US Markets
Monday, May 6th, 2024 5:02 pm EDT
Key Points
- Berkshire Hathaway: Class A shares rose by 0.6% after reporting a 39% annual increase in operating profit and approaching $200 billion in cash holdings following the release of first-quarter results and the annual shareholders meeting.
- Micron Technology: The semiconductor company surged by 4.5% after receiving an upgrade from Baird to outperform from neutral, attributed to positive trends in dynamic random-access memory (DRAM) pricing and growing demand for high-bandwidth memory.
- Spirit Airlines: The discount carrier experienced a 9% decline after posting a wider-than-expected first-quarter loss of $1.46 per share, despite revenue meeting expectations, and forecasted second-quarter revenue below analyst estimates.
Berkshire Hathaway’s Class A shares saw a 0.6% increase following the release of first-quarter results and the annual shareholders meeting, where it reported a 39% yearly surge in operating profit and cash holdings nearing $200 billion. Micron Technology, the semiconductor company based in Boise, Idaho, experienced a 4.5% jump after an upgrade from Baird to outperform from neutral, citing valuation and positive trends in DRAM pricing and high-bandwidth memory demand. Conversely, Spirit Airlines fell 9% post-announcement of a wider first-quarter loss than anticipated, despite revenue matching expectations. Paramount shares rose 3.3% amid formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo, though Warren Buffett disclosed Berkshire’s sale of its Paramount stake at a loss. United States Steel’s shares increased over 2% following Morgan Stanley’s upgrade to overweight, emphasizing internal improvements even if the Nippon Steel buyout deal collapses. However, Medical Properties Trust witnessed a nearly 7% drop after a major tenant, Steward Health Care, filed for Chapter 11 bankruptcy. EHang Holdings surged 9% after Morgan Stanley initiated coverage with an overweight rating, citing regulatory support in China, while Tyson Foods experienced a 6% share decline post-revenue announcement, falling short of analyst expectations. Bausch + Lomb saw a 4.4% rise due to a Morgan Stanley upgrade to overweight, noting the market may be underestimating profit margin improvements. Coinbase’s crypto stock rose 2.5% after Barclays raised its price target following better-than-expected earnings. Li Auto, a Chinese electric vehicle maker, gained 2.3% on strong L6 vehicle orders, and Victoria’s Secret, initially downgraded by Morgan Stanley, recovered slightly after a 2% increase.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/06/stocks-making-big-midday-moves-berkshire-hathaway-micron-tyson-foods-spirit-air-and-more-.html
