5 Things to Know Before the Stock Market Opens

Pfizer (PFE) shares are rising in premarket trading on a report that activist investor Starboard Value has taken a roughly $1 billion stake; ExxonMobil (XOM) stock is adding to record highs as oil prices continue to surge; Florida prepares for evacuations as Hurricane Milton intensifies in the Gulf of Mexico; Arcadium Lithium (ALTM) stock is soaring as mining giant Rio Tinto makes a takeover approach; and BP (BP) reportedly is abandoning its target to cut oil and gas output by 2030.  Here's what investors need to know today.

1. Pfizer Stock Rises on Report Starboard Takes Roughly $1B Stake

Shares of Pfizer (PFE) are rising 3% in premarket trading after The Wall Street Journal reported that activist investor Starboard Value has taken a roughly $1 billion stake in the pharmaceutical firm. The move comes as Pfizer's share price has lost roughly half its value since the maker of the first COVID-19 vaccine reached a pandemic peak in 2021. Chief Executive Officer (CEO) Albert Bourla has come under pressure as the share price has fallen, with investors raising worries that he overestimated demand for pandemic-related products and has fallen behind in developing a weight-loss drug.

2. ExxonMobil Stock Adds to Record Highs on Rising Oil Prices

ExxonMobil (XOM) shares are rising a further 1% in premarket trading after the oil giant closed last week at record levels as oil prices move higher on worries over Middle East tensions. The move comes after WTI crude prices jumped higher by more than 9% last week and Brent crude added 8%. Exxon's stock has risen despite a filing last week from the oil giant that projects lower oil prices and refining margins will hurt third-quarter profit on a sequential basis.

3. Florida Braces as Hurricane Milton Gains Strength Ahead of Landfall

Florida residents are preparing for potentially the largest evacuation in seven years as Hurricane Milton quickly strengthened to a Category 3 storm in the Gulf of Mexico. The storm is projected to make landfall in the Tampa area on Wednesday and remain a hurricane as it moves across the state toward the Atlantic Ocean. The storm's path isn't expected to hit the Appalachians, where Hurricane Helene caused catastrophic damage two weeks ago.

4. Arcadium Lithium Stock Soars on Rio Tinto Takeover Talks

Shares of Arcadium Lithium (ALTM) are surging 30% in premarket trading after it confirmed a takeover approach by mining giant Rio Tinto. The acquisition would expand Rio Tinto's operations into metals used for clean energy, as the company is better known for its copper, iron ore, and diamond extraction. The acquisition would make Rio Tinto one of the world's top producers of lithium, a key element used in making electric vehicle (EV) and laptop batteries.

5. BP Abandoning Oil, Gas Output Cut Target, Report Says

BP (BP) is abandoning its target to cut oil and gas output by 2030, as executives at the firm turn their attention to near-term returns, according to a Reuters report. After setting a goal in 2020 to cut its oil and gas output by 40% in a decade, BP scaled that goal back to 25% in February, and now is looking at projects in the Middle East and Gulf of Mexico to boost its oil and gas output, the report said. American depositary receipts (ADRs) of BP are up about 1% in premarket trading.

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