Time is ripe for Wall Street layoffs as recession looms

Stocks making the biggest moves premarket: Tesla, Occidental Petroleum, Exxon Mobil and more

Check out the companies making headlines before the bell:

Tesla (TSLA) – Tesla delivered 254,695 vehicles in the second quarter, down 17.9% from the first quarter and less than analysts had forecast. China’s Covid-19 shutdowns were a key factor in delaying production. Tesla fell 1% in premarket trading.

Occidental Petroleum (OXY) – Occidental gained 1.3% premarket after news that Berkshire Hathaway (BRKb) has again increased its stake in the energy producer. Berkshire bought 9.9 million more shares, increasing its stake to 17.4%.

Exxon Mobil (XOM) – Exxon is up 1.3% in premarket trading after announcing late Friday that second-quarter earnings could be as high as $18 billion. Exxon’s results are being boosted by rising oil and natural gas prices and higher refining margins.

Crocs (CROX) – Crocs is up 2.4% premarket after Loop Capital upgraded the casual shoe maker’s stock to a buy from a hold.

Stellantis (STLA) – Stellantis shares are down 6% premarket after a report by union workers said global chip shortages could cut the automaker’s Italy-based production by about 220,000 vehicles this year. Stellantis produced around 14% fewer vehicles in the first half of 2022 compared to the same period last year.

Hecla Mining (HL) – The mining company announced a deal to acquire all shares of Alexco Resource it did not already own in a stock exchange transaction. Hecla will also pay Wheaton Precious Metals (WPM) $135 million to exit its joint venture with Alexco. Hecla is up 1% premarket.

HP Inc. (HPQ) – Shares of the computer and printer maker fell 1.9% in premarket trading after Evercore downgraded shares from “outperform” to “in line.” The downgrade comes amid a slowdown in demand for PCs.

AstraZeneca (AZN) – The drugmaker announced a deal to buy biotech company TeneoTwo in a deal that could be worth up to $1.17 million if certain milestones are met. AstraZeneca is down 1.1% premarket.