Several companies made headlines in midday trading, including Berkshire Hathaway, Micron Technology, Spirit Airlines, Paramount, United States Steel, Medical Properties Trust, EHang Holdings, Tyson Foods, Bausch + Lomb, Coinbase, Li Auto, and Victoria’s Secret. Berkshire Hathaway’s Class A shares rose 0.6% after the release of first-quarter results, showing a 39% yearly increase in operating profit and approaching $200 billion in cash holdings. Micron Technology jumped 4.5% after an upgrade from Baird, citing positive trends in dynamic random-access memory (DRAM) pricing and growing demand for high-bandwidth memory.
Spirit Airlines experienced a 9% decline after posting a wider-than-expected loss of $1.46 per share in the first quarter, even though revenue matched expectations. Paramount’s shares rose 3.3% amid reports of acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo, despite Warren Buffett’s sale of the entire Berkshire stake in Paramount at a loss. United States Steel saw a more than 2% increase after being upgraded by Morgan Stanley due to internal improvements, even if the Nippon Steel buyout deal collapses. Medical Properties Trust shares dropped nearly 7% following the bankruptcy filing of a major tenant, Steward Health Care.
EHang Holdings’ stock surged 9% after Morgan Stanley initiated coverage with an overweight rating, anticipating growth amidst growing governmental support in China. Tyson Foods experienced a 6% drop after posting lower-than-expected revenue in its fiscal second quarter, despite beating earnings estimates. Bausch + Lomb saw a 4.4% increase following a Morgan Stanley upgrade to overweight, highlighting the company’s progress in improving core profit margins. Coinbase’s stock rose 2.5% after Barclays raised its price target, reflecting 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 in a recent period. Victoria’s Secret saw its shares rise nearly 2% despite opening lower, as Morgan Stanley downgraded the intimate apparel maker to underweight due to expectations for negative earnings per share revisions. The Wall Street bank also trimmed its price target for the company. Overall, these companies made impact in midday trading due to various factors such as financial results, upgrades, downgrades, and significant developments in their respective industries.
