Stocks making the biggest moves midday: Tesla, Berkshire Hathaway, PayPal, Cinemark and more

Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022.

Patrick Pleu | Pool | via Reuters

Check out the companies making headlines in midday trading.

Tesla — The electric vehicle stock dropped nearly 3% after announcing the departure of its chief financial officer, Zach Kirkhorn. Tesla said it appointed Vaibhav Taneja to the position. Taneja will hold the role concurrently with his position as chief accounting officer.

BioNTech — U.S.-traded shares of the biotech firm slipped 9.1% after BioNTech reported disappointing revenue in the second quarter. The company earned 168 million euros in revenue, while analysts polled by Refinitiv expected 672 million euros.

Tyson Foods — Shares fell about 6% after a fiscal third-quarter earnings miss. The company reported adjusted earnings of 15 cents per share on $13.14 billion in revenue, while analysts polled by Refinitiv forecast earnings of 26 cents per share and $13.59 billion in revenue.

Berkshire Hathaway — Shares of Warren Buffett’s conglomerate rallied to a record high as investors cheered a strong quarter as well as its near-record cash hoard. Class A shares climbed more than 3% to hit an all-time high of $551,387 on an intraday basis, exceeding the conglomerate’s previous high from March 2022. Class B shares of Warren Buffett’s conglomerate rose about 3.4%, putting them on track to close at a record high.

Viatris — The pharmaceutical company added 6.6% after an earnings beat. The company reported adjusted net income and revenue that beat expectations for the second quarter. Viatris reported revenue of $3.92 billion, while analysts polled by StreetAccount called for $3.86 billion.

DaVita — The kidney dialysis services stock added 5.3% after UBS upgraded shares to buy from neutral Monday. Analyst Andrew Mok cited stronger patient growth as a driver.

Sovos Brands, Campbell Soup — Pasta sauce maker Sovos Brands rallied 25% following news that the Rao’s parent would be acquired by Campbell Soup. Campbell fell 1.3% to trade at its lowest share price in more than a year.

PayPal — PayPal stock climbed 2% after launching its first stablecoin, PayPal USD, backed by the U.S. dollar Monday. The move adds to PayPal’s broader offering of cryptocurrency services and is the first move into stablecoins from a major U.S. financial firm.

Palantir Technologies — Shares slipped nearly 5% ahead of second-quarter results. Analysts polled by FactSet are forecasting an adjusted 5 cents per share on $534.2 million in sales.

Cinemark — The movie theater stock added 1.7% following an upgrade from Morgan Stanley earlier Monday. Analyst Benjamin Swinburne said the success of blockbusters “Barbie” and “Oppenheimer” could help lift the stock as much as 35%.

— CNBC’s Yun Li, Alex Harring and Samantha Subin contributed reporting.

Source: CNBC