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Stock futures traded with modest gains Monday as Wall Street comes off its best week of the year, with the
S&P 500
rising 5.9% on the increasing belief that the Federal Reserve is finished with hiking interest rates.
These stocks were poised to make moves most Monday:
Berkshire Hathaway
‘s (BRK.B) third-quarter operating earnings surged 40% to a record $10.8 billion after taxes. The conglomerate headed by Warren Buffett saw sharply higher insurance underwriting profits and increased investment income on its huge cash holdings. Overall,
Berkshire Hathaway
reported a third-quarter loss of $12.8 billion, wider than a year-earlier loss of $2.8 billion. The bottom-line results reflect paper investment gains and losses. Berkshire Hathaway held $157 billion of cash and investments at the end of the third quarter, a record. Berkshire Hathaway’s class B shares rose 0.5% in premarket trading.
Tesla
(TSLA) was rising 2% in premarket trading. The electric-vehicle maker is raising pay for factory workers at Tesla’s Gigafactory on the outskirts of Berlin.
Tesla
has been under pressure from Germany’s IG Metall union, which is trying to organize the plant and get Tesla to agree to a union contract, The Wall Street Journal reported. Tesla CEO Elon Musk also told workers the German assembly plant would build its next-generation vehicle, which is expected to have a price tag of around $25,000.
The highlight of corporate earnings this week will be the fiscal fourth-quarter report from
Walt Disney
(DIS) on Wednesday. Last week, Nelson Peltz’s investment firm Trian Fund Management relaunched its campaign against the entertainment and media conglomerate, this time with backing from former Marvel Chairman Isaac Perlmutter.
Dish Network
(DISH) reported a third-quarter loss of 26 cents a share, a swing from year-earlier profit of 65 cents. Analysts had been expecting a profit of 11 cents a share in the latest third quarter.
Dish
said net pay-TV subscribers fell about 64,000 in the period, while retail wireless net subscribers decreased by about 225,000. The stock was down 2.9%.
BioNTech
(BNTX) reported a profit of €0.67 a share vs. expectations that called for a loss. Revenue fell in the period but also topped Wall Street forecasts.
BioNTech
said it expects full-year Covid-related revenue of about €4 billion, down from prior guidance of €5 billion. U.S.-listed shares of BioNTech rose 1.4%.
Earnings reports are also expected Monday from
Vertex Pharmaceuticals
(VRTX),
NXP Semiconductors
(NXPI),
Diamondback Energy
(FANG),
International Flavors & Fragrances
(IFF), and
Goodyear Tire & Rubber
(GT).
In addition to
Disney,
reports are expected later in the week from
Uber Technologies
(UBER),
Occidental Petroleum
(OXY),
Gilead Sciences
(GILD),
D.R. Horton
(DHI),
eBay
(EBAY),
Emerson Electric
(EMR),
Datadog
(DDOG),
Biogen
(BIIB),
Warner Bros. Discovery
(WBD),
Take-Two Interactive Software
(TTWO),
MGM Resorts
(MGM),
Roblox
(RBLX),
Sony
(SONY),
Li Auto
(LI),
Trade Desk
(TTD), and
Kellanova
(K).
Birkenstock Holding
(BIRK) was rising $1.2% to $41.64. Analysts at J.P. Morgan, Jefferies, Citi, and Stifel initiated coverage on shares of the German shoe maker with Buy recommendations.
Write to Joe Woelfel at [email protected]
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