Check out the companies making headlines before the market opens. U.S. Steel — Industrial stocks plunged 6% after Vice President Kamala Harris objected to U.S. Steel’s planned sale to Japan’s Nippon Steel Corp. She made the statements before union members at a Labor Day rally in Pittsburgh, Pennsylvania, saying U.S. Steel is “a historic American company and maintaining a strong U.S. Steel is critical to our country.” Boeing – Shares of Boeing fell 3% after Wells Fargo downgraded the aircraft maker to “underweight” from “equal weight.” Analyst Matthew Akers cited the company’s peak free cash flow as the reason for the downgrade. Unity Software — Shares of the video game maker rose 6% after Morgan Stanley upgraded the stock to overweight from equal weight. The bank noted Unity’s positioning as a “clear gaming engine” and ruled out forward-looking forecasts as a catalyst for the stock. NetApp – Gained 1.6% after Loop Capital upgraded the data storage stock to buy from hold. Loop analyst Ananda Baruah listed several catalysts, including NetApp’s cloud storage software partnership and the recent pullback. Novartis — Shares of Novartis fell 1.7% after Jefferies downgraded the stock to hold from buy. Analyst Peter Welford noted that while he’s optimistic about the pharma stock’s long-term trajectory, Novartis will need 2025 to increase its approval volume. Bank of America – Bank stocks fell slightly. Warren Buffett’s Berkshire Hathaway Inc. began reducing its stake in Bank of America this summer, revealing on Friday that it sold more shares last week. Merck & Co. – The European Commission has approved a combination of drugs, including Merck & Co.’s Keytruda, to treat bladder cancer, the pharmaceutical giant announced on Tuesday. Merck shares were little changed. —CNBC’s Michelle Fox and Jesse Pond contributed reporting.
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