Stocks making the biggest moves before the bell: Boeing, Masimo, Cleveland-Cliffs, Baidu, Disney and more
Here’s a look at some companies making waves in premarket trading:
- The aerospace behemoth’s shares kicked up more than 2% following the news of CEO Dave Calhoun planning to retire at the close of the year. The company’s Board Chairman, Larry Kellner, is also stepping down.
- The shares of this medical technology firm surged nearly 12% after it disclosed late last Friday that it may spin-off its consumer segment. Furthermore, on Sunday, The Wall Street Journal reported that Quentin Koffey, an activist investor from Politan Capital Management, is aiming to secure two additional seats on Masimo’s board. Wells Fargo also upgraded the stock on Monday, highlighting the potential spin-off.
- The shares of this steel maker grew by 1.7% after the company confirmed it has secured funding from the Department of Energy on two initiatives. Cleveland-Cliffs is set to receive up to $575 million for decarbonization technology projects in Ohio and Pennsylvania.
Chipmakers – Intel
saw a roughly 3% decline in their shares in premarket trading, following a report from The Financial Times that new regulations in China will gradually replace U.S. processors in government computers and servers, effectively barring chips from both corporations. Nvidia’s situation is also tense following a Reuters report about rivals’ intentions to weaken its stronghold on artificial intelligence by focusing on software.
- The tech titan saw its shares rise 1.4% on the back of rumors about potential cooperation with Apple on AI services in China. However, Apple’s shares dropped by 0.6%.
- The media conglomerate saw its shares increase by 1.2% after Barclays upgraded the company to overweight from equal weight, foreseeing potential growth even after Disney’s stellar performance this year. Meanwhile, Blackwells Capital criticized Nelson Peltz in a public letter and urged shareholders to vote for its board nominees.
- The athletic footwear retailer’s shares surged by 2.9% after Evercore ISI raised its rating to outperform from in line, citing that Foot Locker is expanding its market share in the U.S. and Europe, with more positive progress expected throughout the next year.
Electric vehicle makers – Tesla
and Rivian
both saw their shares dip more than 1% after Mizuho Securities downgraded them to neutral, mentioning the industry’s dilemma between profitability and production escalation. Nio
, which was also given a neutral downgrade, suffered a 0.6% decline in share prices.
- The stock of this lawn care company fell 1.8% following a downgrade by Raymond James to market perform from strong buy. The downgrade was prompted by the recent rally pushing the stock into what Raymond James deems “fair value territory.”
