Check out the companies making headlines in pre-market trading. Boeing — Shares of Boeing rose more than 2% after the aerospace giant announced that Chief Executive Dave Calhoun would step down at the end of the year. Board Chairman Larry Kellner will also resign. Masimo — Shares of Masimo surged nearly 12% after the medical technology company announced late Friday that it was considering spinning off its consumer business. On Sunday, the Wall Street Journal reported that Quentin Koffey, an activist investor at Politan Capital Management, plans to seek two more seats on Masimo’s board. Separately, Wells Fargo upgraded its rating on the stock on Monday, citing the potential separation of the businesses. CLEVELAND – The steelmaker’s shares rose 1.7% after the steelmaker announced it had won negotiations to award funding for two Department of Energy projects. Cleveland-Cliffs could receive up to $575 million in funding for decarbonization technology projects at its plants in Ohio and Pennsylvania. Chipmakers – Shares of Intel and Advanced Micro Devices were trading premarket after the Financial Times reported that new Chinese guidelines would phase out U.S. processors in government computers and servers, preventing the two companies from producing chips. Both fell about 3%. Nvidia also came under pressure after Reuters reported that rivals planned to loosen the company’s control over artificial intelligence by targeting software. Baidu — Shares of Baidu rose 1.4% on news that Baidu is in talks with Apple about a potential collaboration on artificial intelligence services in China. Apple shares fell 0.6%. Disney — Shares of the media company rose 1.2% after Barclays upgraded the media company to overweight from equal weight and said the company has performed well this year but still has room to rise further. Separately, Blackwells Capital also issued a letter criticizing Nelson Peltz and urging shareholders to vote for their own board nominee. Foot Locker — Shares of the footwear retailer rose 2.9% after Evercore ISI upgraded the stock to outperform from perform. Foot Locker is growing market share in the U.S. and Europe and should see more positive developments in the year ahead, Evercore said. Electric vehicle makers – Tesla and Rivian both fell more than 1% after Mizuho Securities downgraded their ratings to neutral, saying the industry faces a “Catch-22” as it weighs profitability and production growth. ”. NIO’s rating was also downgraded to neutral, down 0.6%. Scotts Miracle-Gro — Lawn care stocks fell 1.8% after Raymond James downgraded the stock to market perform from strong buy. Raymond James said the stock’s recent gains have put it into “fair value territory.” —CNBC’s Jesse Pound, Tanaya Macheel, Michelle Fox, Brian Evans and Sarah Min contributed reporting
