Stocks making the biggest moves premarket: Pfizer, Disney, Tesla, Alibaba and more

Published Fri, Dec 1 20238:06 AM ESTUpdated Fri, Dec 1 20239:03 AM EST

Check out the companies making headlines in premarket trading. Pfizer — Shares dropped 4.2% after the drugmaker said it would halt development of its twice-daily experimental weight loss pill. Pfizer said patients in a midstage clinical study reported high rates of adverse side effects. It still plans to release trial data on its once-a-day version next year. Paramount Global — The stock added nearly 3% following a report from The Wall Street Journal that the media conglomerate has discussed the possibility with Apple of bundling their streaming services at a discounted price. Elastic N.V. — Stock in the search company surged more than 18% following an upgrade to overweight from Wells Fargo. Analyst Andrew Nowinski noted Elastic is in a strong position to take advantage of a generative artificial intelligence opportunity for its search platform that could drive revenue moving forward. Disney — Shares of the conglomerate ticked up 0.35% after the company announced it would reinstate a previous dividend of 30 cents per share, which follows a proxy battle from Nelson Peltz and his firm Trian Fund Management. Alibaba — The Chinese multinational slipped roughly 2% after Morgan Stanley downgraded the stock to equal weight, with the firm noting concern over a slower-than-expected rebound in Alibaba's cloud segment. Tesla — Shares of the automaker fell 1.9% as traders digested the details of the new Cybertruck , which Tesla had a delivery event for Thursday. The drop extends a loss 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. The company, however, reported a beat on the top and bottom lines with third-quarter results. Coinbase — The cryptocurrency exchanged added nearly 3% in premarket trading. A report from CoinDesk earlier Friday disclosed that Cathie Wood's Ark Invest sold Coinbase stock for a third time this week, totaling roughly $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 third-quarter earnings that beat analysts' expectations. Ulta reported earnings of $5.07 per share, higher than the $4.95 per share analysts polled by LSEG were expecting. The company's revenue of $2.488 billion was also higher than the $2.468 billion previously forecast. Dell — Stock in the computer maker fell nearly 6% on the heels of a mixed third-quarter earnings report. The company surpassed Wall Street estimates on earnings per share, reporting an adjusted $1.88 while analysts polled by LSEG forecast $1.47. Dell's revenue of $22.25 billion throughout the quarter fell short of an expected $23.001 billion. BioNTech — Shares slipped roughly 3% after a downgrade to underweight on Friday from JPMorgan that analyst Jessica Fye pinned to a lack of clear catalysts for the stock. — CNBC's Lisa Kailai Han, Jesse Pound and Michelle Fox contributed reporting.