Morning Movers: Occidental higher after $9.7B sale of OxyChem to Berkshire

Futures are rising modestly this morning, buoyed by softer private sector payroll data that amplified expectations of further easing from the Federal Reserve. Markets are holding firm despite increasing uncertainty, as investors weigh the dual forces of anticipated rate cuts and the fallout of a U.S. government shutdown. Gold continues to flirt with record highs on a mix of safe-haven flows, dovish expectations and a weakened dollar backdrop. Meanwhile, investors are conscious that government gridlock could delay or obscure key economic releases, creating added ambiguity around the Fed’s calculus.

In pre-market trading, S&P 500 futures rose 0.25%, Nasdaq futures rose 0.55% and Dow futures fell 0.05%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly.

HIGHER –

• Shoals Technologies (SHLS) up 10% after Barclays upgraded the stock to Overweight with a price target of $10, up from $7
• Absci (ABSI) 8% after JPMorgan initiated coverage of shares with an Overweight rating
• Stellantis (STLA) 6% after reporting U.S. total sales of 324,825 vehicles in Q3, an increase of 6% over the same period last year
• Occidental (OXY) up 1% after Berkshire Hathaway (BRK.A) and the company announced a definitive agreement for Berkshire to acquire Occidental’s chemical business, OxyChem, in an all-cash transaction for $9.7B

UP AFTER EARNINGS –

• AngioDynamics (ANGO) up 12%

LOWER –

• Equifax (EFX) and TransUnion (TRU) both down 9% after FICO (FICO) launched its Mortgage Direct License Program, which gives tri-merge resellers the option to calculate and distribute FICO Scores directly to their customers
• Edison International (EIX) down 1% after Jefferies downgraded the stock to Hold with a price target of $57 down from $70