Check out the companies making the biggest moves in premarket trading: Boeing — The aerospace stock added 1.5% following an upgrade to buy from hold 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 former OpenAI CEO Sam Altman will be joining the tech giant to head a new artificial intelligence research team. PENN Entertainment — The gambling stock popped 4.4% on the back of a Bank of America upgrade to buy from neutral. The firm said shares could be helped by the company’s new sportsbook, which is called ESPN Bet. Bristol-Myers Squibb — Shares dropped 4.6% in premarket trading. The drug company, along with 2seventy bio, announced a delay in gaining expanded approval for Abecma for earlier lines of triple-class exposed relapsed or refractory multiple myeloma. The Food and Drug Administration won’t be able to meet to make a decision by the target date of Dec. 16. Cantor Fitzgerald also said in a note Monday that Bayer’s failed phase 3 study on its blood thinner drug candidate asundexian could have negative implications for Bristol Myers Squibb’s FXIa drug, milvexian. Bristol Myers just initiated the phase 3 program for the drug. Krispy Kreme — Shares of the doughnut chain slipped 1.8% following a downgrade by JPMorgan to neutral from overweight. Analysts.3 said that although Krispy Kreme has enormous underlying appeal, the company has execution issues. 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 26% upside from Friday’s close. JPMorgan cited the improvement in Dutch Bros liquidity. Iovance Biotherapeutics — The biopharmaceutical stock popped 9.7% after Goldman Sachs initiated coverage with a buy rating and $12 price target, which suggests the stock can more than double from Friday’s close. The Wall Street firm said Iovance Biotherapeutics is developing a “best-in-class” autologous tumor-infiltrating lymphocyte therapies for solid tumor cancers and is optimistic about the treatment’s commercial opportunity in melanoma. Vale — U.S.-listed shares of the Brazil-based metal and mining company added 2.6% following an upgrade by 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 from equal weight. The Wall Street firm said the outperformance of the stock, which rallied more than 40% since the end of October, is at odds with recent fundamentals. United Rentals — The equipment rental stock dropped more than 4% after United Rentals director Terri Kelly in a regulatory filing Friday disclosed selling 630 shares . Kelly still owns 6,249 shares. — CNBC’s Sarah Min, Alex Harring and Michael Bloom contributed reporting.
Source: www.cnbc.com