Check out the companies making the biggest moves in premarket trading: Boeing – The aerospace stock added 1.5% after being upgraded to buy from holding by Deutsche Bank. The bank noted Boeing’s acceleration of aircraft deliveries and said it believes this improved performance can be sustained. Microsoft – Shares added 0.5% after Microsoft announced that former OpenAI CEO Sam Altman will join the tech giant to head a new artificial intelligence research team. PENN Entertainment — The gambling stock appeared 4.4% on the back of Bank of America’s upgrade to buy from neutral. The company said shares could be helped by the company’s new sportsbook, which is called ESPN Bet. Bristol-Myers Squibb – Shares fell 4.6% in premarket trading. The drug company, along with 2seventy bio, announced a delay in obtaining expanded approval for Abecma for earlier lines of class three exposed relapsed or refractory multiple myeloma. The Food and Drug Administration will not be able to meet to make a decision before the December 16 target date. Cantor Fitzgerald also said in a note on Monday that Bayer’s failed phase 3 study of its blood thinner drug candidate asundexia could have negative implications. for Bristol Myers Squibb’s FXIa drug, milvexian. Bristol Myers recently initiated the phase 3 program for the drug. Krispy Kreme – Shares of the donut chain slipped 1.8% after JPMorgan downgraded it to neutral from overweight. Analysts.3 said that while Krispy Kreme has tremendous underlying appeal, the company has execution problems. Dutch Bros – The stock gained 2% after being upgraded by JPMorgan to overweight from neutral. The bank also boosted its price target on the coffee chain to $35 from $30, suggesting a 26% upside from Friday’s close. JPMorgan cited the improvement in Dutch Bros liquidity. Iovance Biotherapeutics – The biopharmaceutical stock surged 9.7% after Goldman Sachs initiated coverage with a buy rating and a $12 price target, suggesting the stock may more than double by Friday’s close. The Wall Street firm said Iovance Biotherapeutics is developing “best-in-class” autologous tumor-infiltrating lymphocyte therapies for solid tumor cancers and is optimistic about the treatment’s commercial opportunity in melanoma. Vale — US-listed shares of the Brazilian metals and mining company added 2.6% after an upgrade from Bank of America to buy from neutral. The bank said it sees higher iron ore prices driving high free cash flow generation. Chegg – The stock shed 5.4% after being downgraded by Morgan Stanley to underweight of equal weight. The Wall Street firm said the stock’s outperformance, which has rallied more than 40% since the end of October, is at odds with recent fundamentals. United Rentals — The equipment rental stock fell more than 4% after United Rentals director Terri Kelly disclosed in a regulatory filing Friday that she sold 630 shares. Kelly still owns 6,249 shares. — CNBC’s Sarah Min, Alex Harring and Michael Bloom contributed reporting.
(tagsTo Translate)Source News: Markets