Take a look at some of the biggest movers in the premarket:
Sanderson Farms (SAFM) – The poultry producer agreed to be acquired for about $4.5 billion, or $203 per share, by privately-held food producer Cargill and agriculture investment firm Continental Grain. The all-cash deal represents an 11.3% premium over Friday’s closing price for Sanderson Farms. Sanderson shares surged 8.3% in the premarket.
Tesla (TSLA) – Tesla gained 1.6% in the premarket after Jefferies upgraded the stock to “buy” from “hold,” based on what the firm feels is more efficient capital deployment and an improved ability by auto manufacturers to increase profit margins over time.
U.S. Foods (USFD) – The foodservice distributor’s shares rallied 6.5% in the premarket after beating Street forecasts with its second-quarter profit and revenue. U.S. Foods earned 58 cents per share, 22 cents a share above estimates, helped by strong demand for its products and services as the industry recovers from the pandemic.
Tyson Foods (TSN) – The beef and poultry producer reported quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 a share. Revenue also came in above analysts’ projections. Results got a boost from strong consumer demand as well as restaurant reopenings. Tyson shares rose 2.6% in premarket trading.ovid
Norwegian Cruise Line (NCLH) – A federal judge ruled that the cruise line can ask passengers for proof of Covid-19 vaccination, temporarily blocking a Florida law banning that practice.
Berkshire Hathaway (BRK.B) – Berkshire shares rose 1.2% in premarket trading after it reported a 7% increase in second-quarter earnings. Berkshire’s results were helped by a rebound across its businesses including its railroad and energy companies.
Veoneer (VNE) – The auto parts maker said it would begin talks with Qualcomm (QCOM) about the chip maker’s takeover bid, which topped a bid from automotive software maker Magna International (MGA) that had been previously approved by Veoneer’s board. Qualcomm’s bid is worth $4.6 billion, compared to the approximately $3.8 billion value of Magna’s deal. Veoneer slid 3.3% in premarket trading.
Exact Sciences (EXAS) – The molecular diagnostics company has approached genetic testing firm Invitae (NVTA) about a possible merger, according to people familiar with the matter who spoke to Bloomberg. The people said the two sides are not in active talks and that a seal would likely be a low-premium, all-stock tran