## Pfizer shares drop 4.2% after halt in weight-loss pill development
In premarket trading, Pfizer’s stock took a hit, dropping 4.2% after the announcement that the drugmaker would halt the development of its twice-daily experimental weight-loss pill. The company cited high rates of adverse side effects reported by patients in a mid-stage clinical study. Despite this setback, Pfizer still plans to release trial data on its once-a-day version next year.
## Paramount Global and Apple discuss bundling streaming services
Paramount Global saw its stock add nearly 3% following a report from the Wall Street Journal that the media conglomerate has been in discussions with Apple about the possibility of bundling their streaming services at a discounted price. This potential collaboration has sparked investor interest in both companies.
## Elastic N.V. stock surges 18% after Wells Fargo upgrade
Stock in 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, which could drive revenue moving forward. This bullish outlook from Wells Fargo contributed to the significant stock surge.
## Disney reinstates previous dividend, shares tick up 0.35%
Shares of Disney ticked up 0.35% after the company announced it would reinstate a previous dividend of 30 cents per share, following a proxy battle from Nelson Peltz and his firm Trian Fund Management. This move to reinstate the dividend pleased investors, prompting a slight increase in the stock price.
## Alibaba slips 2% after Morgan Stanley downgrade
The Chinese multinational saw its stock slip roughly 2% after Morgan Stanley downgraded the stock to equal-weight, citing concern over a slower-than-expected rebound in Alibaba’s cloud segment. This downgrade from a major financial institution caused a negative impact on the company’s stock performance.
## Tesla shares fall 1.9% post Cybertruck delivery event
Shares of the automaker fell 1.9% as traders digested the details of the new Cybertruck, which Tesla had a delivery event for on Thursday. The drop extended a loss of about 1.7% from Thursday’s trading session, reflecting some disappointment among investors about the new product.
## Marvell Technology falls over 5% after lower revenue guidance
The semiconductor stock fell more than 5% after Marvell issued lower-than-expected revenue guidance for the fourth quarter. Despite reporting a beat on the top and bottom lines with third-quarter results, the disappointing revenue guidance had a significant impact on the stock price.
## Coinbase adds nearly 3% in premarket trading
The cryptocurrency exchange, Coinbase, added nearly 3% in premarket trading after a report from CoinDesk disclosed that Cathie Wood’s Ark Invest sold Coinbase stock for a third time this week, totaling roughly $15 million. The positive market sentiment toward Coinbase was reflected in the stock’s performance.
## 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 analyst expectations. The company’s strong performance in terms of earnings and revenue exceeded analyst forecasts, leading to a significant increase in stock value.
## Dell stock falls nearly 6% following mixed earnings report
Stock in the computer maker, Dell, fell nearly 6% after the company released a mixed third-quarter earnings report. Although Dell surpassed Wall Street estimates on earnings per share, reporting an adjusted $1.88 while analysts forecast $1.47, the company’s revenue fell short of expectations at $22.25 billion, compared to an expected $23.001 billion.
## BioNTech shares slip 3% following JPMorgan downgrade
BioNTech’s shares slipped roughly 3% after a downgrade to underweight from JPMorgan, attributed to a lack of clear catalysts for the stock. Analyst Jessica Fye’s downgrade had a negative impact on the stock’s performance.
