The latest news in premarket trading is causing a stir in the stock market as several companies are making headlines with significant changes and updates. Here’s a breakdown of what’s been happening:
Boeing – The aerospace giant saw its shares rise over 2% after the announcement that CEO Dave Calhoun will be stepping down by the end of the year, with Board Chairman Larry Kellner also resigning.
Masimo – Shares of this medical technology company soared nearly 12% following the news that they are considering a spinoff of their consumer business. Activist investor Quentin Koffey of Politan Capital Management is reportedly planning to fight for two more seats on Masimo’s board.
Cleveland-Cliffs – The steel producer saw a 1.7% increase after winning award negotiations for funding from the Department of Energy on two projects related to decarbonization technology at their facilities in Ohio and Pennsylvania.
Chipmakers – Shares of Intel and Advanced Micro Devices both lost about 3% premarket due to new guidelines in China phasing out U.S. processors in government computers and servers. Nvidia also faced pressure following reports of competitors targeting its dominant position in artificial intelligence.
Baidu – The technology company’s shares climbed 1.4% after news of potential collaboration with Apple on artificial intelligence services in China.
Disney – Shares rose 1.2% after Barclays upgraded the media company, predicting further upside despite already strong performance. Additionally, Blackwells Capital released a letter criticizing Nelson Peltz and urging shareholders to vote for their own board nominees.
Foot Locker – The shoe retailer saw a 2.9% increase after being upgraded to outperform, with expectations of gaining more share in the U.S. and Europe.
Electric vehicle makers – Tesla, Rivian, and Nio all faced downgrades to neutral from Mizuho Securities, citing challenges in balancing profitability and production ramp-up in the industry.
Scotts Miracle-Gro – The lawn care stock dropped 1.8% following a downgrade to market perform from strong buy by Raymond James.
Overall, the stock market is experiencing some significant movements in premarket trading, with companies across various sectors seeing both positive and negative shifts. Stay tuned for more updates on these developments as they unfold.
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