Sears Holdings Corp (OTCMKTS:SHLDQ) sank Tuesday after news reports indicated that the 126-year-old department store chain will liquidate after it rejected an offer from Chairman Eddie Lampert.
Lampert’s $4.4 billion bid to buy the company out of bankruptcy through his hedge fund was rejected by the company’s advisers as insufficient, CNBC reported.
Sears tumbled $0.09, or almost 30%, to $0.21 on Tuesday.
Union Pacific Corp (NYSE:UNP) rallied after the company appointed Jim Vena as chief operating officer. Vena previously worked for Canadian National Railway (NYSE:CNI ) (TSE:CNR). He will take on the role from January 14.
The stock got a boost as Cowen & Co upgraded the shares to Buy and set a price target of $178.
Union Pacific increased $11.38, or 8.2%, to $150.03.
Highlights for the company included gains in its urology and pelvic health segment and its cardiovascular business.
The stock rose $0.37, or 1.1%, to $34.81.
Monster Beverage Corp (NASDAQ:MNST) was the biggest winner on the Nasdaq after SunTrust Banks Inc (NYSE:STI) upgraded the company to Buy from Hold.
The shares of Monster Beverage climbed $3, or 6%, to $52.75.
Elsewhere, Lennar Corp (NYSE:LEN), the Miami-based home construction company, saw its shares gain $0.40, or almost 1%, to $42.82 after KeyBanc, a unit of KeyCorp (NYSE:KEY) upgraded it to Overweight from Sector Weight.
KeyBanc also announced a $50 per share price target.
7:55AM: Union Pacific stock rolls higher, while Tesla shares gain on news of Ellison stake
Union Pacific Corp (NYSE:UNP) was a notable mover after hours, with the stock rolling up over 8% to $149.79.
It comes as the group appointed a new chief operating officer in the shape of industry veteran Jim Vena, who previously worked for Canadian National Railway.
He will take on the role with effect from January 14.
In addition today, Cowen & Co has upgraded the shares to Buy and set a price target of $178.
KeyBanc also announced a $50 per share price target for the home construction company.
Also in the news in pre-market New York, is South Korean tech giant Samsung, which has warned of a 29% drop in quarterly operating profit as demand for smartphones and memory chips declines.
It marks the first quarterly profit drop in two years.
Samsung (KRX:005930) shares are down 1.68%.
Tesla (NASDAQ:TSLA) shares are up 1.80% in pre-market at $341 each, having risen 5.44% yesterday.
Ellison is a friend of Tesla CEO Elon Musk and joined the electric car maker’s board in December last year.