Tesla, Seagen, Fisker and Union Pacific shares pop — and more stock-market movers

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Here are some of the most active stocks in morning trading Monday, as the S&P 500 was headed higher.

Union Pacific’s stock was up more than 9% in morning action and leading S&P 500 gainers after the railroad agreed to oust its chief executive, just hours after a New York hedge fund urged it to do so. BofA Securities analyst Ken Hoexter upgraded the stock after the move, citing his “increased confidence in a path to operational improvement.”

Tesla Inc. shares were moving nearly 4% higher in morning trading. Investor Ross Gerber said in a late-Friday tweet that he would drop his bid for a spot on the electric-vehicle giant’s board of directors.

Shares of energy companies Coterra Energy Inc. and EQT Corp. were each off about 2% and on pace to be the biggest losers in the S&P 500 for the day.

Broadmark Realty Capital shares jumped 17% to nearly $5 after Ready Capital agreed to buy the company in a deal in which Broadmark shareholders will get 0.47 shares of Ready Capital stock. Ready Capital shares plunged 13.5% to just under $11.

FuboTV shares were falling 15%, though the streaming service reported a narrower-than-expected fourth-quarter loss on better-than-forecast revenue. Chief Executive David Gandler said on the company’s earnings call that FuboTV “raised gross proceeds of approximately $68.1 million this morning in block trades at a negotiated discount to Friday’s closing price” through an at-the-market program, according to a transcript provided by AlphaSense/Sentieo.

In other earnings news, shares of Fisker Inc. were surging 24% after the automotive company logged a wider loss than analysts were modeling but maintained its 2023 forecast for production.

Seagen shares climbed 12% after The Wall Street Journal reported Pfizer was in talks to buy the cancer biotech for a premium to its $30 billion market cap. Pfizer’s stock fell 1%.

Tegna shares dropped 23% after the Federal Communications Commission said it would hold a hearing on the TV broadcaster’s deal with hedge fund Standard General.

Shares of Frontier Communications Parent Inc. were up 5% after Raymond James analyst Frank Louthan IV upgraded the name to strong buy from outperform, citing “impressive” fourth-quarter numbers “and continued execution on its post-bankruptcy plan to future-proof itself for a modern customer base.”

Coursera Inc. shares were falling 7% in morning activity after Truist Securities analyst Terry Tillman downgraded the stock to hold from buy, writing that the company’s incremental expenses as discussed in its latest earnings report could pressure its profitability goals and deter some new investors.

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