• Vertex Pharmaceuticals Reports Positive Study Results

Vertex Pharmaceuticals' shares rose by over 7% in premarket trading after the company announced successful phase 2 study results for VX-548, a treatment for patients with diabetic peripheral neuropathy. The study showed a significant reduction in pain intensity, and the drug was well tolerated at all doses tested.

  • United States Steel Corp. Attracts Acquisition Interest

Shares of United States Steel Corporation climbed over 3% amid reports of multiple acquisition proposals surpassing $40 per share. The company's stock price reacted positively to the news, indicating investor optimism about the potential deals.


  • Pfizer's 2024 Guidance Disappoints

Pfizer Inc. shares tumbled more than 9% to a 52-week low after the pharmaceutical giant's 2024 revenue guidance fell short of Wall Street expectations. The company warned that revenue could decline next year due to a slowdown in demand for its Covid-19 vaccine and related products. Pfizer's forecast indicates a significant drop in sales from its Covid-19 vaccine and Paxlovid treatment, which have been major revenue drivers in the past two years.

  • Moderna and Other Covid Vaccine Makers Affected by Pfizer's Warning

Moderna's shares, along with other Covid-19 vaccine makers, were impacted by Pfizer's warning of expected revenue decline from Covid-19 products next year. Moderna shares fell nearly 5%, while BioNTech and Novavax also experienced declines in their stock prices. Moderna Inc. announced changes to its commercial organization to prepare for multiple product launches in 2024 and 2025. The company is focusing on driving sales of its COVID-19 vaccine and launching its RSV vaccine next year. CEO Stephane Bancel will assume responsibility for sales and marketing, while President Stephen Hoge will focus on pipeline commercial strategy and Medical Affairs.

  • Southwest Airlines Adjusts Fuel Cost Forecast

Southwest Airlines drop 6% after it revised its fourth-quarter fuel cost forecast upwards, now expecting economic fuel costs of $3.00 to $3.10 per gallon. The adjustment reflects the volatile nature of fuel prices and their impact on airline operations and profitability.