Stock Market Update: Major Companies Making Headlines
Tesla: The much-awaited debut of Tesla’s Cybertruck led to a slight slip in the company’s shares, dropping by less than 1%. The event took place in Texas and was closely scrutinized by Wall Street.
Disney: Following the renewal of a proxy battle with Nelson Peltz and Trian Fund Management, Disney shares remained relatively stable after the entertainment giant announced the reinstatement of its dividend at 30 cents per share.
Alibaba: Shares of the China-based e-commerce company fell by 2% after Morgan Stanley downgraded Alibaba to equal weight due to a slower-than-expected turnaround in its cloud business.
Ulta Beauty: The beauty stock surged by nearly 11% after surpassing analyst estimates with its third-quarter results. Ulta Beauty’s revenue experienced a 6% year-over-year jump, leading the company to revise its full-year outlook.
Pfizer: The stock took a tumble of nearly 4% after Pfizer revealed that it would discontinue the development of its twice-daily experimental weight-loss pill due to adverse side effects reported during a clinical study. However, the drugmaker expressed its commitment to releasing trial data on its once-a-day version next year.
Elastic: Shares of the search engine company saw a remarkable surge of over 30% following strong quarterly results and an upgrade to overweight by Wells Fargo. The upgrade was attributed to the significant revenue expansion opportunity from AI.
Samsara: Shares of Samsara climbed by 16% after the cloud company reported better-than-expected quarterly results and provided an optimistic guidance for the future.
Paramount Global: The media conglomerate’s stock soared by nearly 8% after reports surfaced that Paramount and Apple had commenced talks about bundling their streaming services at a discounted rate.
Marvell Technology: Despite posting third-quarter earnings that topped Wall Street’s estimates, Marvell Technology shares slumped by more than 4% due to weaker-than-expected guidance for the current quarter.
Coinbase: Following a report from CoinDesk about Ark Invest selling shares of the cryptocurrency exchange for the third time in a week, totaling roughly $15 million, Coinbase shares surged by nearly 5%.
Dell: Shares of the computer maker retreated by 5.2% following mixed third-quarter results, where the company’s adjusted earnings exceeded estimates while revenue fell short.
BioNTech: The vaccine maker’s stock witnessed a 2.7% decline after JPMorgan downgraded BioNTech to underweight from neutral due to weakening demand for Covid vaccines.
Norfolk Southern: Shares of the railroad company rose by nearly 3% after Bank of America upgraded the stock to buy from neutral, citing improvements in Norfolk Southern’s shipping car volumes.
Altimmune: The stock of the clinical stage biopharmaceutical company surged by over 37% after posting positive results from a trial of its experimental obesity drug.
Ambarella: Despite posting quarterly results that exceeded estimates, shares of Ambarella slipped by 1% after reporting a decrease in gross margins compared to the year-ago period.
CSG Systems: Shares of the software-as-a-service stock surged by 5.6% after Jefferies initiated coverage with a buy rating, highlighting CSG’s growing business outside of the communication services sector.
Overall, the stock market experienced significant fluctuations as these major companies made headlines. Investors will continue to closely monitor these developments as they navigate the changing landscape of the market.
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