Biggest stock movers today: Nikola, Palo Alto Networks, XPeng and more
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Stock futures traded in a mixed manner on Monday ahead of a week that will end with Fed Chair Jerome Powell taking the stage in Jackson Hole.
Here are some of Monday's biggest stock movers:
Biggest stock gainers

Earthstone Energy (NYSE:ESTE) soared 10% after Permian Resources (PR) agreed to acquire the company in an all-stock deal valued at ~$4.5B, including debt. As per the deal terms, Earthstone shares will be exchanged for 1.446 Permian Resources shares, resulting in an implied value of $18.64 per share, based on Permian's closing price on August 18.

XPeng's (NYSE:XPEV) stock rose 9% as Bank of America raised its rating on the stock from Neutral to Buy after analyst Ming Hsun Lee cited the company's partnership with Volkswagen (OTCPK:VWAGY) as a positive factor. BofA also highlighted XPeng's improved product mix and cost control, with a new model pipeline expected to boost sales volume and margins in 2024â2025. BofA assigns a $22 price objective to XPEV, aiming for a profit in 2025.
Palo Alto Networks (NASDAQ:PANW) shares surged more than 17%, extending gains from Friday's session after the company's bottom line topped analysts' estimates in Q4 and provided an optimistic view for Q1 and FY2024. The company predicts Q1 adjusted EPS between $1.15 and $1.17 per share, up from the average estimate of $1.11, and FY2024 adjusted EPS between $5.27 and $5.40 per share, up from the consensus of $4.98.

Biggest stock losers

Nikola (NKLA) experienced a more than 24% drop after the company disclosed that it entered into a securities purchase agreement with certain investors for the sale of up to $325M in aggregate principal amount of senior convertible notes. Each note will accrue interest at a rate of 5.0% per annum, payable in arrears on the first calendar day of each calendar quarter, beginning January 1, 2024.
Shares of Napco Security Technologies (NASDAQ:NSSC) slid around 42% after the electronic security device maker restated its financial statements for the first three fiscal quarters of FY2023, citing some accounting errors. The company also announced Q4 preliminary results, which fell short of analysts expectations, as well as a 28% increase in its quarterly dividends.


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