Micron Technology is headquartered in Boise, Idaho.
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Take a look at the companies making headlines in midday trading:
Berkshire Hathaway — Class A shares rose 0.6% following the release of first-quarter results and annual shareholder meeting on Saturday. Berkshire’s operating profits are growing 39% annually and its cash holdings are approaching $200 billion.
Micron Technology — Baird upgraded the Boise, Idaho-based semiconductor company’s performance to outperform from neutral, sending shares up 4.5%. The analyst cited valuations, gradually positive trends in dynamic random access memory (DRAM), pricing and growing demand for high-bandwidth memory.
spirit airlines — Shares fell 9% after the discount airline reported a first-quarter loss of $1.46 per share, beating the FactSet analyst consensus of a loss of $1.45 per share. Revenues were in line with expectations. Spirit also forecast second-quarter revenue between $1.2 billion and $1.34 billion, below FactSet’s forecast of $1.46 billion.
Paramount — The owner of Paramount Pictures and CBS Entertainment Group rose 3.3% on the report Begin formal acquisition negotiations with a team led by Sony Pictures Entertainment and Apollo. Warren Buffett, on the other hand, said over the weekend that he sold Berkshire’s entire stake in Paramount at a loss.
United States Steel Corporation — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said in a report that even if the Nippon Steel acquisition transaction fails, there is still room for U.S. Steel’s stock price to rise due to internal improvements.
medical estate trust — The company’s shares fell nearly 7% after the company’s anchor tenant, physician-owned hospital operator Steward Health Care, filed for Chapter 11 bankruptcy.
EHang Holdings — Autonomous aircraft shares soared 9% after Morgan Stanley initiated an overweight rating on the company, saying it was “well-positioned to take off” amid growing regulatory and government support in China .
Tyson Foods — The food processor’s fiscal second-quarter revenue of $13.07 billion was lower than the $13.15 billion expected by analysts polled by StreetAccount, and its shares fell 6%. Tyson Foods also reported earnings of 62 cents per share, beating estimates of 39 cents per share.
Bausch & Lomb — Shares of the stock rose 4.4% as Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said the market may be overlooking the Canadian company’s progress in improving core profit margins.
Coin Library — The cryptocurrency stock rose 2.5% after Barclays raised its price target, suggesting less downside for the stock going forward. The bank’s move comes after Coinbase reported better-than-expected earnings last week.
ideal car — The Chinese electric vehicle maker reported strong orders for its L6 vehicles, sending its shares up 2.3%. According to Weibo, between April 18 and May 5, orders for L6 vehicles exceeded 41,000.
victoria secret — Victoria’s Secret shares rose nearly 2% after opening down about 0.4%. Morgan Stanley downgraded the lingerie maker to underweight on expectations of negative earnings per share revisions. The Wall Street bank also lowered its price target.
—CNBC’s Alex Harring, Jesse Pound, Samantha Subin, Hakyung Kim and Sarah Min contributed reporting.
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