Premarket Activity Shaping Stocks: Noteworthy Moves from SOVO, BNTX, TSN

Take a look at the pre-market movers and shakers in the business world this Monday morning.

Tyson Foods







— The shares of this food processing company dropped over 7% following Tyson’s fiscal third-quarter report, which failed to meet expectations on both revenue and earnings. Tyson recorded an adjusted earnings per share of 15 cents on revenue of $13.14 billion, falling short of the projected 26 cents per share on $13.59 billion of revenue. Moreover, Tyson’s sales were lower compared to the previous year.

Tesla







— Ahead of the market opening, Tesla’s shares declined by 1% as the electric vehicle manufacturer announced the departure of CFO Zachary Kirkhorn. Vaibhav Taneja, the accounting chief, will take over the position.

DaVita







— Following an upgrade from UBS, the dialysis company’s shares rose by over 1%. UBS stated in a note to clients that it sees positive factors supporting their high earnings estimates and recommended a contrarian Buy rating on the stock.

Sovos Brands







— Pre-market trading saw a significant increase of 25% in the shares of Sovos Brands, the parent company of Rao’s, after Campbell Soup announced its acquisition of the pasta sauce maker for $2.33 billion. The offer of $23 per share represents a 27.6% premium compared to Sovos Brands’ previous closing price. Campbell Soup’s shares, however, dipped by 1.6%.

DraftKings







— Wells Fargo upgraded the sports betting app, DraftKings, to overweight from neutral, resulting in a 1.5% surge in pre-market trading. The bank mentioned that DraftKings’ EBITDA is growing faster than expected and forecasted positive operational momentum in the future.

Berkshire Hathaway







— The conglomerate’s Class B shares saw a rise of over 1% in pre-market trading after reporting a significant increase in operating earnings for the second quarter. Berkshire Hathaway’s insurance underwriting and investment income played a key role in this growth. Additionally, the company’s cash hoard reached nearly $150 billion, approaching a record high. In the first quarter, the cash hoard stood at $130.61 billion.

BioNTech







— Shares of the biotech company, BioNTech, which collaborates with Pfizer in the development of Covid-19 vaccines, declined by 4.9%. The company reported lower-than-expected second-quarter revenue of 168 million euros, compared to analysts’ estimate of 672 million euros. Additionally, BioNTech announced a reduction in its research and development budget for this year.

KKR







— Following the release of Q2 earnings that surpassed analysts’ estimates and a 6% increase in assets under management, shares of investment company KKR rose over 1% before the market opened. Additionally, KKR announced its minority stake acquisition in the German space company OHB.

Nikola







— The electric truck maker’s shares rose 7% in early morning trading, partially recovering from the 26% decrease on Friday. This drop was caused by lower-than-expected second-quarter sales and the resignation of the company’s CEO.

Viatris







— Prior to the market opening, Viatris’ shares experienced a gain of

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