Berkshire Hathaway’s Class B shares experienced a 1.9% decrease in midday trading, despite reaching all-time highs earlier in the session. The conglomerate’s stock saw a surge following strong operating earnings in the fourth quarter.
Shares of health-care payment tech company R1 RCM surged 25.1% after major holders indicated that they have been exploring strategic alternatives, including the possibility of taking the company private. This news was detailed in a filing with the U.S. Securities and Exchange Commission.
Freshpet Exceeds Expectations
Freshpet, a pet food company, saw its shares surge by 19.7% after posting fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization of $31.3 million. This figure exceeded the FactSet consensus estimate of $27.4 million. Additionally, the company’s revenue of $215.4 million surpassed the expected $204.6 million.
HashiCorp Receives Upgrade
Software company HashiCorp experienced a 14% jump in its shares after Morgan Stanley upgraded it to overweight from equal weight. The bank cited a projected benefit from a resurgence in cloud initiatives as the reason behind the upgrade.
Shares of meat processing company Pilgrim’s Pride climbed 8% after surpassing Wall Street’s expectations for the fourth quarter. The company reported earnings of 59 cents per share, excluding items, on $4.53 billion in revenue. Analysts had anticipated earnings of 43 cents per share on $4.48 billion in revenue for the quarter.
Domino’s Pizza Announces Dividend Increase
Domino’s Pizza saw its shares rise by 5.9% after announcing a 25% increase in its dividend, set to be paid on March 29. The company’s board also authorized an additional share repurchase program of up to $1 billion.
Amer Sports Receives Bullish Calls from Analysts
The athletic retailer Amer Sports climbed 3.6% following a series of bullish calls from Wall Street analysts. Analysts expressed optimism regarding the parent company of brands such as Wilson and Arc’teryx, particularly after the recent public listing of its stock.
Shares of semiconductor manufacturer Micron Technology rose by 4% on artificial intelligence-related tailwinds after the company announced the mass production of its high bandwidth memory 3E solution. This solution was highlighted for consuming 30% less power than its competitors, offering data centers increased memory bandwidth for seamless AI application adaptation.
Moderna Faces Downgrade by HSBC
Vaccine maker Moderna saw its shares fall by 2.5% after receiving a downgrade from HSBC, moving from a hold to a reduce rating. HSBC cited concerns about the effectiveness of Moderna’s RSV vaccine compared to competitors, potentially impacting future growth prospects.
Alcoa Enters Acquisition Agreement
Shares of aluminum maker Alcoa slid by 4.5% following the announcement of an agreement to acquire Australian joint venture partner Alumina Limited for approximately $2.2 billion in an all-stock transaction on Sunday.
Energy storage stock Fluence Energy experienced a 7.9% increase in shares after Susquehanna Financial upgraded the company to positive from neutral. The financial firm highlighted recent stock weakness as an attractive entry point for investors.
Shares of agriculture company Fresh Del Monte Produce fell by 3% after reporting quarterly results that failed to meet expectations. In the fourth quarter, the company posted adjusted earnings of 25 cents per share, lower than the anticipated 31 cents per share. Additionally, revenue of $1.01 billion fell short of the expected $1.03 billion.
PPG Industries Considers Strategic Alternatives
Shares of PPG Industries dipped by 1.4% after the company announced that it is reviewing strategic alternatives for its architectural coatings business in the U.S. and Canada. This move indicates a potential shift in the company’s focus and operations.
With a mix of positive increases and declines across various sectors, the midday trading session showcased the dynamic nature of the market and the intricate factors influencing the performance of different companies. Investors are closely monitoring these developments as they assess potential opportunities and risks in the current market landscape.