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Occidental Petroleum’s stock rises after Buffett boosts stake, CrowdStrike after earnings beat

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These were some of the biggest movers and shakers in premarket trading Wednesday:

Stock gainers:

  • Occidental Petroleum Corp.’s stock
    OXY,
    -1.35%

    rose almost 3% premarket after filings disclosed that Warren Buffett’s Berkshire Hathaway Inc. had upped its stake in the energy company by 6 million shares, taking its total to over 200 million shares worth more than $12 billion. Berkshire’s
    BRK.B,
    -1.85%

    stock edged up 0.1%.

  • CrowdStrike Holdings Inc. shares
    CRWD,
    -2.08%

    increased almost 7% premarket after the security software company posted higher-than-expected fourth-quarter adjusted earnings and a fiscal first quarter outlook that also beat analyst expectations. D.A. Davidson also raised the stock’s price target to $165 from $145.

  • Shares of Fresh Tracks Therapeutics Inc.
    FRTX,
    +5.78%

    soared 60% premarket after the clinical-stage pharmaceutical firm reported positive initial results from a trial that was testing an inhibitor which aims to restore immune balance in people with autoimmune and inflammatory diseases.

  • Shares in cleaning products provider Diversey Holdings Ltd.
    DSEY,
    -3.09%

    jumped 38% premarket following news that it agreed to a buyout by private-equity-backed chemical manufacturer Solenis. Bain Capital-backed Diversey agreed on an $8.40-a-share acquisition, which represented a 41% premium over its closing price on Tuesday.

Stock decliners

  • Tesla Inc.’s stock
    TSLA,
    -3.15%

    stock moved down 0.8%, adding to the 3.2% drop in the previous session, which was part of a broader stock market selloff. Berenberg downgraded the electric vehicle maker from buy to hold, but raised the stock price target to $210 from $200, according to press reports.

  • Stitch Fix Inc. shares
    SFIX,
    +4.19%

    dropped almost 7% before Wednesday trading after the fashion styling retailer missed analyst expectations of its fiscal second quarter revenue and announced its CFO Dan Jedda was stepping down after under three years in the role.

  • SoundHound AI Inc.’s stock
    SOUN,
    +2.15%

    dropped 9% following a fourth-quarter update, which included a wider loss than expected. The AI audio and speech recognition company posted a loss of $30.7 million, compared with a loss of $21.8 million in the same period last year.

  • Synchronoss Technologies Inc. shares
    SNCR,
    -1.92%

    declined almost 15% premarket after reporting a widening loss during the fiscal fourth quarter. The cloud and enterprise solutions provider said that its revenue was dragged down due to the macroeconomic environment impacting foreign currency and slowing down activity from its customers.

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Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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