Check out the companies making headlines in midday trading. Boeing — Shares ticked up 1.3% after the aerospace company said earlier on Monday that CEO David Calhoun would step down at the end of 2024. Board chairman Larry Kellner will also step down, the company added. Masimo — The medical technology company climbed 3.3. On Friday, Masimo announced its board of directors has authorized management to evaluate a spinoff of its consumer business . Wells Fargo upgraded the stock to overweight from equal weight in light of the news. Super Micro Computer — The chip stock jumped nearly 8% after JPMorgan initiated coverage of the high-flying name. Analyst Samik Chatterjee issued Super Micro a rating of overweight and gave it a price target of $1,150, implying about 18% upside from Friday’s close. Cleveland-Cliffs — The steel producer traded higher by 1% after announcing it won award negotiations for funding from the Department of Energy. Cleveland-Cliffs can get as much as $575 million for projects focused on decarbonization technology at facilities in Ohio and Pennsylvania. Semiconductor stocks — Chipmakers climbed on Monday, with Micron Technology adding 6.2%, Nvidia jumping 1% and Arm adding 3.1%. The VanEck Semiconductor ETF (SMH) ticked down 0.2%. Disney — The entertainment giant added more than 3% after Barclays upgraded it to overweight and noted that shares have higher to go. Separately, Nelson Peltz’s Trian Fund Management withheld its votes from Disney CEO Bob Iger amid a proxy battle between the activist investor and the media juggernaut. Foot Locker — Shares jumped 6.1% after Evercore upgraded shares to outperform from in line. The firm cited Foot Locker’s turnaround efforts and growth reinvestments. Rivian — Shares of the struggling automaker fell 1.4% after a downgrade to neutral from buy at Mizuho. The electric vehicle stock is already down more than 50% for the year. GameStop — Shares popped 15% a day ahead of the video game company’s fourth-quarter earnings. Wedbush on Monday maintained its underperform rating on the meme stock, but said GameStop’s continued cost discipline and mix shift toward higher-margin software could likely support its profitability during the quarterly period. Digital World Acquisition Corp. — The special purpose acquisition company leapt 35% after shareholders approved a merger with former President Donald Trump’s social media company Trump Media & Technology Group, which owns Truth Social. Trump Media could start trading Tuesday under the ticker DJT. United Airlines — Shares dropped 3.4% after Reuters reported that the U.S. Federal Aviation Administration would step up scrutiny of United Airlines following recent safety incidents. — CNBC’s Alex Harring, Jesse Pound, Hakyung Kim, Pia Singh and Sarah Min contributed reporting.
Read the full article here