Model Y cars are showcased during the grand opening of Tesla’s new Gigafactory in Gruenheide, Germany, on March 22, 2022.
Photo by Patrick Pleu | Pool | via Reuters
Take a look at the latest news from these companies in midday trading.
Tesla — The stock of the leading electric vehicle manufacturer declined by nearly 3% following the announcement of the departure of its chief financial officer, Zach Kirkhorn. Tesla has named Vaibhav Taneja as the new CFO, who will also continue serving as the chief accounting officer.
BioNTech — U.S.-listed shares of the biotech firm dropped by 9.1% after reporting disappointing revenue for the second quarter. BioNTech’s revenue stood at 168 million euros, falling short of the 672 million euros estimated by analysts surveyed by Refinitiv.
Tyson Foods — The company’s shares dropped by approximately 6% due to an earnings miss in the third quarter. Tyson Foods reported adjusted earnings of 15 cents per share on $13.14 billion in revenue, falling short of the earnings of 26 cents per share and $13.59 billion in revenue forecasted by Refinitiv.
Berkshire Hathaway — Shares of Warren Buffett’s conglomerate surged to a new record high as investors applauded its strong quarter and impressive cash reserves. Class A shares reached an all-time high of $551,387 on an intraday basis, surpassing the previous high achieved in March 2022. Class B shares also rose by around 3.4%, setting them on course to close at a record high.
Viatris — The pharmaceutical company’s stock rose by 6.6% after exceeding earnings expectations for the second quarter. Viatris reported revenue of $3.92 billion, surpassing the forecasted $3.86 billion set by analysts polled by StreetAccount.
DaVita — The stock of the kidney dialysis services provider increased by 5.3% after receiving an upgrade to “buy” from UBS. Analyst Andrew Mok cited stronger patient growth as a driving factor for the upgrade.
Sovos Brands, Campbell Soup — Pasta sauce maker Sovos Brands experienced a 25% surge in its stock price following the announcement of its acquisition by Campbell Soup, the parent company of Rao’s. On the other hand, Campbell Soup’s stock dipped by 1.3%, reaching its lowest share price in over a year.
PayPal — The stock of PayPal rose by 2% after launching its first stablecoin, PayPal USD, backed by the U.S. dollar. This expansion of PayPal’s cryptocurrency services marks the first foray into stablecoins by a major U.S. financial firm.
Palantir Technologies — Shares slipped by nearly 5% ahead of the release of the second-quarter results. Analysts surveyed by FactSet anticipate adjusted earnings of 5 cents per share on $534.2 million in sales.
Cinemark — The stock of the movie theater chain increased by 1.7% following an upgrade from Morgan Stanley earlier in the day. Analyst Benjamin Swinburne believes that the success of blockbusters like “Barbie” and “Oppenheimer” could potentially boost the stock by as much as 35%.
— Reporting by Yun Li, Alex Harring, and Samantha Subin
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