Berkshire Hathaway and Micron Technology gained after strong earnings reports. Spirit Airlines dropped due to losses, while Paramount rose amid acquisition talks. U.S. Steel, EHang Holdings, Bausch + Lomb, and Coinbase saw gains based on analyst upgrades. Tyson Foods fell despite beating earnings estimates, and Medical Properties Trust lost ground due to a major tenant's bankruptcy. Li Auto and Victoria's Secret reported positive news, moving their stocks up and down, respectively.
Berkshire Hathaway sold off all its shares in Paramount at a loss. Warren Buffett admitted full responsibility for the decision. Paramount's stock has been declining since Berkshire first invested in 2022 due to issues such as a dividend cut and CEO exit. The company's struggles in the face of declining traditional pay-TV and competition in streaming led Buffett to question consumer priorities and the oversaturation in the streaming industry.
Paramount Global reported a quarterly profit but missed revenue expectations, with advertising and filmed entertainment underperforming. Paramount+ streaming service saw strong growth to 67.5 million subscribers and posted significant revenue increases, aiming for profitability in 2025. The company is considering sale options, but talks with Warner Bros. Discovery have stalled. Recent layoffs impacted 800 employees amidst declining TV media revenue.
