US Markets
Monday, August 7th, 2023 8:59 am EDT
Check out the companies making headlines before the bell Monday.
Tyson Foods — Shares of the food processing company fell more than 7% after Tyson’s fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Tyson’s sales declined year over year.
Tesla — Tesla shares fell 1% before the bell after the electric vehicle maker announced the departure of Zachary Kirkhorn as chief financial officer. The company appointed accounting chief Vaibhav Taneja to fill the position.
DaVita — Shares of the dialysis company rose more than 1% after being upgraded to buy from neutral by UBS. In a note to clients, UBS said it sees “tailwinds that support our Street-high earnings estimates and contrarian Buy rating.”
Sovos Brands — Shares of Rao’s parent Sovos Brands popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than Sovos Brands’ last closing price. Campbell Soup shares dipped 1.6%.
DraftKings — DraftKings rose 1.5% in the premarket after Wells Fargo upgraded the sports betting app to overweight from neutral. The bank said DraftKings’ “EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. momentum to continue.”
Berkshire Hathaway — Class B shares of the conglomerate rose more than 1% in premarket trading after Warren Buffett’s company reported a solid increase in second-quarter operating earnings, bolstered by a jump in its insurance underwriting and investment income. Berkshire’s cash hoard swelled to nearly $150 billion, near a record and much higher than the $130.61 billion in the first quarter.
BioNTech — Shares of the biotech company, which is Pfizer’s partner in developing Covid-19 vaccines, slid 4.9% after the company reported lower-than-expected revenue for the second quarter. BioNTech posted quarterly revenue of 168 million euros, while analysts surveyed by Refinitiv expected 672 million euros. The company also said it cut its projected research and development budget for this year.
KKR — Shares of the investment company gained more than 1% in the premarket after the firm posted adjusted earnings for the second quarter that beat analysts’ estimates and a 6% year-over-year increase in assets under management. KKR also announced it’s taking a minority stake in the German space company OHB.
Nikola — Shares of the electric truck maker advanced 7% in early morning trading, taking back some of its losses from Friday when the stock dropped 26% on news of lower-than-expected second-quarter sales and an announcement that the company’s CEO stepped down.
Viatris — Shares gained more than 2% before the bell. Viatris posted adjusted net income and revenues that topped Wall Street’s second-quarter expectations and reaffirmed its full-year guidance. Revenue came in at $3.92 billion, ahead of the $3.86 billion expected by analysts, per StreetAccount.
— CNBC’s Fred Imbert, Samantha Subin, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.
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