Stock Market Update: Midday Trading Report
Several companies are making headlines in midday trading. Here are the latest updates:
Tesla – Shares slipped slightly as Wall Street assesses the long-anticipated Cybertruck following a delivery launch event in Texas.
Disney – Shares remained flat after the entertainment giant reinstated its dividend at 30 cents per share amidst a renewed proxy battle with Nelson Peltz and Trian Fund Management.
Alibaba – Shares fell 2% after being downgraded by Morgan Stanley to equal weight due to a slower-than-expected turnaround in its cloud business.
Ulta Beauty – The beauty stock rallied nearly 11% after posting third-quarter results that surpassed analyst estimates, with the company lifting the low-end of its full-year outlook.
Pfizer – The stock tumbled nearly 4% after announcing a halt in the development of its twice-daily experimental weight-loss pill following adverse side effects reported during a clinical study.
Elastic – Shares surged more than 30% on the back of strong quarterly results and an overweight rating by Wells Fargo, citing a meaningful revenue expansion opportunity from AI.
Samsara – Shares popped 16% after the cloud company posted better-than-expected quarterly results and shared stronger-than-expected guidance.
Paramount Global – The media conglomerate’s stock soared nearly 8% after reports of discussions with Apple about bundling their streaming services at a discount.
Marvell Technology – Shares slumped more than 4% despite posting third-quarter earnings that topped estimates, with weaker-than-expected guidance for the current quarter.
Coinbase – Shares jumped nearly 5% following a report that Cathie Wood’s Ark Invest sold shares of the cryptocurrency exchange for a third time this week, totaling roughly $15 million.
Dell – Shares pulled back 5.2% following mixed third-quarter results, with adjusted earnings topping estimates but revenue falling short.
BioNTech – The vaccine maker’s stock fell 2.7% after being downgraded by JPMorgan to underweight due to weakening demand for Covid vaccines and limited near-term catalysts for investors.
Norfolk Southern – Shares rose nearly 3% after being upgraded to buy from neutral by Bank of America, citing improvement in shipping car volumes.
Altimmune – Stock surged more than 37% after the clinical stage biopharmaceutical company posted positive results from a trial of its experimental obesity drug.
Ambarella – Shares slipped 1% after reporting lower gross margins compared to the year-ago period, despite quarterly results that topped estimates.
CSG Systems – Shares popped 5.6% after Jefferies initiated coverage of the software-as-a-service stock at a buy rating, highlighting the company’s growth outside of the communication services sector.
This update was contributed by CNBC’s Yun Li, Michelle Fox, Sarah Min, Alex Harring, Brian Evans, and Jesse Pound.
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