Stock Price Movement of Occidental Petroleum, Citigroup, and Philip Morris
It is a common process where the stock exchange markets share the results of several companies making moves in the stock market. On these lists are companies that tend to make the biggest moves, and these moves can either be in the lower direction or the higher direction. Let us go through some of the companies making the biggest moves in the stock markets.
The first company that has caught the attention of many investors is Occidental Petroleum whose stocks have plummeted by 1.4% in the premarket trading. Things were going fine for Occidental Petroleum until the US SEC shared the recent filing that was submitted by Occidental Petroleum.
In the filing, the Occidental Petroleum had revealed that Berkshire Hathaway has a huge stake in their company. It was claimed that a $5 billion stake in Occidental Petroleum goes to Berkshire Hathaway. The filing also confirmed that it was just last week when Berkshire Hathaway made the move and went for such a high investment.
In the process, Berkshire Hathaway acquired majority of the stake in the common shares. Berkshire Hathaway reportedly acquired a total of 61 million common shares from Occidental Petroleum. The petroleum giant revealed that it has a total of 91.2 million common shares and Berkshire Hathaway now owns more than 66% of these shares.
A 1.8% plummet was observed in the stock prices for Citigroup in the premarket trading. The dip came following a change made in the stock status of Citigroup by one of the major investment firms. The particular investment firm is Jefferies whose analysts reportedly downgraded the stock status of Citigroup to “hold”.
The analysts at Jeffries claimed that at the investor day management meeting last week, the Citigroup executives shared their financial targets report. In the report, they made claims of hitting higher financial targets. However, after carefully analyzing the situation of Citigroup and the interest of consumers plus the investors, they have concluded that Citigroup may not be able to deliver.
This is not the first time in a week that the shares of Citigroup have experienced a dip. Citigroup has been losing value to its stock prices all throughout the week.
Then comes Philip Morris that also observing a downtrend in its stock prices. Just recently, Philip Morris has observed one of the worst dips in its stock prices in the premarket trading. The data has revealed that the stock prices for Philip Morris have observed a 6.6% dip in the premarket trading.
The recent behind the major dip is JPMorgan making a change to the stock status for the tobacco company. The analysts at JPMorgan have reportedly downgraded the tobacco company’s stock. JPMorgan analysts have reportedly changed status of Philip Morris from “overweight” to “neutral”.