In today’s premarket trading, several companies are making headlines due to significant stock movements. Here are the highlights:
– Pfizer: The drugmaker’s shares dropped 4.2% after announcing the halt in the development of its twice-daily experimental weight-loss pill due to high rates of adverse side effects reported in a mid-stage clinical study.
– Paramount Global: The media conglomerate’s stock added nearly 3% following reports of discussions with Apple about a possible bundling of their streaming services at a discounted price.
– Elastic N.V.: Stock in the search company surged over 18% after receiving an upgrade to overweight from Wells Fargo, with the analyst noting a strong position to take advantage of generative artificial intelligence opportunities for its search platform.
– Disney: Shares of the conglomerate ticked up 0.35% after announcing the reinstatement of a previous dividend of 30 cents per share, following a proxy battle from Nelson Peltz and his firm Trian Fund Management.
– Alibaba: The Chinese multinational slipped roughly 2% after Morgan Stanley downgraded the stock to equal-weight, citing concerns over a slower-than-expected rebound in Alibaba’s cloud segment.
– Tesla: Shares of the automaker fell 1.9% as traders digested details of the new Cybertruck following a delivery event on Thursday.
– Marvell Technology: The semiconductor stock fell more than 5% after issuing lower-than-expected revenue guidance for the fourth quarter, despite reporting a beat on the top and bottom lines with third-quarter results.
– Coinbase: The cryptocurrency exchange added nearly 3% in premarket trading following reports of Ark Invest selling Coinbase stock for a third time this week, totaling roughly $15 million.
– Ulta Beauty: The stock gained nearly 12% after the beauty products retailer reported third-quarter earnings that beat analyst expectations.
– Dell: Stock in the computer maker fell nearly 6% on the heels of a mixed third-quarter earnings report, surpassing Wall Street estimates on earnings per share, but falling short on revenue.
– BioNTech: Shares slipped roughly 3% after a downgrade to underweight from JPMorgan, citing a lack of clear catalysts for the stock.
These movements have attracted attention in the premarket, and investors will be closely watching how these companies perform in today’s trading session.