A Union Pacific locomotive crosses Highway 118 in Somis, California.
Stephen Osman | Los Angeles Times | Getty Images
Check out the companies making headlines in midday trading.
Union Pacific – Union Pacific’s stock nearly 10% after the company announced that its current CEO would step down in 2023. Bank of America upgraded the railroad operator to a buy from neutral rating, citing the leadership change.
Fisker – Shares of the electric vehicle startup surged more than 27% after Fisker maintained its 2023 vehicle production target and said it spent less than anticipated in 2022. To be sure, the company posted a larger-than-expected loss and revenue miss for the fourth quarter, according to StreetAccount.
Tesla – Shares of Tesla rose 4% following a Reuters report that the company’s Brandenburg, Germany plant of the electric vehicle maker hit a production rate of 4,000 vehicles per week ahead of schedule.
Albemarle — Albemarle shares popped more than 3% after Wells Fargo named it a signature pick, noting: “ALB remains our preferred growth name in chemicals, given its position as one of the world’s largest low-cost lithium suppliers.”
Freyr Battery — The battery maker’s stock soared more than 10% after posted fourth-quarter results. “We expect 2023 to be a truly exciting and transformative year for FREYR and our 24M licensing partners as we move into live battery production,” CEO Tom Jensen said in a statement.
Seagen — Shares jumped by 9.9% after The Wall Street Journal reported that Pfizer is in early talks to acquire the cancer drugmaker, which has a market value of about $30 billion. There is no guarantee there will be a deal, according to the report.
Nomad Foods — The frozen food company added 7% following an upgrade to buy from neutral by Goldman Sachs, which called the stock an “attractive investment opportunity.”
Frontier Communications — Shares rose 5.3% after Raymond James upgraded the telecom stock to strong buy from outperform. The upgrade…
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