**Stock Market Update: Pre-Market Trading News**
*Pfizer halts development of weight loss pill, shares drop 4.2%*
In the world of pre-market trading, Pfizer made headlines as its shares dropped 4.2% after the drugmaker announced it would halt the development of its twice-daily experimental weight loss pill. The decision came after patients in a midstage clinical study reported high rates of adverse side effects. Pfizer, however, still plans to release trial data on its once-a-day version next year.
**Paramount Global discusses bundled streaming services with Apple**
Following a report from The Wall Street Journal, Paramount Global saw its stock rise nearly 3% as the media conglomerate discussed the possibility of bundling their streaming services with Apple at a discounted price. This news caught the attention of pre-market traders and contributed to the stock’s increase.
**Elastic N.V. stock surges after analyst upgrade**
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 moving forward.
**Disney reinstates previous dividend, shares tick up 0.35%**
Disney’s shares saw a modest increase of 0.35% after the company announced it would reinstate a previous dividend of 30 cents per share. This move follows a proxy battle from Nelson Peltz and his firm Trian Fund Management, and provided a positive update for pre-market traders.
**Alibaba slips 2% after Morgan Stanley downgrade**
The Chinese multinational, Alibaba, slipped approximately 2% following a downgrade to equal weight from Morgan Stanley. The firm expressed concerns over a slower-than-expected rebound in Alibaba’s cloud segment, impacting the stock’s performance in pre-market trading.
**Tesla shares fall 1.9% following Cybertruck delivery event**
Shares of the automaker, Tesla, fell 1.9% as traders digested the details of the new Cybertruck unveiled at a delivery event. This drop extended a loss of about 1.7% from the previous trading session.
**Marvell Technology stock falls after lower-than-expected revenue guidance**
The semiconductor stock, Marvell Technology, fell more than 5% after issuing lower-than-expected revenue guidance for the fourth quarter, despite reporting a beat on the top and bottom lines with third-quarter results.
**Ulta Beauty reports strong earnings, stock gains nearly 12%**
Ulta Beauty saw its stock gain nearly 12% after reporting third-quarter earnings that exceeded analysts’ expectations. Earnings of $5.07 per share and revenue of $2.488 billion both outperformed forecasts, contributing to the stock’s pre-market increase.
**Dell stock falls nearly 6% after mixed third-quarter earnings report**
Stock in the computer maker, Dell, fell nearly 6% following its mixed third-quarter earnings report. Although the company surpassed Wall Street estimates on earnings per share, its revenue fell short of expectations, impacting the stock’s performance in pre-market trading.
**BioNTech shares slip 3% after analyst downgrade**
Shares of BioNTech slipped approximately 3% after receiving a downgrade to underweight from JPMorgan. Analyst Jessica Fye cited a lack of clear catalysts for the stock, contributing to its decline in pre-market trading.
These developments in pre-market trading provide insight into the movements of various stocks and serve as indicators for potential market trends throughout the trading day.
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