Prism Stocks making the biggest premarket moves: Berkshire Hathaway, Paramount, Spirit Air, Victoria’s Secret and more

Here are some of the big names grabbing the spotlight in early market trading.

Berkshire Hathaway

  • Early Monday trading saw a surge of 1.2% in the Class A shares, following a noteworthy 39% YoY growth in operating profit. The Warren Buffett-chaired conglomerate also witnessed a record increase in its cash reserves, nearing the $200 billion mark.

Paramount

  • A 2.4% increase was observed in its shares in the wake of a report that the parent company of Paramount Pictures and CBS Entertainment Group initiated formal acquisition talks with a consortium led by Sony Pictures Entertainment and Apollo. Interestingly, Warren Buffett confessed to selling off the entire Berkshire stake in Paramount at a loss over the weekend.

Spirit Airlines

  • The budget airline’s stock took a 4% dip in premarket trading after reporting a steeper first-quarter loss per share than anticipated. Despite revenue matching forecasts, Spirit predicted its second-quarter revenues to fall short of expectations.

Li Auto

  • The Chinese electric vehicle manufacturer saw a robust 6.7% hike in U.S. shares on account of promising order figures for its L6 model, deliveries for which commenced last month.

Tyson Foods

  • The company’s shares jumped 2.1%, thanks to a second-quarter adjusted earnings report that beat analysts’ predictions. However, the revenue of $13.07 billion failed to meet the consensus estimate of $13.15 billion.

Starbucks

  • The coffee giant’s shares rose by 1% following suggestions from its ex-CEO Howard Shultz on revamping U.S. operations. Starbucks had reported weaker-than-expected earnings and revenue last week.

Victoria’s Secret

  • This clothing brand’s share saw a 5% decrease pre-opening bell after Morgan Stanley downgraded its stock while lowering its price target, foreseeing negative EPS revisions and a challenging second half for specialty retail.

EHang Holdings

  • This autonomous aircraft company’s stock surged 3.2% following Morgan Stanley’s bullish commencement of research coverage, with an ‘overweight’ rating.

United States Steel

  • The Pittsburgh-based steel manufacturer’s shares grew over 2% following an upgrade to ‘overweight’ from ‘equal weight’ by Morgan Stanley.

Coinbase

  • The cryptocurrency company’s stock saw a 2.4% increase following Barclays’ decision to raise its price target. This move comes in the wake of Coinbase’s higher-than-expected earnings report last week.

Bausch + Lomb

  • The U.S. listed shares rose 2.9% following an upgrade from ‘equal weight’ to ‘overweight’ by Morgan Stanley.

Johnson Controls

  • This building tech company’s stock slipped 1.1% after UBS downgraded it from ‘buy’ to ‘neutral’, stating difficulties in meeting its 2024 outlook and competition from peers.

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Prism Stocks making the biggest premarket moves: Berkshire Hathaway, Paramount, Spirit Air, Victoria’s Secret and more

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