BRK, PARA, SAVE and more
Check out the companies making headlines in premarket trading. Berkshire Hathaway — Class A shares traded up 1.2% early Monday after the conglomerate posted 39% year over year growth in operating profit. The Warren Buffett-led business also saw its cash holdings rise to record levels, approaching $200 billion. Paramount — Shares popped 2.4% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Elsewhere, Warren Buffett admitted over the weekend that he sold the entire Berkshire stake in Paramount at a loss. Spirit Airlines – The discount carrier fell 4% premarket after posting a $1.46 cent per share loss in the first quarter, wider than a FactSet consensus estimate from analysts of a $1.45 per share loss. Revenue matched expectations. Spirit also forecast second-quarter revenue between $1.2 billion and $1.34 billion, below a FactSet estimate of $1.46 billion. Li Auto — U.S. shares of the Chinese electric vehicle maker jumped 6.7% on the back of solid order data for the L6 model. The L6 first began deliveries last month . Tyson Foods — Shares gained 2.1% after Tyson posted fiscal second-quarter adjusted earnings of 62 cents per share, more than the 39 cents per share expected by analysts polled by StreetAccount. On the other hand, revenue of $13.07 billion fell short of the consensus estimate of $13.15 billion. Starbucks — Shares moved 1% higher following a LinkedIn post by former CEO Howard Shultz, who told the coffee chain it needs to fix its U.S. operations — and how to go about it. Starbucks issued weaker-than-expected quarterly earnings and revenue last week. Victoria’s Secret — The intimate apparel stock dropped 5% before the bell. Morgan Stanley downgraded Victoria’s Secret to underweight and cut its price target, citing expectations for negative EPS revisions and a tough second half for specialty retail. EHang Holdings — The autonomous aircraft stock advanced 3.2% on the heels of a bullish initiation of research coverage from Morgan Stanley. The bank began coverage of EHang with an overweight rating, calling the company “primed for takeoff” amid growing regulatory and governmental support in China. United States Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded it to overweight from equal weight. U.S. Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note. Coinbase — The crypto stock rose 2.4% after Barclays hiked its price target , implying less downside ahead for shares. The bank’s move cames after Coinbase reported better-than-forecast earnings last week. Bausch + Lomb — U.S.-listed shares of the Canadian eye health stock climbed 2.9% after an upgrade to overweight from equal weight at Morgan Stanley. The investment bank said the market is likely overlooking Bausch + Lomb’s progress on boosting core profit margins. Johnson Controls — The building technology stock dipped 1.1% following a UBS downgrade to neutral from buy. UBS said Johnson Controls was lagging peers and has a difficult path to meet its 2024 outlook. — CNBC’s Sarah Min, Tanaya Macheel, Jesse Pound, Michelle Fox and Samantha Subin contributed reporting
- Finance
