Micron Technology Inc. Headquarters is located in Boise, Idaho.
Matthew Staver | Bloomberg | Getty Images
See the companies that made headlines in afternoon trading:
Berkshire Hathaway — Class A shares added 0.6% after the release of first-quarter results and annual shareholders’ meeting on Saturday. Berkshire reported annual operating profit growth of 39% and cash assets approaching $200 billion.
Micron Technology — Shares of the Boise, Idaho-based semiconductor company jumped 4.5% after the Baird index rose to neutral. The analyst cited the company’s valuation, incremental positive trends in dynamic random access memory (DRAM), pricing and rising demand for high-bandwidth memory.
Spirit Airlines — The discount company fell 9% after reporting a loss of $1.46 per share in the first quarter, beating the FactSet consensus estimate of $1.45 per share. The income met expectations. Spirit also forecast second-quarter revenue of $1.2 billion to $1.34 billion, below the FactSet estimate of $1.46 billion.
Paramount — Shares jumped 3.3% after a report that the owner of Paramount Pictures and CBS Entertainment Group began formal negotiations for the acquisition with a group led by Sony Pictures Entertainment and Apollo. Elsewhere, Warren Buffett said over the weekend that he sold Berkshire’s entire stake in Paramount at a loss.
USA Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded the stock to outperform from equal weight. U.S. Steel shares have room to rise on internal improvements even if the Nippon Steel buyout falls through, Morgan Stanley said.
Medical Properties Foundation — Shares fell nearly 7% after the company’s main tenant, physician-owned hospital operator Steward Health Care, filed for Chapter 11 bankruptcy.
EHang Holdings — Shares of autonomous aircraft rose 9% after Morgan Stanley initiated coverage with an overweight rating, calling the company “ready for takeoff” amid growing regulatory and government support in China.
Tyson Foods — Shares of the food company fell 6% after reporting fiscal second-quarter revenue of $13.07 billion, less than the $13.15 billion expected by analysts polled by StreetAccount. Tyson also reported earnings of 62 cents per share, beating estimates of 39 cents per share.
Bausch + Lomb — Eye healthcare stocks jumped 4.4% as Morgan Stanley upgraded its rating to overweight from equal weight. Morgan Stanley said the market is likely overlooking the Canadian company’s progress in improving core earnings.
Kinbase — Cryptocurrency shares rose 2.5% after Barclays raised its price target, meaning there is less downside risk for the stock. The bank’s move comes after Coinbase reported better-than-expected profits last week.
Lee Auto — Shares of the Chinese electric vehicle maker rose 2.3% after reporting strong orders for L6 vehicles. According to a Weibo post, orders for L6 vehicles exceeded 41,000 between April 18 and May 5.
Victoria’s Secret — Victoria’s Secret shares rose nearly 2% after opening about 0.4% lower. Morgan Stanley downgraded the intimate apparel maker to underperform on expectations of negative earnings per share revisions. The Wall Street bank also cut its price target.
— CNBC’s Alex Harring, Jesse Pound, Samantha Soobin, Hakyung Kim and Sarah Min contributed reporting.