Midday movers: Microsoft, Boeing, Bristol-Myers Squibb, and more

© Reuters.

(Updated - November 20, 2023 12:29 PM EST)

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 (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 (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. (YPF) climbed 38% after Javier Milei won Argentina's presidential election.

• Shares of PENN Entertainment (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.

Additional reporting by Louis Juricic