Stock futures traded higher Monday as Wall Street comes off a losing week and turns its attention to U.S. inflation and how the data will influence the Federal Reserve’s path on interest rates.
These stocks were poised to make moves Monday:
Warren Buffett’s
Berkshire Hathaway
(ticker: BRK.A, BRK.B) reported second-quarter after-tax operating earnings of $10 billion, a quarterly record, up from $9.4 billion a year earlier on strength in insurance underwriting and higher investment income. Net income was $35.9 billion, swinging from a year-earlier loss of $43.6 billion. Stock repurchases in the second quarter were $1.4 billion, compared with $4.4 billion in the first quarter and $1 billion a year earlier.
Berkshire Hathaway
‘s class B shares rose 1.3% in premarket trading to $354.50.
Sage Therapeutics
(SAGE) tumbled 49% after the biopharmaceutical company and partner
Biogen
(BIIB) failed to receive Food and Drug Administration approval for a treatment of major depressive disorder.
Biogen
shares fell 2.4%.
Tyson Foods
(TSN) declined 8.5% after the meat company reported fiscal third-quarter earnings and revenue below Wall Street’s expectations, and the company recorded a significant quarterly impairment charge on the closure of chicken facilities.
Shares of
Yellow
(YELL) were falling 30% to $2.51 after the trucking company filed for bankruptcy and said it would be closing the business. The stock soared more than 400% last week even as Yellow—one of the country’s largest and oldest trucking companies— was expected to file for bankruptcy.
Sovos Brands
(SOVO), the seller of sauces and soups, was rising 25% to $22.51 after announcing it has agreed to be acquired by
Campbell Soup
(CPB) for $23 a share, or a total enterprise value of about $2.7 billion. Sovos also posted better-than-expected second-quarter earnings.
Shares of electric heavy-duty truck maker
Nikola
(NKLA) were rising 8.4% on Monday.
Nikola
stock dropped 26.4% on Friday following the surprise resignation of its CEO and after the company slashed its outlook.
American depositary receipts of
BioNTech
(BNTX) the German company that developed a Covid-19 vaccine with
Pfizer
(PFE), were falling 6.1% after second-quarter revenue missed expectations.
DraftKings
(DKNG) rose 3% after shares of the sports-betting company were upgraded to Overweight from Equal Weight at
Wells Fargo
and the stock received a number of price target hikes from Wall Street. Last week, the company beat revenue expectations for its second quarter and hiked its full-year guidance.
Wayfair
(W) was rising 2.5% in premarket trading to $85.20 after shares of the online home-furnishings retailer were upgraded to Buy from Neutral at
UBS
and the price target was raised to $110 from $72.
Fortinet
(FTNT) was upgraded to Buy from Neutral with a $70 price target at Guggenheim. The stock was rising 1.9% to $57.82 in premarket trading after falling 25% on Friday following second-quarter billings that missed expectations and after the cybersecurity company said it saw an “unusually large volume of deals” pushed out beyond the second quarter.
Lucid
(LCID) reduced prices on most of its lineup of Air luxury sedans, and shares of the electric-vehicle maker were rising 0.9% in premarket trading.
Lucid
is scheduled to report earnings after the closing bell Monday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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