Best Buy, Seagen, Union Pacific, And More Make Big Moves Premarket

Take a look at the companies making headlines before the bell rings.

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Union Pacific

Shares of the company rose by 9.5% after the company announced that its CEO Lance Fritz would have a successor named by the end of this year. Upon hearing the news, Bank of America upgraded the stock from a neutral rating to a buy rating.

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Seagen

After Trade Algo reported that Pfizer is in talks to take over the cancer drugmaker, which has a market value of about $30 billion, its shares soared by 14.9%.

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Best Buy

Telsey Advisory Group downgraded the retailer from outperforming to market performance in the premarket, which resulted in a 1.5% decline in the retailer's shares. Best Buy's sales and profits are expected to drop in 2023 due to high inflation and rising interest rates, a Wall Street firm said.

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Berkshire Hathaway

Following a report Saturday that its operating profits declined amid inflationary pressures, Warren Buffett's conglomerate could be active in premarket trading. In the last quarter, Berkshire Hathaway's operating earnings were $6.7 billion, a reduction of 7.9% from the year before. During the quarter, $2.855 billion was used by the Omaha-based company to buy back shares from its shareholders.

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Viatris

In response to the company's fourth-quarter results, the stock fell by 1.5%. Its adjusted net income for the period came in at $823 million, which was below the StreetAccount estimate of $850.4 million for the period. Viatris also announced that former Celgene COO Scott Smith would take over as CEO of the company, with effect from April 1.

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Alliant Energy

The company's shares have lost more than 3% since the company announced that it intends to offer $500 million in convertible senior notes due in 2026. The net proceeds from the offering may be used for general purposes such as loan repayment or refinancing, working capital and investment, and share repurchases, Alliant said.