Microsoft, Boeing, Bristol Myers, Penn Entertainment, Arm and more Market Movers

Stocks traded higher on Monday as Wall Street kicked off a shortened Thanksgiving trading week after three weeks of gains fueled by bets the Federal Reserve is done raising interest rates.

Microsoft ( MSFT ) CEO Satya Nadella said Sam Altman, the ousted CEO at OpenAI, would join the tech company to lead a new advanced AI research team. Greg Brockman, OpenAI’s president who resigned Friday after Altman’s firing, will also be hired as part of the Microsoft team, Nadella said. The Microsoft share rose 2.1 per cent. Microsoft is the largest investor in OpenAI.

Boeing ( BA ) rose 4.9% to $218.25 after the planemaker’s shares were upgraded to Buy from Hold at Deutsche Bank

and the price target was raised to $270 from $204.

Bristol Myers Squibb ( BMY ) fell 4.1% and 2seventy bio ( TSVT ) fell 18% after the Food and Drug Administration withdrew a decision approving earlier use of the Abecma gene therapy.

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Penn Entertainment (PENN) was upgraded to Buy from Neutral at BofA Global Research, and the price target was raised to $30 from $27. Analyst Shaun Kelley cited positive download data for sports-gambling service ESPN Bet. The stock rose 7% to $26.28.

Arm Holdings ( ARM ) rose 6% to $58.27. Wells Fargo analyst Gary Mobley initiated coverage on Arm with an overweight rating and $70 price target.

US-listed shares of YPF ( YPF ), Argentina’s largest oil company, surged 39% after Javier Milei won the country’s presidency

General Motors ( GM ) shares rose 1.9% after the United Auto Workers announced the ratification of new labor contracts at GM, Ford ( F ) and Stellantis

(STLA). Separately, Kyle Vogt, CEO of Cruise, GM’s self-driving technology and taxi business, resigned. Vogt’s resignation follows a cruise ship accident in early October that ultimately resulted in the suspension of the company’s license to operate self-driving taxis in California.

Zoom Video Communications ( ZM ) is expected by analysts to report third-quarter earnings of $1.08 per share. share of revenue of USD 1.12 billion. Zoom Video, which saw tremendous growth during the Covid-19 pandemic, has sought to grow by moving beyond its flagship web conferencing service. However, the company is likely to post its sixth consecutive quarter of single-digit revenue growth. Zoom Video reports earnings after the closing bell on Monday. The stock rose 2% before the report.

Earnings reports are also expected Monday from Agilent Technologies ( A ), Keysight Technologies ( KEYS ) and ( TCOM ).

The earnings highlight this week will be the third quarter earnings report from Nvidia (NVDA). The stock rose 1.2 per cent.

Iovance Biotherapeutics ( IOVA ) rose 7.3% to $5.42 after

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Goldman Sachs initiated coverage on shares of the cancer treatment biotech developer with a Buy rating and $12 price target.

Chegg (CHGG) was downgraded to Underweight from Equal Weight at Morgan Stanley

and the share fell 5 per cent.

Dutch Bros ( BROS ) rose 2.4% after shares in the coffee chain were upgraded to Overweight from Neutral at JP Morgan

Krispy Kreme ( DNUT ) fell 1.8% as the donut company was downgraded to Neutral from Overweight at JP Morgan.

Write to Joe Woelfel at [email protected]

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