Activision Blizzard (ATVI) – Activision shares jumped 2.7% in early trading after Warren Buffett told the Berkshire annual meeting that the company had increased its stake in the video game maker. Bilibili (BILI) – Shares of China-based online gaming company fell 4.2% in premarket after Jefferies cut its price target to $ 51.30 from $ 61.50 per share, citing a recent downturn Bilibili revenue due to the resurgence of Covid cases in China. Moody’s (MCO) – The credit rating firm lost its valuation by a penny per share, with quarterly earnings of $ 2.89 per share. Revenue was slightly above analysts’ forecasts. Moody’s also cut its full-year earnings outlook due to its expectation of continued market volatility and the stock fell 3.6% in the pre-market. Global Payments (GPN) – The payment technology company reported quarterly earnings of $ 2.07 per share, exceeding estimates by 3 cents per share. Revenue also exceeded analysts’ forecasts. The company also said it was making progress with a strategic review of its Netspend consumer activity. Berkshire Hathaway (BRK.B) – Berkshire had a mixed quarter, with first-quarter earnings outpacing estimates as revenue fell short of Wall Street forecasts. Earnings were down from a year earlier due to the stock market turmoil and rising insurance claims. HSBC (HSBC) – HSBC is under pressure from its largest shareholder – China-based insurance company Ping An – to disband, according to a source familiar with the matter who spoke to Reuters. Ping An is said to have presented its liquidation plan to the bank’s board of directors. Moderna (MRNA) – Moderna said its Covid-19 vaccine for children under 6 would be ready for testing by a Food and Drug Administration committee when it meets in June. Moderna applied for an emergency medical license last week. China EV Makers – Li Auto (LI) and Nio (NIO) reported a drop in April deliveries compared to a year ago, saying production was hit by Covid’s resurgence in China. Competitive Xpeng (XPEV), however, reported an increase in deliveries compared to April 2021. Li Auto fell 1.7% in the premarket while Nio lost 2%.
