adminCheck out the companies making headlines in premarket trading. Boeing — Shares of the aerospace giant rose more than 2% after the company announced CEO Dave Calhoun was stepping down at the end of the year. Board Chairman Larry Kellner is also resigning. Masimo — Shares soared nearly 12% following the medical technology company’s announcement late Friday it is considering a spinoff of its consumer business. On Sunday, The Wall Street Journal reported activist investor Quentin Koffey of Politan Capital Management is planning to fight for two more seats on Masimo’s board. In addition, Wells Fargo upgraded the stock Monday, citing the potential separation of the businesses. Cleveland-Cliffs — The steel producer added 1.7% after announcing it won award negotiations for funding from the Department of Energy on two projects. Cleveland-Cliffs can get as much as $575 million for projects around decarbonization technology at facilities in Ohio and Pennsylvania. Chipmakers – Shares of Intel and Advanced Micro Devices lost about 3% each premarket after The Financial Times reported that new guidelines in China will phase out U.S. processors in government computers and servers, blocking chips from both companies. Nvidia was also under pressure following a Reuters report about competitors’ plans to loosen the company’s grip on artificial intelligence by targeting software. Baidu — Shares of the technology company climbed 1.4% following news that Baidu is reportedly engaged in talks with Apple for a potential collaboration on artificial intelligence services in China. Apple traded 0.6% lower. Disney — Shares rose 1.2% after Barclays upgraded the media company to overweight from equal weight, saying Disney has further upside even after its outperformance this year. Separately, Blackwells Capital released a letter criticizing Nelson Peltz, and urging shareholders to vote for its own board nominees. Foot Locker — The shoe retailer rose 2.9% after Evercore ISI upgraded the stock to outperform from in line. Foot Locker is gaining share in the U.S. and Europe and should have more positive developments in the coming year, according to Evercore. Electric vehicle makers — Tesla and Rivian each fell more than 1% following a downgrade to neutral from Mizuho Securities, which said the industry is facing a “catch-22” when weighing profitability and a ramp-up in production. Nio , which was also downgraded to neutral, slipped 0.6%. Scotts Miracle-Gro — The lawn care stock dropped 1.8% on the back of a Raymond James downgrade to market perform from strong buy. Raymond James said the stock’s recent rally has pushed it into “fair value territory.” — CNBC’s Jesse Pound, Tanaya Macheel, Michelle Fox, Brian Evans and Sarah Min contributed reporting
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