Stock Market News: Pfizer, Disney, and Tesla Among Top Performers
H2: Pfizer halts development of weight loss pill, stock drops 4.2%
In premarket trading, Pfizer made headlines by announcing the halt of the development of its twice-daily experimental weight loss pill, causing its shares to drop 4.2%. The decision came after the drugmaker revealed that patients in a midstage clinical study reported high rates of adverse side effects. Despite this setback, the company still plans to release trial data on its once-a-day version next year.
H2: Paramount Global discusses streaming service bundling with Apple, stock adds nearly 3%
Paramount Global caught the attention of investors as its stock added nearly 3% following reports from The Wall Street Journal that the media conglomerate has discussed the possibility with Apple of bundling their streaming services at a discounted price.
H2: Elastic N.V. surges over 18% after upgrade from Wells Fargo
Stock in the search company, Elastic N.V., surged more than 18% following an upgrade to overweight from Wells Fargo. Analyst Andrew Nowinski noted that Elastic is in a strong position to take advantage of a generative artificial intelligence opportunity for its search platform that could drive revenue moving forward.
H2: Disney reinstates dividend, stock ticks up 0.35%
Disney made waves as its shares ticked up 0.35% after the company announced it would reinstate a previous dividend of 30 cents per share. This decision followed a proxy battle from Nelson Peltz and his firm Trian Fund Management.
H2: Alibaba slips 2% after Morgan Stanley downgrade
The Chinese multinational, Alibaba, slipped roughly 2% after Morgan Stanley downgraded the stock to equal weight, expressing concern over a slower-than-expected rebound in Alibaba’s cloud segment.
H2: Tesla shares fall 1.9% after Cybertruck delivery event
Shares of the automaker, Tesla, fell 1.9% as traders digested the details of the new Cybertruck, which Tesla had a delivery event for on Thursday. This drop extends a loss of about 1.7% from Thursday’s trading session.
H2: Ulta Beauty gains nearly 12% after beating earnings expectations
Ulta Beauty’s stock gained nearly 12% after the beauty products retailer reported third-quarter earnings that beat analysts’ expectations. Ulta reported earnings of $5.07 per share, higher than the $4.95 per share analysts were expecting. The company’s revenue of $2.488 billion was also higher than the $2.468 billion previously forecast.
Overall, in the premarket trading, these companies and many others experienced notable movements in their stock prices as investors reacted to the latest developments and news surrounding their businesses.
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