Omaha, Nebraska – Berkshire Hathaway saw a 1.2% increase in their Class A shares in premarket trading due to a 39% growth in operating profit. The conglomerate, led by Warren Buffett, also reported record cash holdings approaching $200 billion. On the other hand, Paramount shares rose 2.4% as negotiations for acquisition with a group led by Sony Pictures Entertainment and Apollo began. Warren Buffet revealed selling the entire Berkshire stake in Paramount, resulting in a loss.
Meanwhile, Spirit Airlines experienced a 4% drop in premarket trading after posting a $1.46 per share loss in the first quarter. Li Auto, the Chinese electric vehicle maker, saw their U.S. shares rise by 6.7% following strong order data for the L6 model. Tyson Foods gained 2.1% after exceeding analysts’ expectations with second-quarter adjusted earnings of 62 cents per share. However, revenue fell short of estimates.
Starbucks shares rose by 1% after former CEO Howard Shultz pointed out the need for improvements in U.S. operations. Victoria’s Secret stock dropped by 5% as Morgan Stanley downgraded the company, anticipating negative EPS revisions and a challenging second half for specialty retail. EHang Holdings saw a 3.2% increase in their autonomous aircraft stock after receiving a bullish research coverage from Morgan Stanley.
United States Steel shares went up by more than 2% following an upgrade to overweight by Morgan Stanley. Coinbase, the crypto stock, experienced a 2.4% increase after Barclays raised its price target, suggesting less downside for shares. Bausch + Lomb, the Canadian eye health stock, climbed 2.9% after an upgrade to overweight by Morgan Stanley. Johnson Controls, the building technology stock, dipped 1.1% due to a UBS downgrade to neutral from buy.