Here’s a look at some companies making news prior to the market opening. Berkshire Hathaway, led by Warren Buffett, experienced a drop of over 1% following a record set on Friday. This decline coincided with a 14% decrease in operating profit in the first quarter and a staggering 48.6% fall in profits from insurance. Additionally, Buffett surprised investors at the annual meeting by announcing he would step down as CEO by year-end. The board confirmed that President and CEO Greg Abel, 94, will be appointed chairman starting January 1, 2026.
In streaming news, shares have dipped after former President Donald Trump declared 100% tariffs on foreign-produced films in a post on True Social, aiming to bolster the “dying” American film industry. Netflix shares fell by 5%, Disney by 3%, and Warner Bros Discovery, Paramount, and Amazon experienced declines of 2%, 1%, and 1%, respectively.
United Airlines saw a 1% decrease in travel inventory, retracting part of a 7% gain from Friday. The airline announced it would be cutting some flights from Newark, New Jersey, due to staffing and technological challenges at the airport.
On a positive note, Howard Hughes Holding’s share price climbed 8% after activist investor Bill Ackman’s Pershing Square revealed plans to purchase 9 million newly issued shares at $100 each, representing a 48% premium over Friday’s closing price.
Sunoco’s stock rose nearly 1% following its announcement to acquire Parkland Corp, with the cash and stock deal valued at $9.1 billion.
WolfSpeed’s stock has surged 7%, adding to Friday’s 24% jump, fueled by the company reaffirming its third-quarter guidance and the news that executive vice president and chief financial officer Neill Reynolds would be stepping down.
Lastly, Loews, a luxury hospitality stock, increased by 0.6% after reporting first-quarter revenue of $1.74 billion, up 6% from $4.23 billion a year earlier. This brings their total revenue to $4.49 billion.
