Take a look at some of the biggest movers in the premarket:
Berkshire Hathaway (BRK.B) – Berkshire saw operating profit drop by 23% for its latest quarter, but surging stock prices for its holdings like Apple (AAPL) led to record full-year earnings. Berkshire’s Warren Buffett is a guest for all three hours of this morning’s edition of CNBC’s “Squawk Box.”
Wells Fargo (WFC) – Wells Fargo will pay $3 billion to settle fraudulent sales practices probes by the Securities and Exchange Commission and the Justice Department. The bank also said it will continue to cooperate with any ongoing investigations.
Goldman Sachs (GS) – Goldman Sachs units in Malaysia pleaded not guilty to misleading investors in the sale of $6.5 billion in bonds for the state-run 1MDB fund. The Justice Department has estimated that $4.5 billion was misappropriated from the fund between 2009 and 2014.
PepsiCo (PEP) – The beverage and snack giant agreed to buy China snack maker Be & Cheery from its Chinese owner Haoxiangni Health Food for $705 million.
Beyond Meat (BYND) – Beyond Meat and Impossible Foods have a new plant-based burger challenger: privately held Cargill, which plans to launch its own plant-based patties in April.
Xperi Corp. (XPER) – Xperi received an unsolicited buyout offer from private-equity firm Metis Ventures for $1.16 billion in cash, or $23.30 per share. The Delaware-based tech licensing firm already has a deal in place to merge with set-top box maker TiVo (TIVO) and said it cannot conclude that the Metis proposal will lead to a superior offer.
Intuit (INTU) – Intuit is near a deal to buy privately held credit-monitoring firm Credit Karma for about $7 billion in cash and stock, according to The Wall Street Journal. Intuit – the company behind TurboTax and QuickBooks – would operate Credit Karma as a standalone unit.
Blackstone (BX) – Blackstone said it would raise its bid for Japan hotel chain Unizo to 6,000 yen per share, 5.2% higher than a bid by U.S. investment firm Lone Star. Blackstone said it would go ahead with the offer only if Unizo agrees with Blackstone’s conditions by April 30.
Keurig Dr Pepper (KDP) – Morgan Stanley upgraded the stock to “equal-weight” from “underweight,” following significant underperformance relative to peers like Coca-Cola (KO) and PepsiCo (PEP). The firm said the valuation now better reflects the company’s growth and risk profile compared to rivals.
Aurora Cannabis (ACB), Tilray (TLRY) – Cowen downgraded the cannabis stocks to “market perform” from “outperform” due to its increasingly cautious outlook for cannabis sales in Canada. Cowen said headwinds facing the industry are not fading as previously anticipated, and adds that Canopy Growth (CGC) remains its only “outperform”-rated stock among cannabis producers.