Hot Stocks; AAPL Oscar, reduced production; TSLA pursuing stock dividend; XPEV earnings; AXSM rises
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Apple (NASDAQ:AAPL) took the spotlight in Monday's pre-market trading. The company won a Best Picture Oscar, but shares lost ground amid reports that it is cutting back production of certain products.
Tesla (TSLA) represented another big name garnering attention before the bell. Shares of Elon Musk's electric vehicle maker received a boost from plans to deliver a stock dividend.
Fellow EV maker Xpeng (XPEV) also saw pre-market gains, thanks to the release of quarterly results. Elsewhere, Axsome (AXSM) sparked shareholder interest following a deal to acquire rights to a sleep disorder drug. 
Gainers
Tesla (TSLA) rose in pre-market trading, climbing nearly 6% after the EV maker said it plans to ask for the shareholder authorization necessary to conduct a stock dividend. The step is part of a process of enabling a stock split.
The company revealed that it will ask for shareholder approval at its upcoming annual meeting to increase the number of authorized common shares, a move meant to facilitate a stock split in the form of a stock dividend. The process also requires final approval of the board of directors.
Xpeng (XPEV) showed pre-market strength as well, bolstered by earnings news. The EV maker reported a narrower-than-expected Q4 loss, with revenue that tripled from last year, rising to $1.34B.
The company reported deliveries for the quarter of 41,751, climbing more than 220% from last year. Bolstered by the financial figures, XPEV climbed more than 6% before the opening bell.
In other news, Axsome (AXSM) announced a deal to acquire the rights to sleep disorder drug Sunosi from Jazz Pharmaceuticals (JAZZ). The deal includes commercial and development rights, except for certain Asian markets. 
Under the agreement, AXSM will provide a $53M upfront payment, as well as royalties based on Sunosi sales. The stock rose 10% on the news.
Decliner
Apple (AAPL) dipped in pre-market trading amid a crosscurrent of headlines. The stock fell about 1% before the bell.
The technology giant became the first streaming service to win a Best Picture Oscar, as its CODA grabbed the top honor at Sunday's Academy Awards ceremony. However, there are also reports from Nikkei Asia that AAPL is cutting production of iPhones and AirPods due to Russia's invasion of Ukraine and worries that inflation would cut into overall consumer demand.

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