Seagen, Li Auto, Union Pacific, Berkshire Hathaway, and More Stock Market Movers

Text size

Stock futures rose Monday following the worst week on Wall Street this year.

These stocks were poised to make moves Monday:

Seagen

(SGEN) was rising 12.5% in premarket trading to $181.30 following a report from The Wall Street Journal that said

Pfizer

(PFE) was in discussions to acquire the biotechnology company in a deal that could be worth more than $30 billion. The talks are still at an early stage and there is no guarantee of a transaction, the Journal reported, citing people familiar with the matter. Pfizer declined 1.9%.

American depositary receipts of

Li Auto

(LI) gained 4.5% after the Chinese electric-vehicle company’s fourth-quarter earnings beat analysts’ estimates and said it expects first-quarter deliveries to rise as much as 73% from a year earlier.

Union Pacific

(UNP) rose 5.8% after saying it plans to name a new chief executive this year, following pressure from New York hedge fund Soroban Capital Partners to oust Lance Fritz from the job. “The board is seeking a CEO with a strong track record of success and expertise across safety, operational excellence, enhancing and driving customer service, innovation, employee culture and sustainability,” Union Pacific said in a statement.

The $5.4 billion acquisition of TV broadcaster

Tegna

(TGNA) by hedge fund Standard General will be examined by an administrative law judge, according to the Federal Communications Commission. Tegna shares dropped 22.4% in premarket trading.

Warren Buffett’s

Berkshire Hathaway

(BRK.B) was down slightly after operating earnings declined 8% in the fourth quarter to $6.7 billion, hurt by a drop in profit at the company’s railroad business and a decline in the U.S. dollar.

Earnings reports are expected after the closing bell Monday from

Occidental Petroleum

(OXY),

Zoom Video Communications

(ZM), and

Workday

(WDAY).

Write to Joe Woelfel at joseph.woelfel@barrons.com