Sanderson Farms (SAFM) – The poultry farmer has agreed to be bought out for around $ 4.5 billion, or $ 203 per share, by private food producer Cargill and agricultural investment firm Continental Grain. The all-cash deal represents an 11.3% premium over Friday’s closing price for Sanderson Farms. Sanderson shares jumped 8.3% pre-market.
Tesla (TSLA) – Tesla gained 1.6% in the pre-market after Jefferies upgraded stock to “buy” to “hold”, based on what the company believes to be a more efficient deployment of capital and improved ability of automakers to increase their profit margins over time.
US Foods (USFD) – Shares of the foodservice distributor rose 6.5% pre-market after beating Street’s forecast with its second-quarter earnings and revenue. US Foods gained 58 cents per share, 22 cents per 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 profit of $ 2.70 per share, well above the consensus estimate of $ 1.62 per share. Revenue also exceeded analysts’ forecasts. Results were driven by strong consumer demand as well as restaurant reopening. Tyson shares rose 2.6% in pre-market trading.
Norwegian Cruise Line (NCLH) – A federal judge has ruled that the cruise line can ask passengers for proof of Covid-19 vaccination, temporarily blocking a Florida law banning the practice.
Berkshire Hathaway (BRK.B) – Shares of Berkshire rose 1.2% in pre-market trading after reporting a 7% increase in second quarter profits. Berkshire’s results were helped by a rebound in its business, including its rail and energy companies.
Veoneer (VNE) – The auto parts maker has announced it will start talks with Qualcomm (QCOM) over the chipmaker’s takeover bid, which exceeds the offer from auto software maker Magna International (MGA) which had previously been approved by Veoneer’s Board of Directors. Qualcomm’s offer is worth $ 4.6 billion, compared to around $ 3.8 billion for the Magna deal. Veoneer slipped 3.3% in pre-market trading.
Exact Sciences (EXAS) – The molecular diagnostics company has approached genetic testing company Invitae (NVTA) about a possible merger, according to people familiar with the matter who spoke to Bloomberg. People said the two sides were not in active talks and that a seal would likely be a low-premium, all-stock trade. Invitae jumped 7.2% in pre-release while Exact Sciences fell 2%.
Dollar Tree (DLTR) – The discount retailer has been demoted to ‘keep’ instead of ‘buy’ from Deutsche Bank, which has expressed concerns about the impact of rising transportation and labor costs work on profit margins. Dollar Tree lost 1.5% in pre-market action.
Exxon Mobil (XOM), Chevron (CVX) – These and other energy companies are under pressure as oil prices fall following new measures against the Chinese virus as well as a UN report on the impact of climate change. Exxon fell 1.3% in pre-market trading, while Chevron was down 1.6%.
Victoria’s Secret (VSCO) – JPMorgan Chase launched a cover on the women’s clothing retailer with an ‘overweight’ rating, noting its dominant position in the lingerie and nightwear market and opportunities for expansion in swimwear bath. Victoria’s Secret added 1.6% in pre-release.
NetEase (NTES) – The China-based online services company jumped 2.3% in pre-market trading, following a Reuters report that it delayed the initial public offering by $ 1 billion. dollars to Hong Kong from its music streaming service Cloud Village. People with first-hand knowledge of the matter said the delay was due to volatility in trading at major Chinese tech companies.