Check out the companies making headlines before the bell:
Exxon Mobil (XOM) – The energy giant signaled that it will report a fourth consecutive quarterly profit, thanks in large part to stronger oil and gas prices. The snapshot of fourth quarter results came in an SEC filing, ahead of the official earnings on February 1.
Advanced Micro Devices (AMD) – The chipmaker said it now expects to complete a $35 billion all-stock takeover deal for rival Xilinx (XLNX) during the first quarter of 2022, delayed from its prior 2021 year-end target. The companies said they have not yet received all of the needed approvals. Xilinx was down 2.2% in the premarket.
Pfizer (PFE) – British regulators have approved the use of Paxlovid – the drug maker's Covid-19 antiviral pill – for people over 18 with mild to moderate illness.
Peloton (PTON) – The fitness equipment maker slid 1.3% in premarket action after JMP Securities downgraded the stock to "market perform" from "market outperform." JMP cites declining website visits and page views.
Colfax (CFX) – The medical technology company is planning a shareholder meeting to approve a reverse stock split, with the exact ratio to be determined at a later date. Colfax fell 2.7% in premarket trading.
MP Materials (MP) – The maker of rare earth materials filed a shelf offering of up to $2 billion in debt securities. MP shares lost 1.1% in the premarket.
Lexicon Pharmaceuticals (LXRX) – The drug maker's shares surged 6.5% in premarket trading after it submitted a new drug application to the FDA for its heart drug sotagliflozin, which is designed to reduce the risk of heart failure in diabetic patients.