Stock Market

Berkshire Hathaway, Micron, Palantir, Tesla, Tyson, Perficient, Li Auto, and More Movers


Stocks were rising Monday, extending last week gains, as a weaker-than-expected U.S. jobs report boosted prospects for an interest-rate cut from the Federal Reserve.

Warren Buffett’s

Berkshire Hathaway

reported a 39% increase in first-quarter operating profit to a record $11.2 billion, boosted by strength in the company’s property and casualty insurance business and higher investment income. The conglomerate also reduced its massive stake in

Apple

by about 13% to 790 million shares, according to Barron’s calculations based on information in Berkshire’s 10-Q report released Saturday in conjunction with the earnings. Berkshire’s class B shares rose 0.3%.

Micron Technology

rose 4.9% to $120.28. Analysts at Baird upgraded shares of the memory chip maker to Outperform from Neutral and raised their price target to $150 from $115.

Tesla

was up 3.1% after the electric-vehicle maker added a long-range, rear-wheel drive Model Y to its website that gets about 320 miles of range per charge. The car starts at about $45,000. Before the update, the rear-wheel drive Model Y got about 260 miles per charge and started at about $43,000.

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Apple

was falling 0.7% to $182.16. Shares of the tech giant closed with a gain of 6% on Friday, the stock’s best post-earnings reaction since Oct. 28, 2022, when it rose 7.6%, according to Dow Jones Market Data. The iPhone maker on Thursday reported fiscal second-quarter earnings that were better than expected.

Robinhood Markets

received a “Wells Notice” from the Securities and Exchange Commission which recommended enforcement action against the trading platform’s cryptocurrency unit. The stock was up 0.4% after falling in premarket trading.

Tyson Foods

fell 7.8% even after the meat producer posted better-than-expected fiscal second-quarter earnings as the company’s chicken segment pivoted to a profit of $158 million from a loss of $258 million a year earlier.

Perficient

was rising 53% to $73.49 after the digital consultancy reached a deal to be acquired by Swedish private-equity firm

EQT

for about $3 billion including debt. EQT will pay $76 a share, a 58% premium to

Perficient
’s

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closing price of $48.11 on Friday.

U.S.-listed shares of

Li Auto

were up 4.7% after the Chinese electric-vehicle maker reported strong orders for its L6 Model, the first model priced under 300,000 yuan, or roughly $42,000.

Earnings reports are expected after the closing bell Monday from

Palantir Technologies
,

Vertex Pharmaceuticals
,

Microchip Technology

and

Lucid Group
.

Palantir

was rising 5.7% ahead of its first-quarter earnings, scheduled for after stock markets close Monday. A focus for Wall Street will be the data analytics software company’s continued push into artificial intelligence. Palantir was rising 2.4% in premarket trading.

Earnings reports are expected later in the week from

Walt Disney
,

BP
,

Arista Networks
,

Ferrari
,

Occidental Petroleum
,

Datadog
,

Electronic Arts
,

Toyota
,

Uber
,

Anheuser-Busch
,

Airbnb
,

Arm Holdings
,

Shopify
,

Li Auto
,

Robinhood M

arkets, News Corp
,

Affirm Holdings
,

Roblox
,

Warner Bros. Discovery
,

Enbridge
,

and

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DigitalOcean Holdings
.

Write to Joe Woelfel at joseph.woelfel@barrons.com



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