Check out the companies making headlines in pre-market trading. Masimo — Shares rose nearly 12% after the health technology company said late Friday that it was considering spinning off its consumer business. The Wall Street Journal reported Sunday that activist investor Quentin Coffey of Politan Capital Management plans to compete for two more seats on Masimo’s board. Separately, Wells Fargo upgraded the stock on Monday, citing a potential business split. CLEVELAND CLIFFS — The steelmaker added 1.7% after announcing it had won negotiations to provide financing from the Energy Department for two projects. Cleveland-Cliffs could receive up to $575 million for decarbonization technology projects at sites in Ohio and Pennsylvania. Chip manufacturers. Shares of Intel and Advanced Micro Devices were down about 3% in premarket trading after The Financial Times reported that new rules in China would phase out U.S. processors in government computers and servers, locking out chips from both companies. Nvidia also came under pressure after Reuters reported rivals were planning to weaken the company’s control over artificial intelligence by targeting software. Baidu — Shares of the technology company rose 1.4% following news that Baidu is reportedly in talks with Apple about a potential collaboration on artificial intelligence services in China. Apple shares traded down 0.6%. Disney — Shares rose 1.2% after Barclays upgraded the media company to overweight from equal weight, saying Disney has further upside even after outperforming growth this year. Separately, Blackwells Capital published a letter criticizing Nelson Peltz and urging shareholders to vote for their own board candidates. Foot Locker – Shares of the footwear retailer rose 2.9% after Evercore ISI upgraded the stock to an outperform rating. Foot Locker is gaining share in the US and Europe and expects more positive growth next year, Evercore said. Shares of electric vehicle makers Tesla and Rivian fell more than 1% after being downgraded to neutral by Mizuho Securities, which said the industry faced a “catch-22” in weighing profitability and ramping up production. Shares of Nio, which was also downgraded to neutral, fell 0.6%. Scotts Miracle-Gro — Lawn care stocks fell 1.8% as Raymond James was downgraded to market perform from strong buy. Raymond James said the stock’s recent rally has taken it into “fair value territory.” Boeing — Shares of the aerospace giant rose more than 2% after the company announced that CEO Dave Calhoun would retire at the end of the year. Board Chairman Larry Kellner is also resigning. — CNBC’s Jesse Pound, Tanaya Machil, Michelle Fox, Brian Evans and Sarah Min contributed reporting.
