Check out which companies are making headlines in pre-market trading. Boeing – Shares of the aerospace giant rose more than 2% after the company announced that CEO Dave Calhoun will step down at the end of the year. Board Chairman Larry Kellner will also resign. Masimo – Shares rose nearly 12% after the medical technology company announced late Friday that it was considering spinning off its consumer business. Activist investor Quentin Coffey of Politan Capital Management plans to vie for two additional seats on Massimo's board, the Wall Street Journal reported on Sunday. Additionally, Wells Fargo upgraded the stock on Monday, citing a possible spinoff of the companies. Cleveland Cliffs – The steel producer added 1.7% after announcing victory in Department of Energy grant negotiations for two projects. Cleveland-Cliffs could get up to $575 million for projects around carbon removal technology at facilities in Ohio and Pennsylvania. Chip Makers – Intel and Advanced Micro Devices shares lost about 3% in each premarket after the Financial Times reported that new guidelines in China would phase out American processors in government computers and servers, blocking chips from both companies. Nvidia has also come under pressure after a Reuters report about rivals' plans to loosen the company's grip on artificial intelligence by targeting software. Baidu – Shares of the technology company rose 1.4% after news that Baidu was involved in talks with Apple regarding a possible cooperation in artificial intelligence services in China. Apple traded down 0.6%. Disney – Shares rose 1.2% after Barclays upgraded the media company to overweight from equal weight, saying Disney had further upside even after its outperformance this year. Separately, Blackwells Capital issued a letter criticizing Nelson Peltz and urging shareholders to vote for its board nominees. Foot Locker – The footwear retailer rose 2.9% after Evercore ISI upgraded the stock to Outperform. Foot Locker is gaining share in the US and Europe and is expected to see more positive developments next year, according to Evercore. Shares of electric vehicle manufacturers – Tesla and Rivian – fell more than 1% after their rating was downgraded to neutral from Mizuho Securities, which said the industry faces a “predicament” when weighing profitability and increasing production. Nio stock, which was also downgraded to neutral, fell 0.6%. Scotts Miracle-Gro – Lawn Care stock fell 1.8% on Raymond James downgrade to Market Perform from Strong Buy. Raymond James said the stock's recent rise has pushed it into “fair value territory.” – CNBC's Jesse Pound, Tanaya Machel, Michelle Fox, Brian Evans and Sarah Main contributed reporting.
