Check out the companies that are trending in pre-market trading. Boeing — The aerospace giant’s stock rose more than 2% after the company’s CEO Dave Calhoun announced he would step down at the end of the year. Board Chairman Larry Kellner will also resign. Masimo — Shares soared nearly 12% after the medical technology company announced late Friday that it was considering a spinoff of its consumer business. The Wall Street Journal reported Sunday that activist investor Quentin Coffey of Politan Capital Management plans to vie for two more seats on Masimo’s board. Additionally, Wells Fargo raised its stock price on Monday, citing a possible separation. CLEVELAND-CLIFFS — The steelmaker rose 1.7% after announcing it won funding negotiations from the Department of Energy for two projects. Cleveland-Cliffs could receive up to $575 million for projects related to decarbonization technologies at its facilities in Ohio and Pennsylvania. Chipmakers – Intel and Advanced Micro announced new Chinese guidelines would phase out the use of U.S. processors in government computers and servers and block chips from both companies, the Financial Times reported.・Device stock prices each fell about 3% pre-market. Nvidia was also under pressure following a Reuters report about a rival’s plans to loosen its grip on artificial intelligence by targeting software. Baidu — Shares of the technology company rose 1.4% following news that Baidu is reportedly in talks with Apple for possible cooperation on artificial intelligence services in China. Apple traded 0.6% lower. Disney — Shares rose 1.2% after Barclays upgraded the media company from equal weight to overweight, saying the company has room for further upside after this year’s outperformance. Separately, Blackwells Capital released a letter criticizing Nelson Peltz and urging shareholders to vote for the company’s director nominees. Foot Locker — The shoe retailer rose 2.9% after Evercore ISI lifted its stock to outperform from inline. According to Evercore, Foot Locker is expanding its share in the US and Europe and should see further positive development next year. Electric car makers Tesla and Rivian each fell more than 1% after Mizuho Securities downgraded their ratings to neutral. Mizuho Securities said the industry faces a “catch-22” in weighing profitability against production expansion. Nio was also downgraded to neutral, dropping 0.6%. Scotts Miracle Gro — The lawn care stock fell 1.8% after Raymond James was downgraded to market perform from solid buy. Raymond James said the recent rally has pushed the stock into “fair value territory”. —CNBC’s Jesse Pound, Tanaya Machel, Michelle Fox, Brian Evans and Sarah Ming contributed reporting
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