Boeing, Microsoft, and PENN Entertainment are among the companies making big moves in premarket trading. Boeing saw a 1.5% increase after an upgrade from Deutsche Bank, while Microsoft added 0.5% following the announcement of former OpenAI CEO Sam Altman joining the company to head a new artificial intelligence research team. Meanwhile, PENN Entertainment saw a 4.4% jump after an upgrade from Bank of America to buy from neutral.
On the downside, shares of Bristol-Myers Squibb dropped 4.6% after a delay in gaining expanded approval for Abecma. Krispy Kreme’s stock slipped 1.8% after a downgrade from JPMorgan, citing execution issues. However, Dutch Bros gained 2% after an upgrade from JPMorgan, citing improved liquidity.
Iovance Biotherapeutics saw a 9.7% increase after Goldman Sachs initiated coverage with a buy rating and $12 price target. Vale’s U.S.-listed shares added 2.6% after an upgrade by Bank of America, while Chegg’s stock shed 5.4% after a downgrade by Morgan Stanley.
United Rentals dropped more than 4% after a director disclosed selling shares. The company’s director still owns 6,249 shares. — CNBC’s Sarah Min, Alex Harring and Michael Bloom contributed reporting.
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