Hot Stocks: JNJ rises on news of a repurchase, TSM advances, UNP declines on a downgrade, and CSGP also drops

Following the announcement of a stock repurchase programme, Johnson & Johnson (NYSE:JNJ) saw its share price increase. Apple (AAPL) is rumoured to be adopting Taiwan Semiconductor Manufacturing Company's (NYSE:TSM) most recent chip technology in some of its products next year, which boosts the company's stock price.

In early trade, Union Pacific Corporation (NYSE:UNP) fell following the railroad company's downgrading. In addition, CoStar Group, Inc. (NASDAQ:CSGP) shares have decreased since the company disclosed plans to sell common stock in a public offering.

Gainers

The pharmaceutical behemoth Johnson & Johnson (JNJ) has dipped up 0.9% in premarket trade after announcing that its board has approved the purchase of up to $5 billion worth of ordinary stock. JNJ further added that the buyback programme has no set duration and is subject to interruption or termination at any time.

Taiwan Semiconductor Manufacturing Company (TSM) increased 0.5% in the opening minutes of trading. The semiconductor company profited when Apple (AAPL) announced plans to employ TSM's most recent chip manufacturing technology in its iPhones and Macbooks in 2019.

Decliners

Early market trade has seen a 2.1% fall in CoStar Group, Inc. (CSGP) shares. CSGP fell as the company disclosed a $750 million public offering of its common shares in line with its inclusion in the S&P 500 Index.

After being downgraded, Union Pacific Corporation (UNP) slipped further into the red. UNP is down 2.7% as Bernstein no longer believes the stock will rise. The market needs to adapt to considerations like "reality of reduced volumes, slowdown in price tailwinds, and increased inflation," according to Bernstein's downgrading.