Major market movers today include Delta Air Lines (NYSE:) tumbling on weak guidance, Tesla (NASDAQ:) falling amid a debate over its stock performance, and Pfizer (NYSE:) rising on development news.
In a volatile trading session, Delta Air Lines, Tesla, and Pfizer are making headlines with significant stock movements and company developments.
As of 12:46 PM EDT, these three stocks are drawing investor attention for various reasons, ranging from earnings reports to product developments and market debates.
Delta Air Lines (DAL) Tumbles on Weak Guidance
Delta Air Lines shares plummeted 5.04% to $44.50 following the release of and disappointing third-quarter guidance. The airline reported Q2 operating revenue of $16.7 billion and adjusted earnings per share of $2.36, meeting expectations.
However, its Q3 EPS forecast of $1.70-$2.00 fell short of analyst projections, triggering a broad selloff in airline stocks.
The weak guidance highlighted ongoing challenges in the airline industry, including excess capacity and pricing pressures. Delta’s announcement impacted other major carriers, with United Airlines (NASDAQ:) down 16.07%, American Airlines (NASDAQ:) plunging 40.69%, and Southwest Airlines (NYSE:) dropping 27.80%.
Despite the current setback, Delta’s stock maintains a year-to-date gain of 11.18%, outperforming its one-year return of -7.25%.
Tesla (TSLA) Faces Volatility Amid Market Debate
Tesla’s stock experienced a sharp decline of 6.23% to $246.86, potentially ending its recent 11-day winning streak.
The electric vehicle maker found itself at the center of a market debate after Bill Gross, the “Bond King,” criticized its stock performance, claiming Tesla was “acting like a meme stock” with “sagging fundamentals.”
CEO Elon Musk swiftly responded, asserting that Gross “does not understand technology.” The exchange highlighted differing views on Tesla’s market position and valuation.
Adding to the day’s volatility, reports suggested a delay in the company’s robotaxi unveiling event. Despite the day’s losses, Tesla’s stock has surged nearly 50% over the past month, though it still remains down 0.68% year-to-date.
Pfizer (PFE) Gains on Weight Loss Drug Development
Pfizer’s stock rose 1.60% to $28.80 following the announcement of its plans to advance a once-daily version of its weight loss pill, danuglipron.
The decision, based on encouraging early-stage trial results, keeps Pfizer in contention for a share of the projected $100 billion GLP-1 market.
The company plans additional early-stage trials for the second half of 2024, with results expected in Q1 2025.
This development signals Pfizer’s focus on internal growth rather than late-stage acquisitions and maintains competitive pressure on market leaders Novo Nordisk (NYSE:) and Eli Lilly (NYSE: NYSE:).
While Pfizer’s stock is up 3.09% year-to-date, it has underperformed the broader market, with the gaining 18.14% over the same period.
***
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.
#Stocks #Watch #Today #Delta #Air #Lines #Tesla #Pfizer
