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.
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 the 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 $130.616 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, while analysts surveyed by Refinitiv expected €672 million. 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% 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.
Source: Finance - cnbc.com
