PACW, BRK, AAL, AMC and more
Pacific Western Bank signage is displayed outside the bank branch in Beverly Hills, California on May 4, 2023.
Patrick T. Fallon | AFP | Getty Images
Take a look at the companies making the biggest moves in premarket trading:
PacWest — The regional bank rose 39% in premarket trading, extending its nearly 82% gain on Friday. PacWest said the business is “fundamentally sound” and cut its dividend by just 1 cent per share. Western Alliance gained about 11% while Zions Bancorp gained nearly 6%.
Occidental Petroleum — The energy stock fell less than 1% in premarket trading after Warren Buffett said Berkshire Hathaway does not plan to take full control of the oil giant. The “Oracle of Omaha” has amassed a 23.5% stake, while they have received approval to purchase up to 50% of the company.
Berkshire Hathaway — The conglomerate’s B shares rose 1.4% in the premarket after Buffett’s company reported a 12.6% jump in first-quarter operating income. The strong development was driven by an increase in the conglomerate’s insurance business. Total earnings also rose sharply, thanks in part to gains in the stock portfolio, led by Apple.
Estee Lauder – Shares jumped 4.2% in premarket trading following a Sunday New York Post report that activist investor Nelson Peltz was considering a “possible shakeup” at the beauty products company. The campaign was allegedly aimed at CEO Fabrizio Freda.
AMC — AMC fell 3% in the premarket after The movie theater chain said they reached an agreement to settle a shareholder class action against the conversion of AMC Preferred Equity Units to ordinary company shares, as well as a reverse stock split. The investors approved the decision in March.
American Airlines — Shares rose about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Analyst Jamie Baker highlighted the company’s attractive valuation and said the “Big 3” airlines, which include American, Delta and United, are pulling away from the broader field of providers.
Tyson Foods – Shares of the food manufacturing company fell 9% after Tyson cut its annual sales outlook and posted an unexpected loss for the latest quarter, according to FactSet. It also warned of a 4% year-over-year decline in domestic beef production and flat pork production.
Viatris — Shares rose 2.4% after the healthcare company topped earnings expectations and affirmed its full-year guidance, despite a revenue miss. Viatris posted $932.9 million in adjusted net income for the first quarter, ahead of the consensus estimate of $835.8 million from analysts polled by FactSet. Revenue came in at $3.72 billion against a forecast of $3.8 billion.
Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America. The Wall Street firm cited Fortinet’s solid execution and strong underlying demand.
– CNBC’s Yun Li, Brian Evans, Alex Harring, Sarah Min and Tanaya Macheel contributed reporting.