Stocks making the biggest moves premarket: Sovos Brands, BioNTech, Tyson Foods and more
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Check out the companies making headlines before the bell Monday.
Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Tyson's sales declined year over year.
DaVita — Shares of the dialysis company rose more than 1% after being upgraded to buy from neutral by UBS. In a note to clients, UBS said it sees «tailwinds that support our Street-high earnings estimates and contrarian Buy rating.»
Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price. Campbell Soup shares dipped 1.6%.
DraftKings — DraftKings rose 1.5% in the premarket after Wells Fargo upgraded the sports betting app to overweight from neutral. The bank said DraftKings' «EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. momentum to continue.»
Berkshire Hathaway — Class B shares of the conglomerate rose more than 1% in premarket trading after Warren Buffett's company reported a solid increase in second-quarter operating earnings, bolstered by a jump in its insurance underwriting and investment income. Berkshire's cash hoard swelled to nearly $150 billion, near a record and much higher than the $130.616 billion in the first quarter.
BioNTech — Shares of the biotech company, which is
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