Stocks making the biggest moves midday: PXD, MGM, LEVI

See which companies are making headlines in midday trading.

pioneer natural resources — Energy stocks were up nearly 10.5%. The move comes after the Wall Street Journal reported that ExxonMobil was close to a deal to acquire Pioneer for about $60 billion. Exxon shares fell 1.7%.

tesla — Shares of the electric car company rose 0.2% after Tesla cut prices on some Model 3 and Model Y versions in the United States. Tesla began cutting prices on its cars globally late last year to stimulate demand. Tesla also reported third-quarter deliveries that missed market expectations.

Levi Strauss — Shares fell 0.8% after the denim clothing maker lowered its full-year sales outlook. Late Thursday, Levi reported fiscal third-quarter sales that fell short of expectations and cut its full-year sales target again. The Levi’s CEO said consumers are buying fewer items due to inflation and rising mortgage and gasoline prices.

MGM Resorts — The resort and casino operator rose 4.9% after providing an update on cybersecurity issues that emerged last month. Late Thursday, MGM said the September cyberattack would cost the company about $100 million, but the impact beyond the third quarter was expected to be “minimal.” The company said the impact on its annual financial position and results of operations would not be material.

freehold — Shares rose about 1.5% after CNBC reported that the financial services company was under investigation by federal prosecutors and the Securities and Exchange Commission. The company is under investigation for compliance issues, internal stock movements and foreign affiliates.

philips — The U.S.-listed stock fell 7.2% on the day after the U.S. Food and Drug Administration (FDA) said Philips’ 2021 sleep apnea device recall was inadequately handled. The FDA is requiring additional testing for machines known as CPAP devices.

Aehr Test System — Semiconductor test system companies fell 12.6%. Aehr on Thursday reaffirmed its target for full-year revenue of at least $100 million, while analysts polled by FactSet had called for $102.9 million.

Apellis Pharmaceuticals — Pharmaceutical stocks rose 3.5%. JPMorgan upgraded Apellis’ eye disease treatment to an overweight rating, saying the stock price could rise by more than 100%.

elf beauty — The cosmetics retailer added 3.5% after a Hold Buy upgrade from Jefferies. The company said elf is “a leader in bringing ‘first volume’ items to market.”

Liberty Media Formula One — Shares of the motorsports stock rose 3.6% after being upgraded to Neutral Buy by Citi. The bank said concerns about the Las Vegas Grand Prix were overblown.

front door — Shares of the home improvement company rose 4.4% thanks to a Hold Buy upgrade from Truist. Truist said Frontdoor’s stock is trading at attractive levels.

MarketAxess — Shares soared about 5.8% after UBS began reporting on its bond trading platform with a Buy rating. The company described MarketAxess as “a pure play on the electronicization of credit trading and is still in its early stages.”

AES — The utility provider fell 1.3% on Friday to a new 52-week low, a day after UBS downgraded the stock to neutral from buy and significantly lowered its price target. UBS said the company should come under pressure from rising interest rates and slowing earnings from its infrastructure business as its coal business winds down.

— CNBC’s Pia Singh, Yun Li, Michelle Fox and Samantha Subin contributed reporting.