Check out the companies making headlines premarket. Berkshire Hathaway – Class A shares were trading up 1.2% Monday morning after the conglomerate reported operating profit rose 39% year over year. The Warren Buffett-led company’s cash reserves also rose to a record high, approaching $200 billion. Paramount shares rose 2.4% after a report that the owner of Paramount Pictures and CBS Entertainment Group had entered into formal acquisition talks with the Sony-led group. Pictures Entertainment and Apollo. Elsewhere, Warren Buffett admitted over the weekend that he sold Berkshire’s entire stake in Paramount at a loss. Spirit Airlines – Shares of the discount airline fell 4% in premarket trading after reporting a loss of $1.46 cents per share in the first quarter, beating the FactSet analysts’ 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. Li Auto – U.S. shares of the Chinese electric vehicle maker jumped 6.7% on strong order data for the L6 model . Deliveries of the L6 first began last month. Tyson Foods – Shares rose 2.1% after Tyson posted fiscal second-quarter adjusted earnings of 62 cents per share, more than the 39 cents per share expected by analysts polled by StreetAccount. On the other hand, revenue of $13.07 billion missed the consensus estimate of $13.15 billion. Starbucks – Shares rose 1% after a LinkedIn post from former CEO Howard Schultz telling the coffee chain it needs to turn around its operations in the USA and how to do it. Last week, Starbucks posted weaker-than-expected quarterly earnings and revenue. Victoria’s Secret – Shares of intimate apparel fell 5% yesterday. Morgan Stanley downgraded Victoria’s Secret to underperform and cut its price target, citing expectations of negative earnings per share revisions and a difficult second half of the year for the specialty retailer. EHang Holdings – Autonomous aircraft shares rose 3.2% after an optimistic start to Morgan Stanley’s research. The bank initiated coverage of EHang with an “outperform” rating, calling the company “ready for takeoff” amid growing regulatory and government support in China. United States Steel — Shares of the Pittsburgh-based steel company rose more than 2% after Morgan Stanley raised its rating 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. Coinbase – Cryptocurrency shares rose 2.4% after Barclays raised its price target, meaning there’s less downside risk for the stock. The bank’s move comes after Coinbase reported better-than-expected profits last week. Bausch + Lomb — The Canadian eye health company’s U.S.-listed shares rose 2.9% after being upgraded to overweight from equal weight at Morgan Stanley. The investment bank said the market is likely missing Bausch + Lomb’s progress in increasing core earnings. Johnson Controls – Construction technology shares fell 1.1% after UBS downgraded its rating to neutral from buy. UBS said Johnson Controls is behind competitors and faces a difficult path to meeting its 2024 forecast. — CNBC’s Sarah Min, Tanaya Machil, Jesse Pound, Michelle Fox and Samantha Subin contributed reporting.
