Check out the companies making the biggest moves in premarket trading: Boeing – The aerospace stock added 1.5% after an upgrade to buy from hold by Deutsche Bank. The bank noted how Boeing was accelerating aircraft deliveries and said it believed this improved performance could be sustained. Microsoft – Shares added 0.5% after Microsoft announced that former OpenAI CEO Sam Altman would be joining the tech giant to lead a new artificial intelligence research team. PENN Entertainment – The gambling stock rose 4.4% on the back of Bank of America’s upgrade to buy from neutral. The company said shares could be helped by the company’s new sportsbook, called ESPN Bet. Bristol-Myers Squibb – Shares fell 4.6% in premarket trading. The drug company, along with 2seventy bio, announced a delay in obtaining an extended license for Abecma for earlier lines of open or refractory triple myeloma. The Food and Drug Administration will not be able to meet to make a decision before the December 16 target date. Cantor Fitzgerald also said in a note on Monday that Bayer’s phase 3 study of its blood thinner drug candidate asundexian could have a negative impact. for Bristol Myers Squibb’s FXIa drug, milvexian. Bristol Myers has just started a phase 3 program for the drug. Krispy Kreme – Shares of the donut chain slipped 1.8% after being downgraded by JPMorgan to neutral from overweight. Analysts.3 said that while Krispy Kreme has great 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 raised its price target on the coffee chain to $35 from $30, suggesting a 26% upside from Friday’s close. JPMorgan announced the improvement in the liquidity of Dutch Bros. Iovance Biotherapeutics – The biopharmaceutical stock rose 9.7% after Goldman Sachs initiated coverage with a buy rating and a $12 price target, which suggests the stock could more than double from Friday’s close. The Wall Street firm said Iovance Biotherapeutics is developing a “best-in-class” tumor-infiltrating autologous lymphocyte treatment for solid tumor cancers and is optimistic about the treatment’s commercial potential in melanoma. Vale – US-listed shares of the Brazil-based metal and mining company added 2.6% after an upgrade by Bank of America to buy from neutral. The bank said it sees higher iron ore prices driving higher free cash flow generation. Chegg – The stock shed 5.4% after Morgan Stanley downgraded it to overweight from equal weight. The Wall Street firm said the stock’s outperformance, which has rallied more than 40% since late October, is bucking recent fundamentals. United Rentals – Equipment rental stock fell more than 4% after United Rentals director Terri Kelly said in a regulatory filing Friday that she was selling 630 shares. Kelly still owns 6,249 shares. — CNBC’s Sarah Min, Alex Harring and Michael Bloom contributed reporting.
