Take a look at some of the biggest movers in the premarket:
Tyson Foods (TSN) – The beef and poultry producer reported quarterly earnings of 77 cents per share, compared to a consensus estimate of $1.04 a share. Revenue also came in below forecasts, with Tyson saying it faced multiple challenges due to the Covid-19 pandemic and cannot say how long those challenges may last.
Berkshire Hathaway (BRKB) – Berkshire sold its entire stake in the four largest U.S. airlines – Delta (DAL), American (AAL), United (UAL), and Southwest (LUV). Chairman and CEO Warren Buffett said it could be years before airline passenger levels return to where they were prior to the Covid-19 outbreak. Berkshire also posted a record quarterly loss of nearly $50 billion, with the coronavirus having impacts ranging from minor to severe in Berkshire's more than 90 business units.
Gilead Sciences (GILD) – Gilead received emergency Food and Drug Administration approval for use of its drug remdesivir to treat Covid-19 patients. That followed studies showing it shortened recovery time.
Constellation Brands (STZ) – Constellation exercised warrants that raises the spirit maker's stake in cannabis producer Canopy Growth (CGC) to 38.6%, saying it sees the long-term opportunity in the cannabis industry as substantial.
Walt Disney (DIS) – Moffett Nathanson downgraded Disney shares to "neutral" from "buy," pointing to economic pressures stemming from the Covid-19 outbreak.
Intel (INTC) – The chipmaker is in advanced talks to buy Israeli app developer Moovit for $1 billion, according to the financial news website Calcalist. Moovit is the company behind a free public transit app that operates in 100 countries.
Comcast (CMCSA) – Comcast's NBCUniversal unit is weighing significant cost-cutting actions across its media and entertainment properties, according to a Wall Street Journal report. Comcast is the parent of NBCUniversal and CNBC.
Uber Technologies (UBER) – Uber will have to face a lawsuit alleging that the ride-hailing service engaged in anticompetitive practices that drove rival Sidecar Technologies out of business. A judge ruled Sidecar's allegations were "sufficiently plausible" to allow the suit to go forward.
Ford (F), General Motors (GM), Fiat Chrysler (FCAU), and Toyota (TM) – Automakers are on watch after AutoData reported that U.S. auto sales came in at an annual rate of 8.6 million vehicles for April, compared to 16.52 million a year ago. That represents a 48% plunge to the lowest rate since AutoData began calculating monthly sales rates in 1980. Separately, Ford COO James Farley bought $1 million in Ford shares on April 30, according to a Securities and Exchange Commission filing.
Hertz (HTZ) – Hertz has until today to either pay $500 million dollars or obtain a waiver, according to a report in the New York Post. If it fails to do so, the report said the car rental company would likely file for bankruptcy within a matter of days.
ConocoPhillips (COP) – Goldman Sachs added the stock to its "Conviction Buy" list, saying it sees energy industry fundamentals bottoming and that the stock is attractively priced among other reasons.
Big Lots (BIG) – Telsey Advisory Group upgraded the discount retailer's stock to "outperform" from "market perform," citing confidence in the company's strategic transformation plan as well as its solid financial position.