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Pfizer on Wednesday forecast 2024 sales that were as much as $5 billion below Wall Street expectations due mostly to declining demand for COVID vaccines and treatment, driving shares down 7% in premarket trading. The lower forecasts come a day after the drugmaker said it would reorganize its cancer division to include the acquisition of Seagen. The drugmaker's shares, which are already down over 44% this so far this year, were down 7% in premarket trading and set to erase over $10 billion in market capitalization, if losses continued during regular trading.
Shares of the company, down more than 50% so far this year, rose about 2% in premarket trading. Nikola in August recalled all the 209 battery-powered electric trucks that it had delivered and suspended sales after an investigation into recent fires found a coolant leak inside a battery pack as the cause. Despite the Tre battery-electric truck being recalled, Nikola said it received orders for 47 vehicles from a dealer.
(Bloomberg) Caterpillar Inc. shares tumbled in premarket trading after the company said its order backlog shrank in the third quarter, in a sign of slowing demand for its iconic yellow machinery.Most Read from BloombergSaudi Forces on Alert After Clash With Iran-Backed HouthisInnovent, Lilly Obesity Drug Spurs More Weight Loss in TrialIsrael Latest: Netanyahu Vows to Stay On; Targets Hit in LebanonSony’s Bungie Game Unit Cuts Staff Following Delayed TitlesApple Unveils New Laptops, iMac and T