Check out the companies making headlines in premarket trading. Pfizer – Shares fell 4.2% after the drugmaker said it would halt development of its experimental twice-daily weight loss pill. Pfizer said patients in a middle-aged clinical study reported high rates of side effects. They still plan to release test data on their one-day version next year. Paramount Global – The stock added nearly 3% after a report from The Wall Street Journal that the media conglomerate has considered the possibility of Apple bundling its streaming services at a discounted price. Elastic NV – Stock in the research firm soared more than 18% after an upgrade to overweight from Wells Fargo. Analyst Andrew Nowinski noted that Elastic is in a strong position to take advantage of a next-generation artificial intelligence opportunity for its search platform that could drive revenue forward. Disney – Shares of the conglomerate rose 0.35% after the company announced it would return a previous dividend of 30 cents per share, which follows a proxy battle from Nelson Peltz and his company Trian Fund Management. Alibaba – The Chinese multinational slipped about 2% after Morgan Stanley downgraded the stock to equal weight, with the company citing concerns about a slower-than-expected rebound in the cloud sector Alibaba. Tesla – Shares of the automaker fell 1.9% as traders digested the details of the new Cybertruck, which Tesla had a delivery event on Thursday. The fall extends losses of about 1.7% from Thursday’s trading session. Marvell Technology – The semiconductor stock fell more than 5% after Marvell issued lower-than-expected revenue guidance for the fourth quarter. However, the company reported a hit to the top and bottom lines with third-quarter results. Coinbase – The cryptocurrency exchange added nearly 3% in premarket trading. A report from CoinDesk earlier on Friday revealed that Cathie Wood’s Ark Invest sold Coinbase stock for the third time this week, worth about $15 million. Coinbase stock is coming off the company’s second-best month of gains since its Nasdaq debut in 2021. Ulta Beauty – The stock gained nearly 12% after the beauty products retailer reported earnings in the third quarter that beat analysts’ expectations. Ulta reported earnings of $5.07 per share, higher than the $4.95 per share that analysts were asked by LSEG to expect. The company’s revenue of $2.488 billion was also higher than the $2.468 billion previously expected. Dell – Stock in the computer maker fell nearly 6% on the heels of a mixed third-quarter earnings report. The company beat Wall Street estimates on earnings per share, reporting adjusted $1.88 while analysts polled by LSEG forecast $1.47. Dell’s revenue of $22.25 billion for the quarter fell short of an expected $23.001 billion. BioNTech – Shares slipped about 3% after a downgrade to overweight on Friday from JPMorgan that analyst Jessica Fye blamed on a lack of clear catalysts for the stock. — CNBC’s Lisa Kailai Han, Jesse Pound and Michelle Fox added reporting.
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