Home News Boeing Shares Rise After Deutsche Bank Upgrade

Boeing Shares Rise After Deutsche Bank Upgrade

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Key Takeaways

  • The S&P 500 gained 0.7% on Monday, Nov. 20, 2023, adding to last week’s gains amid optimism that slowing inflation will keep the Federal Reserve from raising interest rates.
  • Deutsche Bank upgraded Boeing and raised its price target for the stock, and shares of the plane maker jumped.
  • Bristol-Myers Squibb shares declined as the U.S. Food and Drug Administration (FDA) delayed a decision on expanding the use of the pharmacutical company’s blood cancer drug.

U.S. equities kicked off the Thanksgiving-shortened trading week on a positive note, continuing last week’s momentum fueled by optimism that easing inflation will lead the Federal Reserve to stop raising interest rates. The S&P 500 added 0.7% on Monday.

Boeing (BA) shares picked up 4.7% as Deutsche Bank upgraded the stock and boosted its price target based on the company’s increased plane deliveries.

Paramount Global (PARA) shares jumped 5.6% after the entertainment conglomerate sold its Bellator mixed martial arts unit to the Professional Fighters League as it moves to shut its sports operations at Showtime.

General Motors (GM) shares gained 1.8% following a shake-up at its Cruise self-driving taxi unit, with co-founder and CEO Kyle Vogt resigning.

Microsoft (MSFT) shares advanced 2.1% Monday after the software firm hired former OpenAI CEO Sam Altman to run Microsoft’s artificial intelligence research team.

Bristol-Myers Squibb (BMY) shares sank 3.8%, and shares of its partner 2seventy Bio (TSVT) lost 18.3% as the Food and Drug Administration (FDA) delayed a planned December decision on the drug makers’ request for expanded use of their blood cancer treatment.

United Rentals (URI) shares slipped 1.9% when British rival Ashtead Group warned that its profit would be negatively affected by reduced demand in the U.S.

NRG Energy (NRG) shares slumped 1.6% after CEO Mauricio Gutierrez stepped down and the power provider added new members to the board as it faced pressure to make changes from activist investor Elliot Investment Management.

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