Stocks Making Moves on Monday Morning (UNP,FSR,TSLA,ALB,FREE)
Several Wall Street research firms and economists suggest that recent indicators indicate the Federal Reserve may need to increase interest rates more than anticipated to control inflation, potentially increasing the risk of a recession. This has caused markets to adjust their projections for rates, with the expected range now being 5.25%-5.5%, which is about three-quarters of a point higher than the current level.
Fisker Inc. (NYSE:FSR) – Shares of Fisker, an electric vehicle startup, surged more than 27% after the company maintained its 2023 vehicle production target and reported that it spent less than expected in 2022. However, Fisker also posted a larger-than-expected loss and revenue miss for the fourth quarter, according to StreetAccount.
Tesla Inc. (NASDAQ:TSLA) – Shares of Tesla, the renowned electric vehicle maker, rose 4% following a Reuters report that the company’s Brandenburg, Germany plant hit a production rate of 4,000 vehicles per week ahead of schedule.
Albemarle Corporation (NYSE:ALB) – Albemarle, one of the world’s largest low-cost lithium suppliers, saw its shares rise more than 3% after being named a signature pick by Wells Fargo, which cited the company as their preferred growth name in chemicals.
Freyr Battery (NASDAQ:FREE) – The battery maker’s stock soared more than 10% after posting its fourth-quarter results. CEO Tom Jensen said in a statement that the company expects 2023 to be a transformative year as it moves into live battery production with its 24M licensing partners.
Seagen Inc. (NASDAQ:SGEN) – Shares of Seagen, a cancer drugmaker with a market value of about $30 billion, jumped by 9.9% after The Wall Street Journal reported that Pfizer is in early talks to acquire the company. However, there is no guarantee that a deal will be made, according to the report.
Nomad Foods Limited (NYSE:NOMD) – The frozen food company added 7% following an upgrade to buy from neutral by Goldman Sachs, which called the stock an “attractive investment opportunity.”
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