Stocks making the biggest moves midday: Tesla, Disney, Alibaba, Ulta Beauty and more

Published Fri, Dec 1 202312:20 PM ESTUpdated Fri, Dec 1 20234:03 PM EST

Check out the companies making headlines in midday trading. Tesla — Tesla shares slipped less than 1% as Wall Street assessed the company's long-anticipated Cybertruck following a delivery launch event Thursday in Texas. Disney — Disney shares were virtually flat after the entertainment giant reinstated its dividend at 30 cents per share amid a renewed proxy battle with Nelson Peltz and Trian Fund Management. Alibaba — Alibaba shares fell 1% after Morgan Stanley downgraded the China-based e-commerce company to equal weight, citing a slower-than-expected turnaround in its cloud business. Ulta Beauty — The beauty stock rallied nearly 11% after posting third-quarter results that surpassed analysts' estimates. Ulta Beauty's revenue jumped 6% year over year and the company lifted the low end of its full-year outlook. Pfizer — The stock tumbled 5% after Pfizer said it would halt development of its twice-daily experimental weight loss pill after patients reported adverse side effects during a clinical study. The drugmaker said it will still release trial data on its once-a-day version next year. Elastic — Shares of the search engine company surged more than 37% on the back of strong quarterly results and an upgrade to overweight by Wells Fargo. The Wall Street firm upgraded shares to an overweight rating, citing a meaningful revenue expansion opportunity from artificial intelligence. Samsara — Samsara shares popped 25.6% after the cloud company posted better-than-expected quarterly results and shared stronger-than-expected guidance. Paramount Global — The media conglomerate's stock soared nearly 10% after The Wall Street Journal reported that Paramount and Apple started talks about bundling their streaming services at a discount. Marvell Technology — Marvell Technology shares slumped nearly 2%. The chip company posted third-quarter earnings that topped Wall Street's estimates but shared weaker-than-expected guidance for the current quarter. Marvell Technology said it expects revenue of $1.42 billion, plus or minus 5%, versus a FactSet estimate of $1.46 billion. Coinbase — Coinbase shares jumped more than 7% following a report from CoinDesk that Cathie Wood's Ark Invest sold shares of the cryptocurrency exchange for a third time this week, totaling roughly $15 million. This week, the company closed out its second-best month of gains since it debuted on the Nasdaq in 2021. Dell — Shares of the computer maker pulled back 5.2% following mixed third-quarter results. Dell reported adjusted earnings of $1.88 per share, topping estimates, but revenue of $22.25 billion fell short. Analysts polled by LSEG, formerly known as Refinitiv, forecast a profit of $1.47 per share on revenue of $23 billion. BioNTech — The vaccine maker's stock fell 1%. JPMorgan downgraded BioNTech to underweight from neutral as the company grapples with weakening demand for Covid vaccines and offers investors limited near-term catalysts. Norfolk Southern — Shares of the railroad company rose nearly 4% after Bank of America upgraded the stock to buy from neutral. Bank of America said Norfolk Southern's shipping car volumes were improving after a rocky year for the company, including a derailment in Ohio in February. Altimmune — Altimmune's stock surged 13% after the clinical stage biopharmaceutical company posted positive results from a trial of its experimental obesity drug. Ambarella — Shares finished flat after Ambarella reported third-quarter gross margins of 62.6%, down from 63.5% in the year-ago period. Otherwise, the semiconductor design company posted quarterly results that topped estimates. CSG Systems — Shares popped 7% after Jefferies initiated coverage of the software-as-a-service stock at a buy rating. The firm said CSG is "not just the cable billing king" and has business growing outside of the communication services sector. — CNBC's Yun Li, Michelle Fox, Sarah Min, Alex Harring, Brian Evans and Jesse Pound contributed reporting.