Stocks Making the Biggest Premarket Moves: Sovos Brands, Biontech, Tyson Foods and More

Check out the companies making headlines before the bell Monday.

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Tyson Foods:Tyson Foods witnessed a decline of over 7% as the food processing company's fiscal third-quarter report fell short of estimates on both revenue and earnings. Tyson reported adjusted earnings per share of 15 cents on $13.14 billion in revenue, below analysts' projections of 26 cents per share on $13.59 billion in revenue. The company experienced a year-over-year decline in sales.

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Tesla:Tesla's shares experienced a 1% decline in pre-market trading subsequent to the announcement of Zachary Kirkhorn's departure as Chief Financial Officer. The company has named Vaibhav Taneja, currently serving as the accounting chief, to take over the role.

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DaVita:Shares of the dialysis company, DaVita, rose by over 1% following an upgrade from UBS, which elevated the stock from neutral to buy. UBS highlighted favorable factors supporting its optimistic earnings estimates and contrarian buy rating in its client note.

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Sovos Brands:Shares of Sovos Brands, the parent company of Rao's, surged by 25% in pre-market trading after Campbell Soup, a prominent food giant, announced its acquisition of the pasta sauce maker for $2.33 billion. Campbell Soup's offer of $23 per share represented a 27.6% premium over Sovos Brands' last closing price. However, Campbell Soup shares dipped by 1.6%.

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DraftKings:DraftKings saw a 1.5% increase in pre-market trading after Wells Fargo upgraded the sports betting app from neutral to overweight. Wells Fargo cited DraftKings' accelerating EBITDA growth and operational momentum as key drivers behind the upgrade.

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Berkshire Hathaway:In pre-market trading, Class B shares of Berkshire Hathaway, led by Warren Buffett, rose by over 1% as the company reported a substantial rise in second-quarter operating earnings. The boost was attributed to an increase in insurance underwriting and investment income. The conglomerate's cash reserve also expanded to nearly $150 billion, surpassing the $130.616 billion recorded in the first quarter.

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BioNTech:BioNTech, Pfizer's partner in Covid-19 vaccine development, observed a 4.9% decline in shares as the company reported lower-than-expected revenue for the second quarter. Analysts anticipated revenue of €672 million, while BioNTech reported €168 million. The company also revealed a reduction in its projected research and development budget for the year.

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KKR:Shares of investment firm KKR gained over 1% in pre-market trading after the company surpassed analysts' expectations with its adjusted earnings for the second quarter. KKR also noted a 6% year-over-year growth in assets under management. Additionally, the firm announced its minority stake acquisition in the German space company OHB.

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Nikola:Electric truck maker Nikola's shares advanced by 7% during early morning trading, partially recovering from a 26% drop in the previous session. The decline followed news of lower-than-anticipated second-quarter sales and the departure of the company's CEO.

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Viatris:Viatris' shares saw an increase of more than 2% before the market opened. The company posted adjusted net income and revenues that exceeded Wall Street's expectations for the second quarter. Viatris also reiterated its full-year guidance, reporting revenue of $3.92 billion, surpassing analysts' estimated $3.86 billion.

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