Today's Pre-Market Stock Movers: LI, UNP, SGEN, BBY and More
Gapping up
$Union Pacific (UNP.US)$ +9.5% (The company said CEO Lance Fritz would have a successor named this year. Bank of America upgraded the stock to buy from neutral following the news.)
$Seagen (SGEN.US)$ +14.9% (The Wall Street Journal reported that Pfizer is in talks to acquire the cancer drugmaker, which has a market value of about $30 billion.)
$Berkshire Hathaway-B (BRK.B.US)$ +0.32% (The company reported Saturday that its operating profits fell during the fourth quarter amid inflationary pressures. Berkshire’s operating earnings totaled $6.7 billion last quarter, down 7.9% from a year ago. The Omaha-based company used $2.855 billion to buy back shares in the quarter.)
$Li Auto (LI.US)$ +5.9% (The Chinese electric-vehicle company's fourth-quarter earnings and sales beat analysts' estimates and said it expects first-quarter deliveries to rise as much as 73% from a year earlier.)
Gapping down
$Best Buy (BBY.US)$ -1.5% (The company was downgraded to market perform from outperform by Telsey Advisory Group. The Wall Street firm said it expects high inflation and rising interest rates to weigh on Best Buy’s 2023 sales and profits.)
$Viatris (VTRS.US)$ -1.5% (Adjusted net income for the period came in at $823 million, below a StreetAccount forecast of $850.4 million. Viatris also said former Celgene COO Scott Smith would take over as CEO, effective April 1.)
$Alliant Energy (LNT.US)$ -3% (The company reported that it intends to offer $500 million of its convertible senior notes due 2026. Net proceeds from the offering may be used for general purposes such as repayment or refinancing of debt, working capital and investments and repurchases, Alliant said.)
Source: Dow Jones, CNBC
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