Check out which companies are making headlines in pre-market trading. Berkshire Hathaway – Class A shares traded 1.2% higher early Monday after the group reported 39% year-over-year growth in operating profits. The Warren Buffett-led business has also seen its cash holdings rise to record levels approaching $200 billion. Paramount – Shares rose 2.4% after a report that Paramount Pictures owner CBS Entertainment Group has begun formal takeover negotiations with a group led by Sony Pictures Entertainment and Apollo. Elsewhere, Warren Buffett admitted over the weekend that he sold Berkshire's entire stake in Paramount at a loss. Spirit Airlines – The discount carrier fell 4% in premarket after reporting a loss of 1.46 cents per share in the first quarter, wider than analysts' consensus FactSet estimate of a loss of $1.45 per share. Revenues matched expectations. Spirit also expects second-quarter revenue to range between $1.2 billion and $1.34 billion, below the FactSet estimate of $1.46 billion. Li Auto – US shares of the Chinese electric car maker jumped 6.7% on the back of strong demand data for the L6 model. Deliveries of the L6 began for the first time last month. Tyson Foods – Shares rose 2.1% after Tyson reported fiscal second-quarter adjusted earnings of 62 cents per share, more than the 39 cents per share that analysts surveyed by StreetAccount had expected. On the other hand, revenue of $13.07 billion was below the consensus estimate of $13.15 billion. Starbucks — Shares rose 1% after a LinkedIn post by former CEO Howard Schultz, who told the coffee chain it needs to overhaul its U.S. operations — and how to do it. Starbucks reported weaker-than-expected quarterly earnings and revenue last week. Victoria's Secret – Intimate apparel stock fell 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 difficult second half for the specialty retailer. EHang Holdings – Self-driving aircraft stock rose 3.2% following a bullish start to research coverage from Morgan Stanley. The bank initiated coverage of EHang with an overweight rating, describing the company as “ready to take off” amid growing regulatory and government support in China. U.S. Steel – Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded them to overweight from equal weight. US Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel takeover falls apart, Morgan Stanley said in a note. Coinbase – The cryptocurrency stock rose 2.4% after Barclays raised its price target, meaning a lower downside ahead for the stock. The bank's move came after Coinbase reported better-than-expected earnings last week. Bausch + Lomb – US-listed shares of Canadian eye health stocks rose 2.9% after an upgrade to overweight from equal weight at Morgan Stanley. The investment bank said the market was likely to ignore Bausch + Lomb's progress in boosting core profit margins. Johnson Controls – Construction technology stock fell 1.1% after UBS downgraded to neutral from buy. UBS said Johnson Controls is lagging behind its peers and has a tough road to meeting its 2024 forecasts. — CNBC's Sarah Min, Tanaya Machel, Jessie Pound, Michelle Fox and Samantha Sobin contributed reporting
Trending
- Google Gemini will once again support AI-generated portraits of people
- Weekly mortgage demand stalls, even as rates fall to lowest since April 2023
- Foot Locker (FL) Earnings Q2 2024
- Lego revenue up 13% in H1 2024
- JD.com shares surge after announcing $5 billion share buyback
- Cryptocurrencies Fall Amid Long Liquidation Wave, Bitcoin Drops Below $60K
- Asian Stock Markets: Australian CPI, Nvidia Earnings
- Eli Lilly Launches New, Cheaper Form of Weight-Loss Drug
BRK, PARA, SAVE and more
