U.S. stock index futures rose on Monday morning as investors readied for a week with more corporate earnings and key inflation readings.
Market Snapshot
At 08:20 a.m. ET, Dow e-minis were up 39 points, or 0.1%, S&P 500 e-minis were up 8 points, or 0.18%, and Nasdaq 100 e-minis were up 44 points, or 0.29%.
Pre-Market Movers
Berkshire Hathaway - It reported second-quarter after-tax operating earnings of $10 billion, a quarterly record, on strength in insurance underwriting and higher investment income. Net income was $35.9 billion. The stock rose about 1.5% in premarket trading.
Yellow Corporation - It filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The stock tumbled over 40% in premarket trading.
Wayfair - Shares rose over 2% in premarket trading. It was upgraded to Buy from Neutral at UBS and the price target was raised to $110 from $72.
Missfresh Limited - Shares surged over 40% and gained over 420% in 2 days. Investors agreed to pay $27 million for Class B stock and will hold Class B stock representing 88.1% of the company's total issued and outstanding shares. The investors agreed to delegate voting rights to Chief Executive Zheng Xu.
Tyson - Stocks crashed over 6% in premarket trading. It missed Wall Street expectations for third-quarter revenue on Monday, as customers scaled back on meat purchases in the face of still high inflation.
BioNTech - Stocks fell nearly 5% in premarket trading. It cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand.
Campbell Soup, Sovos Brands, Inc. - The former slid nearly 2% while the latter surged over 24% in premarket trading. Campbell Soup on Monday said it would acquire Sovos Brands for $23 per share in cash, in a deal valued at about $2.7 billion.
Lucid Group Inc - Stocks rose over 1% in premarket trading. It reduced prices on most of its lineup of Air luxury sedans and was scheduled to report earnings after the closing bell Monday.
Market News
Apple is bulking up its expertise in generative AI to adapt it for iPhones and iPads, as it seeks to take advantage of the technology that has taken the industry by storm this year.
A U.S. judge hearing the Justice Department's antitrust lawsuit accusing Alphabet of unlawfully maintaining monopolies in the internet search market let stand key claims made by the federal government.
Berkshire Hathaway reported net income of $35.9 billion on total revenue of $92.5 billion, investments contributed $33.1 billion to earnings. It reported a 14% increase in revenue from insurance premiums, helping lift total sales. The conglomerate's railroad, utilities, and energy segment more than doubled revenue to $26.9 billion.
Elon Musk said in a social media post that his proposed cage fight with Meta CEO Mark Zuckerberg would be live-streamed on social media platform X, formerly known as Twitter.
Yellow Corporation filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union.
The price of PayPal’s CEO hunt just grew by some $9 billion. Six months after boss Dan Schulman said he was retiring, the company unveiled disappointing second-quarter results that sent the shares down by another 11% on Thursday, lopping the 10-figure sum off its market value. Vital strategic plans are in a costly holding pattern.
Baker Hughes, sold more than 2.2 million shares, or about one-third its stake, in the second quarter, according to a security filing released Friday. This followed another major stock sale in the first three months of the year, leaving Baker Hughes as the fourth-largest shareholder with a 4.15% stake in C3.ai, Inc. as of June 30
Coinbase Global, Inc. on Friday asked a judge to end the U.S. Securities and Exchange Commission's lawsuit accusing the world's largest publicly traded cryptocurrency exchange of violating federal securities laws.
