQ:ALVR) at $3.75 each. The transaction cost close to $11M in total.

Following this sale, Gilead now owns a total of 16,635,286 common shares, or about 15% of the company.

AlloVir announced the pricing of a 20,000,000 share underwritten public offering of its common stock on June 21. The price per share was set at $3.75.

CEO of Asana Moskovitz purchases additional shares worth $3.6M.

Dustin Moskovitz, CEO of Asana (NYSE:ASAN), purchased an additional 160,000 common shares, totaling around $3.6 million, at values ranging from $22.49 to $22.56.

Moskovitz now directly and indirectly owns 4,147,046 common shares of Asana as a result of the most recent transaction.

Over the past year, Moskovitz has been actively purchasing Asana stock. He purchased further shares totaling $6.5M last week. Moskovitz’s continued support of Asana and confidence in its long-term success may be shown in his recurring investments.

Pierce Norton, the CEO of ONEOK (NYSE:OKE), purchased 24,607 common shares at a cost of $60.959 per, totaling around $1.5 million.

CEO of MiMedx (NASDAQ:MDXG) Joseph Capper bought 100,000 common shares, totaling more than $640,000, between $6.3321 and $6.504.

This acquisition highlights Capper’s dedication since joining in January 2023 and reflects his whole ownership in MiMedx.

MAJOR DEALS

Overstock acquires Bed Bath & Beyond intellectual property.

On Wednesday, Overstock.com (NASDAQ:OSTK) obtained Bed Bath & Beyond’s (OTC:BBBYQ) website, trademarks, patents, customer database, loyalty program data, and other brand assets through a bankruptcy court process. The sale excludes store assets. U.S. Bankruptcy Court granted $21.5 million cash acquisition.

Overstock will relaunch the Bed Bath & Beyond domain in Canada next week, followed by a new US website, mobile app, and reward program weeks later. Overstock.com gained almost 36% last week.

Visa buys Pismo.

On Wednesday, Visa (NYSE:V) agreed to buy Pismo, a cloud-native issuer processing and core banking platform across Latin America, Asia Pacific, and Europe, for $1 billion in cash.

Visa will use cloud-native APIs to offer core banking and issuer processing for debit, prepaid, credit, and commercial cards after this acquisition.

Bausch + Lomb rises after Novartis takeover for $1.75B.

Bausch + Lomb (NYSE:BLCO) bought Novartis (NYSE:NVS) eye-care goods for $1.75B. Bausch + Lomb shares rose 4% on Friday after this announcement.

Xiidra, an anti-inflammation eye drop, and Novartis’ AcuStream dry-eye drug delivery system were acquired in the purchase.The arrangement should be finalized by year-end.

Eli Lilly buys Sigilon Therapeutics

Eli Lilly (NYSE:LLY) will purchase functional cure developer Sigilon Therapeutics (NASDAQ:SGTX). Sigilon Therapeutics rose almost 438% on Thursday.

Lilly will tender all outstanding Sigilon shares for $14.92 per share in cash ($34.6M). Each share will carry a non-tradeable contingent value right (CVR) for up to $111.64 in cash. The potential cash consideration per share is $126.56, excluding Lilly shares (up to $309.6M).

3D Systems increases its unsolicited Stratasys purchase bid.

Stratasys (NASDAQ:SSYS) shares rose over 8% last week after 3D Systems (NYSE:DDD) sweetened its unsolicited purchase offer. The latest offer gives Stratasys shareholders $7.50 in cash and 1.3223 3D Systems shares. Stratasys shareholders would receive $540 million and 41% of the merged business.

3D Systems upped its bid to hijack Stratasys’ combine with Desktop Metal (NYSE:DM), which dropped roughly 8% last week. 3D Systems shares increased almost 11% last week.

Earnings Calendar

TUESDAY JULY 4

Constellation Brands A (STZ)

MONDAY JULY 3

N/E