Stocks Making the Biggest Premarket Moves: Plug Power, Exxon Mobil, Pioneer, Novo Nordisk and More

Check out the companies making headlines in premarket trading.

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Plug Power

Plug Power, the battery stock, surged by almost 6% as the company anticipates a substantial revenue increase reaching approximately $6 billion by 2027, as per a regulatory filing.

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Timken

Timken's shares dropped approximately 2% due to a downgrade from Bank of America, shifting from a neutral rating to underperform. Analyst Michael Feniger expressed concerns about inventory levels going forward.

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Take-Two Interactive

Take-Two Interactive Software witnessed a 1% increase after Raymond James upgraded the stock to outperform. The upgrade was driven by optimism regarding the company's short- and medium-term prospects, particularly with the forthcoming release of Grand Theft Auto 6, which is expected to provide a more consistent release schedule and a reasonable valuation.

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DaVita, Novo Nordisk

DaVita, a dialysis services provider, saw a 15% decline in its stock price due to news of Ozempic's effectiveness in Novo Nordisk's kidney disease treatment study. Conversely, Novo Nordisk's shares rose by 3.1%.

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Exxon Mobil, Pioneer Natural Resources

Exxon Mobil's premarket stock price dipped by more than 1% after announcing a nearly $60 billion, all-stock merger with Pioneer Natural Resources, valuing each share at $253. However, Pioneer's shares rose by 2.5%, and the deal is expected to significantly increase production volume in the Permian Basin.

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Humana

Humana's shares experienced a slight decline following the announcement that CEO Bruce Broussard will step down in the second half of 2024.

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Sherwin-Williams

Sherwin-Williams, a paint company, saw a less than 1% decrease in its stock price after the revelation that Heidi G. Petz would become the chief executive on January 1, 2024, while also retaining her role as president.

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CSX

CSX's shares increased by nearly 2% following an upgrade to overweight by JPMorgan. The firm identified CSX as the "best near-term growth opportunity" among U.S. rail stocks.

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Amgen

Amgen, a biotech stock, inched up by 0.6% after receiving an upgrade to outperform from Leerink Partners. Analyst David Risinger emphasized the long-term revenue potential of $19.3 billion.

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