In midday trading, Berkshire Hathaway’s Class A shares rose by 0.6% following the release of first-quarter results and the annual shareholders meeting, where the company reported a 39% increase in operating profit and cash holdings approaching $200 billion. Micron Technology also saw a 4.5% jump after receiving an upgrade from Baird to outperform, citing positive trends in dynamic random-access memory pricing and growing demand for high-bandwidth memory. However, Spirit Airlines experienced a 9% decline after posting a wider-than-expected loss of $1.46 per share in the first quarter, with second-quarter revenue forecasted below expectations. Paramount’s shares increased by 3.3% amid formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo, despite Warren Buffett’s recent sale of the entire Berkshire stake in Paramount at a loss.
United States Steel witnessed a rise of more than 2% following an upgrade to overweight from equal weight by Morgan Stanley, emphasizing the company’s internal improvements even if the Nippon Steel buyout deal falls through. Conversely, Medical Properties Trust shares dropped by nearly 7% after tenant Steward Health Care filed for Chapter 11 bankruptcy. EHang Holdings, an autonomous aircraft stock, surged by 9% after receiving an overweight rating from Morgan Stanley, citing growing support in China’s regulatory and governmental sectors. Tyson Foods saw a 6% decline despite reporting earnings of 62 cents per share, missing revenue expectations for its fiscal second quarter.
Bausch + Lomb’s shares rose by 4.4% following an upgrade to overweight from equal weight by Morgan Stanley, which highlighted the company’s progress in improving core profit margins. Coinbase’s stock rose by 2.5% after Barclays raised its price target, indicating possible upside for shares following better-than-expected earnings. Li Auto, a Chinese electric vehicle maker, gained 2.3% after reporting strong orders for its L6 vehicles, exceeding 41,000 orders in a recent period. Victoria’s Secret shares rose by almost 2% following a downgrade to underweight by Morgan Stanley, citing expectations for negative earnings per share revisions and a trimmed price target.
Overall, these companies demonstrated a mix of positive and negative movements in midday trading, affected by factors such as earnings surprises, analyst upgrades and downgrades, acquisitions, and bankruptcy filings. Investors will need to carefully consider these developments and their implications for future performance when making investment decisions.
