Prior to the start of trading, the following companies are making headlines: Walt Disney – Shares of the media titan rose by more than 1% after The Wall Street Journal reported that Nelson Peltz's investment fund, Trian Fund Management, has increased its stake and might seek multiple board seats--including one for Peltz. Trian's stake is now estimated to be worth over $2.5 billion, having added more than 30 million shares since the end of June, according to the Journal. Trian declined to comment. Arm Holdings – Shares of the chipmaker gained nearly 3% after JPMorgan initiated coverage with an overweight rating, lauding the firm's potential growth in the auto sector. Spotify Technology – The music streaming platform saw shares fall 2% as Redburn Atlantic lowered its rating to neutral from buy. Reasons for the downgrade include the dilution of gross margins due to the company's decision to include audiobooks in its premium offering. Zscaler – The stock edged higher after Barclays upgraded the cloud security business to an overweight rating. According to analyst Saket Kalia, the upgrade was prompted by a new opportunity for growth in an emerging segment. Oracle – Shares increased by about 1% after Evercore ISI upgraded Oracle from in line to outperform. The Wall Street company noted the software stock's recent pullback made it a desirable entry point. Exxon Mobil, Chevron, Occidental Petroleum – Energy stocks rose as oil prices bounced back following the Hamas attack on Israel over the weekend. Exxon and Chevron rose more than 2%, while Occidental gained more than 3%. Blue Owl Capital – Shares of the investment firm dropped 2.6% after Oppenheimer downgraded it to perform from outperform. Mirati Therapeutics – Shares of the commercial oncology company declined 4.7% after Bristol Myers Squibb announced the acquisition of Mirati for $58 per share in cash--a total equity value of $4.8 billion. Mirati is primarily known for its Krazati lung cancer treatment, which Bristol Myers Squibb will add to its portfolio. Tesla – Tesla shares dropped more than 1% after the China Passenger Car Association reported the company's sales in the country dropped by 10.9% year-over-year in April, while rival BYD's sales rose more than 40%. Lockheed Martin – Aerospace and defense shares increased by around 4.5% following the sudden attack on Israel by Hamas. — Reporting from CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, and Pia Singh.
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