Market Open: May 6, 2024
Stocks opening higher across the major indexes after Friday’s jobs data renewed hopes of rate cuts from the Federal Reserve. Some of the stocks making the biggest moves at the bell. Berkshire Hathaway, the Warren Buffett LED conglomerate, is up after posting 39% year over year profit growth and saying it has almost $200 billion in cash on hand. Paramount is also up at the open after reports that it has begun formal negotiations over potential acquisition by Sony Pictures and private equity from Apollo. This comes after Paramount’s exclusive negotiating window with Sky Dance ended on Friday. Starbucks is also rallying a bit after a LinkedIn post from former CEO Howard Schultz, who said the company needs to fix its US operations. The Schultz letter comes after the coffee chain issued weaker than expected earnings last week and Victoria’s Secret dropping almost 5% in early trading after Morgan Stanley downgraded the intimate apparel stock, predicting a tough second-half of the year for specialty retail. For CNBC business news, I’m Silvana Hana.