The premarket trading session was filled with activity as several companies made headlines with their stock movements. Pfizer saw a 4.2% drop after announcing it would halt the development of a new weight loss pill due to high rates of adverse side effects reported in a midstage clinical study. Meanwhile, Paramount Global’s stock surged by nearly 3% following reports that the media conglomerate is looking to bundle its streaming services with Apple at a discounted price.
Elastic N.V. also saw a significant increase in its stock, rising more than 18% after receiving an overweight upgrade from Wells Fargo. Analysts noted that the company is in a strong position to take advantage of generative artificial intelligence for its search platform, potentially driving revenue in the future.
Disney’s shares ticked up by 0.35% after announcing the reinstatement of a previous dividend of 30 cents per share, following a proxy battle from Nelson Peltz and Trian Fund Management. On the other hand, Alibaba slipped roughly 2% after being downgraded by Morgan Stanley due to concerns over a slower-than-expected rebound in its cloud segment.
Tesla’s shares fell by 1.9% after the details of the new Cybertruck were revealed at a delivery event, extending a loss from the previous trading session. Marvell Technology also faced a drop, falling more than 5% after issuing lower-than-expected revenue guidance for the fourth quarter, despite reporting positive third-quarter results.
Coinbase, the cryptocurrency exchange, saw a 3% increase in premarket trading following reports of Cathie Wood’s Ark Invest selling Coinbase stock for the third time in a week. Ulta Beauty, however, gained nearly 12% after reporting third-quarter earnings that beat analysts’ expectations. And Dell’s stock fell nearly 6% after a mixed third-quarter earnings report, with revenue falling short of expectations.
Finally, BioNTech’s shares slipped by roughly 3% after a downgrade to underweight from JPMorgan, citing a lack of clear catalysts for the stock. The premarket trading session was certainly eventful, with many companies experiencing significant movements in their stock prices. – CNBC’s Lisa Kailai Han, Jesse Pound, and Michelle Fox contributed reporting.
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