Midday movers: Pfizer, Etsy, and more
(Updated - December 13, 2023 12:03 PM EST)
Investing.com -- Main U.S. indexes climbed ahead of the conclusion of the Federal Reserve’s final policy meeting of the year, where it is expected to leave rates unchanged. Focus will also be Fed Chair Jerome Powell’s comments after the policy announcement.
Here are some of the biggest U.S. stock movers today:
Netflix (NASDAQ:NFLX) stock rose 2.2% after the streaming giant released viewership figures across its catalog, responding to criticism over its perceived lack of transparency over how its titles are consumed.
Pfizer (NYSE:PFE) stock slumped 8% after the drugmaker forecast 2024 revenue and profit below expectations, even as it raised cost-cut target by $500 million.
Southwest Airlines (NYSE:LUV) stock fell 5.7% after the budget airline raised its forecast for fourth-quarter fuel costs, even while expecting unit revenue for the quarter to improve to the higher end of its previous guidance range on the back of strong leisure demand.
Airbnb (ABNB) stock rose 0.25% after the vacation rental platform agreed to pay over $600 million to the Italian Revenue Agency to settle outstanding host income tax obligations for the 2017-2021 tax years.
Tesla (NASDAQ:TSLA) stock fell 2.7% as the electric vehicle manufacturer is set to lose up to $7,500 federal tax credit for some Model 3 vehicles. It also filed a recall of 2 million vehicles to fix autopilot flaws.
Take-Two (NASDAQ:TTWO) stock rose 3%, with the video-game maker set to be included in the Nasdaq 100 index, effective Dec 18, likely boosting demand from investors.
Ford (NYSE:F) stock fell 2.6% after BNP Paribas (OTC:BNPQY) downgraded its stance on the auto giant to ‘neutral’ from ‘outperform’, seeing relatively little upside from current levels.
Photronics (NASDAQ:PLAB) stock rose 15.6% after the semiconductor photomask manufacturer beat quarterly expectations, with revenue up 8.2% year on year. It also expects next quarter's revenue to be around $221 million, in line with estimates.
Vertex Pharma (NASDAQ:VRTX) climbed 10.3% following positive results from a phase 2 study of VX-548 for the treatment of painful diabetic peripheral neuropathy.
Etsy (NASDAQ:ETSY) declined 5% after it announced a restructuring plan that includes an 11% reduction of its marketplace workforce. It also said consolidated Q4 GMS will decline 1%-2%
U.S. Steel (X) climbed 4.7% after CNBC reported the company has multiple bids in excess of $40 per share. Its board is expected to meet today to consider the offers.
Additional reporting by Louis Juricic
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