Midday movers: Microsoft, Boeing, Bristol-Myers Squibb, and more
Investing.com -- U.S. stocks got off to a strong start, with all three major averages moving higher on Monday. The holiday-shortened week includes the keenly-awaited release of the minutes from the most recent Federal Reserve meeting.
Here are some of the biggest U.S. stock movers today:
Microsoft (NASDAQ: MSFT) stock rose 1.9% with the tech giant set to hire Sam Altman to lead a new advanced artificial intelligence research team, just days after the prominent AI-industry figure was ousted as CEO of OpenAI.
Nvidia (NASDAQ: NVDA) stock rose 1% ahead of Tuesday’s quarterly results, amid sky-high confidence the tech giant can outperform given the market’s enthusiasm for all things AI.
Uber (NYSE: UBER) stock gained 1% after the ride-hailing company announced plans to issue $1.2 billion of five-year convertible notes, subject to market conditions.
General Motors (NYSE: GM) stock rose 2.3% after Kyle Vogt, the CEO of the auto giant’s robot-taxi unit Cruise, resigned from the company as the company undergoes a safety review of its U.S. fleet.
Airbnb (NASDAQ: ABNB) stock rose 2.2% after the short-term accommodation rental company appointed Ron Klain, a former top advisor to U.S. President Joe Biden, as its chief legal officer.
Boeing (NYSE: BA) stock rose 4.7% after Deutsche Bank upgraded its investment stance on the aircraft manufacturer to ‘buy’ from ‘hold’, citing increasing commercial jet deliveries.
Nikola (NASDAQ: NKLA) stock fell 4% after the electric-truck maker said Chief Financial Officer Anastasiya Pasterick would resign to "pursue other opportunities" less than a year after taking up the role.
- Citigroup (NYSE: C) stock climbed 0.4% after announcing layoffs and senior management changes as part of its biggest reorganization in decades.
KB Home (NYSE: KBH) declined 1.5% after analysts at Wedbush downgraded shares to Neutral from Outperform, citing competition and lack of catalysts.
Buenos Aires based energy company YPF S.A. (NYSE: YPF) climbed 38% after Javier Milei won Argentina's presidential election.
- Shares of PENN Entertainment (NASDAQ: PENN) rose 7% after BofA Securities upgraded the stock on the early success of its ESPN Bet.
Shares of Chegg (NYSE: CHGG) declined 6.4% following a downgrade by Morgan Stanley analysts to Underweight from Equal Weight. Analysts cited weaker trends observed in October and anticipated increased competition from generative artificial intelligence in the long term.
Shares of Bristol-Myers Squibb (NYSE: BMY) declined 2.6% after Bayer’s asundexian showed a lack of efficacy versus Eliquis in atrial fibrillation. The results were concerning for the Factor XIa class, including Bristol-Myers’s Milvexian.
By Louis Juricic and Peter Nurse