45 minutes ago
Pfizer shares are falling after the company stops developing experimental weight-loss drugs
Pfizer shares fell about 4% in premarket trading after the drugmaker decided to stop developing a twice-daily version of its weight-loss drug due to adverse side effects.
“At this time, the twice-daily danuglipron formulation will not advance to Phase 3 trials,” Pfizer said.
Pfizer said it will release Phase 2 data in a once-daily version in the first half of next year and then determine the path forward from there.
Pfizer shares have underperformed other drugmakers this year as the company has fallen behind in the weight loss race. Shares of Pfizer fell 40% year-to-date through Thursday’s close. By comparison, shares of Eli Lilly and Novo Nordisk, the two leaders in the emerging market, have each risen 50% or more in 2023.
-John Melloy, Annika Kim Constantino
10 hours ago
China’s manufacturing activity expands unexpectedly in November: Caixin survey
Workers assemble mini excavators at a heavy machinery factory in Suzhou, east China’s Jiangsu Province, October 23, 2023.
Future publishing | Future publishing | Getty Images
China’s manufacturing sector grew unexpectedly in November, according to a Caixin survey.
The Caixin Purchasing Managers’ Index rose to 50.7 last month from 49.5 in October, as a rise in new orders helped boost factory output.
The November PMI posted its fastest rise in three months, beating Portal poll estimates of 49.8.
“Although modest, the growth rate in new orders was the best since June, with companies frequently noting that firmer market conditions had helped boost sales. However, overseas orders continued to decline slightly, underlining a relatively difficult external demand environment,” the survey said.
A value above the 50 point mark means growth.
—Shreyashi Sanyal
10 hours ago
Japan: Factory activity shrinks in November, unemployment falls in October
An employee checks gaskets after processing in an automatic press machine at the Hamamatsu Gasket Co. plant in Hamamatsu, Shizuoka Prefecture, Japan, on Wednesday, Oct. 6, 2021.
Noriko Hayashi | Bloomberg | Getty Images
Japan’s factory activity shrank for the sixth straight month in November due to falling domestic and international demand, according to a private survey.
Jibun Bank Japan’s final manufacturing purchasing managers’ index fell to 48.3 last month from 48.7 in October, but was slightly better than the original reading of 48.1.
A reading below 50 indicates a contraction.
A separate measure showed Japan’s unemployment rate fell to 2.5% in October from 2.6% the previous month.
The reading was also slightly below the Portal poll forecast of 2.6%.
—Shreyashi Sanyal
11 hours ago
Factory activity in South Korea remains flat, halting decline for the first time since June 2022
South Korea’s factory activity halted a 17-month contraction streak in November, according to private surveys from S&P Global.
The country’s manufacturing purchasing managers’ index was exactly 50, representing unchanged operating conditions for the sector.
S&P said production levels largely stabilized in November, leading manufacturers to increase their workforce and purchasing activity.
However, it added that “this masked a more subdued outlook for the year ahead, as companies signaled the weakest level of optimism in five months amid concerns about continued economic weakness.”
—Lim Hui Jie
12 hours ago
Where the key averages are before December
This is where the main average stands after the November rally and before the start of the final trading month of 2023.
Dow Jones Industrial Average:
- It rose 1.6% this week, heading for its fifth consecutive week of gains for the first time since November 2021
- With an increase of 8.8% in November, it was the best month since October 2022
- Up 8.5% over the year
- Is 2.7% below its record high
S&P 500:
- Up 0.2% for the week
- This month, the value rose 8.9%, achieving its best monthly performance since July 2022
- Increase of 19% in 2023
- Is 5.2% below its record high
Nasdaq Composite:
- This week, the stock is down 0.2% and is on the verge of ending a four-week winning streak
- In November, the value rose by 10.7%, making it the best month since July 2022
- Increase of 35.9% in 2023
- Is 12.3% below its record high
—Samantha Subin, Chris Hayes
13 hours ago
Stocks Seeing the Biggest Moves Post-IPO: Walt Disney, Ulta Beauty, and More
These are some of the stocks featured in extended trading:
- Walt Disney – Shares rose about 1% after the entertainment giant restored its dividend to 30 cents per share. The move comes amid activist investor Nelson Peltz and his firm’s proxy dispute.
- Ulta Beauty – Shares of Ulta Beauty rose more than 11% on strong third-quarter results. The company also updated the low end of its full-year guidance.
- Samsara – The Internet of Things company rose 15% in extended trading after posting a rise in revenue and profit and reporting upbeat forecasts.
Read the full list of stocks moving after the bell here.
—Samantha Subin
13 hours ago
Stock futures open slightly lower
Stock futures opened slightly lower in overnight trading on Thursday after key averages capped a strong November.
Futures tied to the Dow Jones Industrial Average fell 25 points, or 0.07%, while S&P 500 futures and Nasdaq 100 futures fell 0.1% and 0.2%, respectively.
—Samantha Subin