Look at the firms that are generating news in the premarket trade.
Pfizer—After announcing that it would stop developing its twice-daily experimental weight-loss medicine, the pharmaceutical company’s shares fell 4.2%. Patients in a mid-stage clinical research experienced a significant incidence of unfavourable side effects, according to Pfizer. It still intends to make trial data available for its once-daily version available in 2019.
Elastic N.V. — After Wells Fargo upgraded the search engine company’s stock to overweight, its shares increased by more than 18%. Elastic is well-positioned to benefit from a generative artificial intelligence opportunity for its search engine, according to analyst Andrew Nowinski, which might result in future revenue growth.
Paramount Global — Following a Wall Street Journal report stating that the media conglomerate has discussed the potential of bundling their streaming services at a lower price with Apple, the shares increased by over 3%.
Alibaba: After Morgan Stanley downgraded the company to equal-weight and expressed concern over a slower-than-expected recovery in Alibaba’s cloud division, the Chinese multinational fell by 2%.
Disney — After the corporation declared it will restore the old dividend of 30 cents per share, following a proxy fight from Nelson Peltz and his company Trian Fund Management, shares of the conglomerate increased by 0.35%.
Tesla — The automaker’s shares dropped 1.9% as investors processed the new Cybertruck’s specifications. Tesla scheduled a delivery event for this Thursday. The decrease widens the 1.7% loss from the trading session on Thursday.
Ulta Beauty: Following the release of third-quarter profits that above analyst projections, the beauty goods retailer’s stock increased by almost 12%. Compared to the $4.95 per share analysts surveyed by LSEG, Ulta’s reported earnings were $5.07 per share. The business’s $2.488 billion in revenue was also more than the $2.468 billion that had been anticipated.
Marvell Technology Following Marvell’s release of lower-than-expected revenue expectations for the fourth quarter, the semiconductor stock dropped more than 5%. However, the company’s third-quarter results topped expectations in both the top and bottom lines.
Dell: Following a mixed third-quarter earnings announcement, the computer maker’s stock dropped by over 6%. With an adjusted earnings per share of $1.88, the company beat Wall Street projections, while LSEG surveyed analysts had predicted $1.47. Dell’s quarter-over-quarter revenue of $22.25 billion was less than the $23.001 billion that was anticipated.
Source (CNBC)