Pioneer Natural Resources (NYSE:PXD) stock advanced around 9%, at $233.45, on reports that Exxon Mobil Corporation (NYSE:XOM) is looking at a $60 billion deal to buy Pioneer, the third-largest US shale producer, according to a Reuters report. Read more
Exxon, meanwhile, was down close to 3% changing hands at $105.86.
Rivian Automotive Inc (NASDAQ:RIVN) was again on the back foot, down 1.2% at $18.01, following the pricing of US$1.5 billion of green bonds, which will pay a coupon of 3.625%. Read more
Coca Cola HBC AG (LSE:CCH) and PepsiCo (NASDAQ:PEP) were both on the back foot, down 1.1% and 2.1% respectively, following comments by Walmart chief executive, John Furner, who said the rise of weight-loss drugs like Ozempic and Wegovy was prompting consumers to cut back on calorie-laden products. Read more
General Motors Company (NYSE:GM) was down nearly 1%, at $30.04, continuing Thursday’s decline after reports emerged that some 20 million of its vehicles could have been built with faulty airbags – adding to the automakers woes.
According to the Wall Street Journal, GM is likely among the most exposed to an issue in airbags supplied to manufacturers by ARC Automotive of Tennessee. Millions of GM cars could face a recall as a result, with the issue relating to around 52 million inflators in ARC’s systems. Read more
HP Inc (NYSE:HPQ) was down 1.25%, at $25.91, amid reports Warren Buffett’s Berkshire Hathaway continued selling down its stake, with $83 million of stock jettisoned, leaving its stake beneath 10%. Read more