Take a look at the companies making headlines in midday trading. Boeing — Shares of Boeing rose 1.6% earlier Monday after the aerospace company said Chief Executive Officer David Calhoun will step down at the end of 2024. Board Chairman Larry Kellner will also resign, the company added. Masimo — Shares of the medical technology company rose nearly 5%. On Friday, Masimo announced that its board of directors has authorized management to evaluate the separation of its consumer business. In light of the news, Wells Fargo upgraded the stock to overweight from equal weight. Super Micro Computer – The chip stock jumped nearly 10% after JPMorgan Chase began reporting on the ambitious name. Analyst Samik Chatterjee gave Super Micro an overweight rating and set a price target of $1,150, about 18% higher than Friday’s closing price. CLEVELAND-CLEVES — Shares of the steelmaker rose 1.4% after the steelmaker announced it had won contract negotiations funded by the Department of Energy. Cleveland-Cliffs could receive up to $575 million in funding for decarbonization technology projects at its plants in Ohio and Pennsylvania. Semiconductor stocks – chipmakers rose on Monday, with Micron Technology up 7%, Nvidia up 1% and Arm up nearly 4%. VanEck Semiconductor ETF (SMH) rose 0.2%. Disney — Shares of the entertainment giant rose more than 2% after Barclays upgraded Disney to “overweight” and noted room for upside. Separately, Nelson Peltz’s Trian Fund Management snubs Disney CEO Bob Iger in proxy battle between activist investors and media giants Iger’s vote. Foot Locker — Evercore shares rose 7% after the stock was upgraded to outperform from consensus. The company cited Foot Locker’s turnaround and growth reinvestment efforts. Rivian — Shares of Rivian fell 1% after Mizuho downgraded the troubled automaker to “neutral” from “buy.” Electric vehicle inventories have fallen by more than 50% so far this year. GameStop – Shares of GameStop rose 12% the day before the video game company reported fourth-quarter earnings. Wedbush on Monday maintained an underperform rating on the meme stock but said GameStop’s continued cost discipline and mix shift toward higher-margin software could support its profitability in the current quarter. Digital World Acquisition Corp. – Shares of the special purpose acquisition company soared 26% after shareholders approved a merger with former President Donald Trump’s social media company Trump Media & Technology Group, the parent company of Truth Social. Trump Media may begin trading on Tuesday under the ticker DJT. United Airlines — Shares of United Airlines fell 4% after Reuters reported that the Federal Aviation Administration would step up scrutiny of United Airlines in the wake of recent safety incidents. —CNBC’s Alex Harring, Jesse Pound, Hakyung Kim, Pia Singh and Sarah Min contributed reporting.
