Look at the firms that are generating news in the premarket trade.
Berkshire Hathaway: Class A shares saw a 1.2% increase early Monday following a 39% year-over-year growth in operating profit. The Warren Buffett-led conglomerate also reported a record-high cash holding approaching $200 billion.
Paramount: Shares surged 2.4% after reports surfaced of formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Warren Buffett disclosed over the weekend that Berkshire sold its stake in Paramount at a loss.
Spirit Airlines: The discount carrier experienced a 4% decline pre-market after announcing a first-quarter loss of $1.46 per share, slightly wider than analysts’ expectations. Revenue met forecasts, with second-quarter revenue projected between $1.2 billion and $1.34 billion.
Li Auto: U.S. shares of the Chinese electric vehicle maker rose 6.7% following strong order data for the L6 model, which began deliveries last month.
Tyson Foods: Shares gained 2.1% after the company reported adjusted earnings of 62 cents per share for the fiscal second quarter, exceeding analyst predictions. However, revenue fell slightly short of estimates.
Starbucks: Shares increased by 1% after former CEO Howard Schultz urged the coffee chain to address operational issues. Weaker-than-expected quarterly earnings and revenue were reported last week.
Victoria’s Secret: The intimate apparel stock dropped 5% before the opening bell as Morgan Stanley downgraded it to underweight, citing expectations for negative EPS revisions.
EHang Holdings: The autonomous aircraft stock rose 3.2% following an optimistic initiation of research coverage from Morgan Stanley, which assigned an overweight rating to the company.
United States Steel: Pittsburgh-based steelmaker shares rose over 2% after being upgraded by Morgan Stanley to overweight, citing potential internal improvements even if the Nippon Steel buyout deal does not pan out.
Coinbase: The crypto stock climbed 2.4% after Barclays increased its price target, suggesting limited downside risk.
Bausch + Lomb: U.S.-listed shares of the Canadian eye health company saw a 2.9% increase after Morgan Stanley upgraded its rating to overweight, highlighting progress in boosting core profit margins.
Source (CNBC)
