Today's Pre-Market Stock Movers: PACW, BRK.B, AAL, AMC and More
Gapping up
$PacWest Bancorp (PACW.US)$ +39% in premarket trading, adding to its nearly 82% gain on Friday. PacWest said its business is "fundamentally sound" and cut its dividend by just 1 cent per share. Western Alliance gained about 11% while Zions Bancorp added nearly 6%.
$Estee Lauder (EL.US)$ +4.2% in premarket trading following a Sunday report from the New York Post that activist investor Nelson Peltz was contemplating a “possible shakeup” at the beauty products company. The campaign would reportedly target CEO Fabrizio Freda.
$American Airlines (AAL.US)$ +3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Analyst Jamie Baker highlighted the company's attractive valuation and said the "Big 3" airlines, which encompasses American, Delta and United, are pulling away from the broader field of providers.
$Berkshire Hathaway-B (BRK.B.US)$ +1.4% in premarket after Buffett's company reported a 12.6% jump in operating earnings in the first quarter. The strong performance was driven by a rebound in the conglomerate's insurance business. Overall earnings also rose sharply thanks in part to gains in its equity portfolio, led by $Apple (AAPL.US)$.
Gapping down
$Tyson Foods (TSN.US)$ -9% after Tyson cut its annual sales outlook and posted an unexpected loss for its latest quarter, according to FactSet. It also warned of a 4% decrease from the previous year in domestic beef production and flat pork production.
$AMC Entertainment (AMC.US)$ -3% in the premarket after the movie theater chain said it reached an agreement to settle a shareholder class action against the conversion of AMC Preferred Equity Units into common company shares, as well as a reverse stock split. Investors approved the decision in March.
Source: CNBC
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