Midday stock moves: Berkshire Hathaway, Catalent, Tyson Foods, Zscaler, and more

Berkshire Hathaway

 — The conglomerate's A shares surged more than 1% after Warren Buffett's business reported solid results. Berkshire Hathaway announced a 12.6% increase in operating earnings in the first quarter, owing to a resurgence in the conglomerate's insurance sector, on Saturday. On Monday, the stock temporarily surpassed $500,000 per share.

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Catalent

 — Catalent shares plunged 25.9% after the company said it will delay the release of its fiscal third-quarter results and expects significant cuts to its 2023 guidance.

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Tyson Foods

 — Catalent shares fell 25.9% after the firm announced a delay in the presentation of its fiscal third-quarter results and that it expected significant reductions in its 2023 projection.

Zscaler

 — Shares fell 16.4% after the food manufacturing firm reported an unexpected loss in the most recent quarter and reduced its sales forecast for the year. Tyson Foods has revised its sales forecast for the year to between $53 billion and $54 billion.

Occidental Petroleum

 — The energy stock dropped nearly 3% after Warren Buffett dismissed concerns that Berkshire Hathaway would buy out the oil major. He stated that he had no idea what Berkshire would do with it. The "Oracle of Omaha" holds a 23.5% ownership in the firm and has been granted permission to acquire up to 50% of it.

PacWest

 - On Monday, the regional bank shares maintained a 3.7% increase. Shares began nearly 30% higher after PacWest cut its dividend but maintained that its company was "fundamentally sound." Other regional bank stocks also gave up some early gains, with Western Alliance up less than 1% after being recommended as a buy by Janney.

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Six Flags

 — Six Flags soared 18.6% as the regional theme park firm outperformed analysts' estimates in the first quarter. According to FactSet, Six Flags had a narrower-than-expected loss of 84 cents per share, compared to a per-share loss of 89 cents. Six Flags reported sales of $142.2 million, up from the $132.6 million expected, with CEO Selim Bassoul calling the figures "proof points" that the company's new approach is working.

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American Airlines

 — JPMorgan raised the company to overweight from neutral, causing shares to rise 3.5%. The business cited America's strengthening financial sheet and foreign exposure as advantages, as part of a long-term movement preferring "the Big 3" airlines — American, Delta, and United — over bargain carriers.

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Viatris

 — Shares rose almost 6% as the pharmaceutical business exceeded earnings estimates and reiterated full-year guidance, allowing investors to overlook disappointing revenue. Viatris reported $932.9 million in adjusted net income for the first quarter, above the FactSet consensus estimate of $835.8 million. However, sales came in at $3.72 billion, falling shy of Wall Street's projection of $3.8 billion.

AMC Entertainment

 — The popular movie theater chain and meme stock gained 0.2%. Over the weekend, the firm announced that it had struck a deal with shareholders to settle a class-action lawsuit over a proposed conversion of AMC Preferred Equity Units to common company shares.

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Fortinet

 — Shares of the cybersecurity firm rose 2.3% after Bank of America upgraded them to buy. Following its last quarterly report, the bank acknowledged the company's "strong fundamentals" as well as a "substantial price advantage over competition." Fortinet's stock has risen over 35% year to date.

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Scotts Miracle-Gro

 — JPMorgan raised the fertilizer firm to overweight from neutral, sending shares up more than 9%. At their present levels, the equities are considered "very reasonable investments" by the bank.