Seagen, Union Pacific and Tesla rise premarket; Pfizer falls
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, February 27th. Please refresh for updates.
Seagen (NASDAQ: SGEN) stock rose about 14% after the Wall Street Journal reported that drugs giant Pfizer (NYSE: PFE), down 1.1%, is in talks to buy the biogen company in a deal worth over $30 billion.
Tesla (NASDAQ: TSLA) stock rose 2.4% after the electric car company said its German plant is now producing 4,000 cars per week, three weeks ahead of schedule.
Union Pacific (NYSE: UNP) stock rose 9.4% after the transport company's CEO Lance Fritz said on Sunday he would step down this year, bowing to pressure for change from hedge fund Soroban Capital Partners.
Zillow (NASDAQ: ZG) stock rose 0.5% after JPMorgan started coverage of the real estate marketplace at 'overweight', saying its shares can rally nearly 20%.
Berkshire Hathaway B (NYSE: BRKb) stock rose 0.2% after Warren Buffett's holding company reported its highest ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter.
Shell (NYSE: SHEL) ADRs rose 0.3% after Goldman Sachs upgraded its investment stance on the energy giant to 'buy' from 'neutral', saying it has the highest quality combination of assets in the sector.
- Citigroup (NYSE: C) stock rose 0.2% after the U.S. bank announced it was expecting $190 million of costs tied to winding down its consumer and institutional banking business in Russia but will incur the charges through 2024.