Stock futures traded with modest gains Monday as Wall Street comes off its best week of the year, with the S&P 500 rising 5.9% on the increasing belief that the Federal Reserve is finished with hiking interest rates.
Berkshire Hathaway Reports Record Earnings
Conglomerate Shows Impressive Growth
Berkshire Hathaway’s (BRK.B) third-quarter operating earnings surged 40% to a record $10.8 billion after taxes. The conglomerate headed by Warren Buffett saw sharply higher insurance underwriting profits and increased investment income on its huge cash holdings. Overall, Berkshire Hathaway reported a third-quarter loss of $12.8 billion, wider than a year-earlier loss of $2.8 billion. The bottom-line results reflect paper investment gains and losses. Berkshire Hathaway held $157 billion of cash and investments at the end of the third quarter, a record. Berkshire Hathaway’s class B shares rose 0.5% in premarket trading.
Tesla Takes Steps Towards Positive Change
Electric-Vehicle Maker Makes Key Moves
Tesla (TSLA) was rising 2.7% in premarket trading. The electric-vehicle maker is raising pay for factory workers at Tesla’s Gigafactory on the outskirts of Berlin. Tesla has been under pressure from Germany’s IG Metall union, which is trying to organize the plant and get Tesla to agree to a union contract, The Wall Street Journal reported.
Corporate Earnings Report Roundup
This week, a number of major companies will be releasing their fiscal fourth-quarter earnings reports. The highlight of the week will be the report from Walt Disney (DIS) on Wednesday. Notably, Nelson Peltz’s investment firm Trian Fund Management has relaunched its campaign against the entertainment and media conglomerate, garnering support from former Marvel Chairman Isaac Perlmutter.
Here are some other companies that are expected to release their earnings reports:
- BioNTech (BNTX)
- Dish Network (DISH)
- Vertex Pharmaceuticals (VRTX)
- NXP Semiconductors (NXPI)
- Diamondback Energy (FANG)
- International Flavors & Fragrances (IFF)
- Goodyear Tire & Rubber (GT)
Later in the Week
- Uber Technologies (UBER)
- Occidental Petroleum (OXY)
- Gilead Sciences (GILD)
- D.R. Horton (DHI)
- eBay (EBAY)
- Emerson Electric (EMR)
- Datadog (DDOG)
- Biogen (BIIB)
- Warner Bros. Discovery (WBD)
- Take-Two Interactive Software (TTWO)
- MGM Resorts (MGM)
- Roblox (RBLX)
- Sony (SONY)
- Li Auto (LI)
- Trade Desk (TTD)
- Kellanova (K)
Stay tuned for the latest updates!