Stock Market News Roundup: Pfizer Halts Development of Weight Loss Pill, Disney Reinstates Dividend, and Ulta Beauty Beats Earnings Expectations
**Pfizer’s Weight Loss Pill Development Halted**
In premarket trading, Pfizer saw its shares drop 4.2% as the drugmaker announced it would cease development of its twice-daily experimental weight loss pill. The decision came after high rates of adverse side effects were reported by patients in a midstage clinical study. Despite this setback, Pfizer still plans to release trial data on its once-a-day version next year.
**Paramount Global Considers Bundling Streaming Services with Apple**
The stock of media conglomerate Paramount Global added nearly 3% following reports from The Wall Street Journal that the company has engaged in discussions with Apple about the possibility of bundling their streaming services at a discounted price.
**Elastic N.V. Receives Upgrade from Wells Fargo**
Stock in the search company Elastic N.V. surged more than 18% after receiving an upgrade to overweight from Wells Fargo. Analyst Andrew Nowinski noted that Elastic is in a strong position to take advantage of generative artificial intelligence opportunities for its search platform, potentially driving revenue growth in the future.
**Disney Reinstates Previous Dividend**
Shares of Disney ticked up 0.35% after the conglomerate announced it would reinstate a previous dividend of 30 cents per share. This decision follows a proxy battle from Nelson Peltz and his firm Trian Fund Management.
**Alibaba Downgraded by Morgan Stanley**
The Chinese multinational Alibaba saw its shares slip roughly 2% after being downgraded to equal weight by Morgan Stanley. The firm expressed concern over a slower-than-expected rebound in Alibaba’s cloud segment.
**Tesla Shares Fall After Cybertruck Details**
After a delivery event for the new Cybertruck, shares of Tesla fell 1.9% as traders digested the details. This drop extended a loss of about 1.7% from the previous trading session.
**Marvell Technology Falls After Lower-Than-Expected Revenue Guidance**
Following lower-than-expected revenue guidance for the fourth quarter, semiconductor stock Marvell Technology fell more than 5%. However, the company still reported a beat on the top and bottom lines with its third-quarter results.
**Coinbase Adds Nearly 3% in Premarket Trading**
Cryptocurrency exchange Coinbase saw its stock add nearly 3% in premarket trading. This followed a report from CoinDesk revealing that Cathie Wood’s Ark Invest sold Coinbase stock for a third time this week, totaling roughly $15 million.
**Ulta Beauty Beats Earnings Expectations**
The stock of beauty products retailer Ulta Beauty gained nearly 12% after the company reported third-quarter earnings that beat analysts’ expectations. Ulta reported earnings of $5.07 per share, higher than the $4.95 per share analysts had predicted.
**Dell Falls After Mixed Earnings Report**
Stock in computer maker Dell fell nearly 6% following a mixed third-quarter earnings report. While the company surpassed Wall Street estimates on earnings per share, reporting an adjusted $1.88, its revenue of $22.25 billion throughout the quarter fell short of expectations.
**BioNTech Shares Slip after Downgrade**
Shares of BioNTech slipped roughly 3% after a downgrade to underweight from JPMorgan. Analyst Jessica Fye cited a lack of clear catalysts for the stock as the reason for the downgrade.
