In premarket trading, various companies made headlines. Boeing’s shares rose more than 2% after the announcement that CEO Dave Calhoun would be stepping down at the end of the year, along with Board Chairman Larry Kellner. Medical technology company Masimo saw a nearly 12% increase in shares after revealing plans to potentially spin off its consumer business. Activist investor Quentin Koffey of Politan Capital Management is reportedly planning to fight for two more board seats at Masimo. Cleveland-Cliffs, a steel producer, gained 1.7% after securing funding from the Department of Energy for decarbonization projects. Chipmakers Intel and AMD both lost about 3% after news that China would phase out U.S. processors in government computers, impacting both companies.
Nvidia also faced pressure due to competitors targeting the company’s dominance in artificial intelligence software. Baidu’s shares climbed 1.4% following reports of potential collaboration with Apple on AI services in China. Disney received a 1.2% boost after Barclays upgraded the media company, citing further upside potential. Blackwells Capital released a letter criticizing Nelson Peltz and urging shareholders to vote for its own board nominees. Foot Locker rose 2.9% after being upgraded to outperform by Evercore ISI, with positive developments expected in the coming year. Electric vehicle makers Tesla and Rivian fell over 1% after a downgrade from Mizuho Securities due to concerns about profitability and production ramp-up. Nio, also downgraded, slipped by 0.6%.
Scotts Miracle-Gro, a lawn care stock, dropped 1.8% following a downgrade from Raymond James to market perform from strong buy. Raymond James stated that the recent rally had pushed the stock into “fair value territory.” Overall, market movements in premarket trading were mixed, with various companies experiencing both gains and losses. Investors are closely monitoring developments in the technology, automotive, and retail sectors, as well as potential partnerships and collaborations between companies in different industries. The ongoing shifts in premarket trading reflect the fluid nature of the market and the impact of external factors on individual companies. It is essential for investors to stay informed and react strategically to the changing market conditions to maximize their investment potential.
