Here are some of the companies making big moves in premarket trading:
Boeing – The aerospace stock surged 1.5% after Deutsche Bank upgraded it to buy from hold, citing an increase in aircraft deliveries and sustained improved performance.
Microsoft – Shares rose 0.5% following the announcement that former OpenAI CEO Sam Altman will be joining the tech giant to lead a new artificial intelligence research team.
PENN Entertainment – The gambling stock jumped 4.4% after Bank of America upgraded it to buy from neutral, citing the potential impact of its new sportsbook, ESPN Bet.
Bristol-Myers Squibb – Shares fell 4.6% as a delay in gaining expanded approval for Abecma for earlier lines of triple-class exposed relapsed or refractory multiple myeloma was announced. Additionally, negative implications for the company’s drug milvexian were mentioned.
Krispy Kreme – The doughnut chain’s shares declined 1.8% after a downgrade by JPMorgan to neutral from overweight due to execution issues.
Dutch Bros – The stock gained 2% after being upgraded by JPMorgan to overweight from neutral, with a boosted price target.
Iovance Biotherapeutics – The biopharmaceutical stock saw a 9.7% increase after Goldman Sachs initiated coverage with a buy rating and $12 price target.
Vale – U.S.-listed shares of the Brazil-based metal and mining company rose 2.6% following an upgrade by Bank of America to buy from neutral.
Chegg – The stock dropped 5.4% after being downgraded by Morgan Stanley to underweight from equal weight.
United Rentals – The equipment rental stock fell more than 4% following a regulatory filing disclosing a director’s sale of shares.