Berkshire, Facebook, JP Morgan, Tyson Foods, and Others: Making Major Moves Premarket
Berkshire Hathaway, Inc. – The company reported 2.5 US$ per share quarterly profit, which is below market expectations of 8 cents per share. Warren Edward Buffett, CEO of the company saw decrease in revenue beneath Wall Street forecasts. The results were hurt by the weak performance of auto insurance company, GEICO (The Government Employees Insurance Company) and the lower volume of cargo operated by Berkshire BNSF.
Fox Corporation – The company will purchase Credible Labs, Inc. – the online financial technology company for 397 US$ Mn. Since the broadcasting company hunts for new growth sources. This is due to the sale of TV and film assets to The Walt Disney Company earlier this year.
Tyson Foods, Inc. – Tyson’s third-quarter earnings per share adjustment was 1.47 US$, which was 5 cents higher than expected. However, due to the increased cost of hogs, revenue for the quarter was below forecasts. The results of poultry were mixed, but Tyson found strength in beef and prepared foods.
JPMorgan Chase & Co. – The multinational investment bank will lead an upcoming debt issue by The We Company. The We Company is parent of WeWork company that provides shared workspaces. According to Reuters, this has given the company has ability to lead WeWork’s initial public offering later this year.
Alibaba Group Holding Limited – Jefferies began reporting with a “buy” rating on the China-based online retailer. The company noted its execution and leadership. Alibaba also said that it will benefit from seasonal trends in the short term.
HSBC Holdings plc – HSBC ousted CEO John Flint just after 18 months because of differences in strategy execution. According to the Chairman Mark Tucker, changes are to be made for accelerating the progress in strategic priorities of the bank.
Target Corporation – The stock of retailer company has been upgraded from “hold” to “buy” at Deutsche Bank. According to the bank, the company is on a growth pace which can be sustained and the stocks are valued.
Facebook – Facebook owns both WhatsApp and Instagram. According to CNET report, the company plans to rebrand both WhatsApp and Instagram and make its ownership clearer.
Sohu, Inc. – The Internet company announced a second-quarter adjusted loss of 1.27 US$ per share. Whereas the Wall Street analyst’s expected loss of 1.11 US$ per share. The China-based company found the revenue lower than expected along with drop in brand advertising revenue.
Uber Technologies, Inc. – According to Sky News report, Uber is improbable to succeed in obtaining a new five-year license from the transport regulator of London. It is said that Uber expects its application to be in another short-term license which is for less than two years.
Dollar Tree Stores, Inc. – Deutsche Bank demoted the discount retailer from “buy” to “hold” by saying that the reward/risk profile is now balanced. It also noted the renewed concerns for tariff effects.