Stocks on the Move: Berkshire Hathaway, R1 RCM, Freshpet, HashiCorp, and More
The midday trading session has been buzzing with activity as several companies capture attention with their stock performance. Here’s a summary of the stocks making the biggest moves:
Berkshire Hathaway
Berkshire Hathaway’s Class B shares experienced a slight dip of 1.9% during intraday trading. However, earlier in the session, the conglomerate’s stock had reached all-time highs following strong operating earnings in the fourth quarter.
R1 RCM
Major holders of R1 RCM, a health-care payment tech company, have indicated that they are considering strategic alternatives, including the possibility of taking R1 RCM private. This news sent the company’s shares soaring by 25.1%.
Freshpet
Shares of pet food company Freshpet surged by 19.7%. In the fourth quarter, Freshpet posted adjusted earnings before interest, taxes, depreciation, and amortization of $31.3 million, surpassing the FactSet consensus estimate of $27.4 million. The company’s revenue of $215.4 million also exceeded the projected $204.6 million.
HashiCorp
HashiCorp, a software company, experienced a significant jump of 14% after Morgan Stanley upgraded its stock rating to overweight from equal weight. The bank believes HashiCorp will benefit from the resurgence of cloud initiatives.
Pilgrim’s Pride
Meat processing company Pilgrim’s Pride exceeded Wall Street’s expectations for the fourth quarter, causing its shares to climb by 8%. Pilgrim’s Pride reported earnings of 59 cents per share (excluding items) on $4.53 billion in revenue. Analysts surveyed by FactSet had predicted earnings of 43 cents per share on $4.48 billion in revenue for the period.
Domino’s Pizza
Domino’s Pizza announced a 25% increase in its dividend, which will be paid on March 29. This news led to a 5.9% rise in the company’s shares. Additionally, Domino’s board authorized an additional share repurchase program of up to $1 billion.
Amer Sports
Athletic retailer Amer Sports saw a 3.6% increase in its stock value following bullish calls from Wall Street analysts. Expectations of upside potential for brands such as Wilson and Arc’teryx, which recently went public, contributed to the positive sentiment.
Micron Technology
Shares of semiconductor manufacturer Micron Technology rose by 4% due to artificial intelligence-related tailwinds. The company announced that it will begin mass production of its high bandwidth memory 3E solution, which consumes 30% less power than competitors. This technology provides data centers with the memory bandwidth to seamlessly adapt their AI applications.
Moderna
Moderna, a vaccine maker, experienced a 2.5% decline in its stock value after being downgraded to reduce from hold by HSBC. According to HSBC, Moderna’s RSV vaccine appears to be less effective than competitors, which could potentially impact future growth.
Alcoa
Aluminum maker Alcoa saw a 4.5% slide in its stock value as it announced its agreement to acquire Australian joint venture partner Alumina Limited for approximately $2.2 billion in an all-stock transaction.
Fluence Energy
Susquehanna Financial upgraded energy storage stock Fluence Energy to positive from neutral, stating that recent stock weakness presents an attractive entry point. As a result, shares popped by 7.9%.
Fresh Del Monte Produce
Shares of agriculture company Fresh Del Monte Produce fell by 3% after reporting quarterly results that fell short of expectations. Adjusted earnings per share for the fourth quarter were 25 cents, lower than the anticipated 31 cents per share. Additionally, revenue of $1.01 billion was slightly below the consensus estimate of $1.03 billion.
PPG Industries
PPG Industries announced that it is reviewing strategic alternatives for its architectural coatings business in the U.S. and Canada. This news resulted in a 1.4% dip in the company’s shares.
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