Pfizer Issues FY24 Forecast, Joins Target Hospitality, Southwest Airlines And Other Big Stocks Moving Lower On Wednesday

U.S. stocks traded mostly higher, with the Nasdaq Composite gaining around 40 points on Wednesday.

Shares of Pfizer Inc. PFE shares fell sharply during Wednesday’s session after the company provided FY24 guidance.

For FY24, the pharma giant expects revenue of $58.5 billion-$61.5 billion, including the expected contribution from the Seagen acquisition versus the consensus of $63.17 billion. The company forecasts FY24 adjusted diluted EPS guidance of $2.05-$2.25, including the expected impact of the Seagen acquisition, compared to the consensus of $3.17.

Pfizer shares tumbled 8.8% to $26.07 on Wednesday.

Here are some other big stocks recording losses in today’s session.

• Target Hospitality Corp. TH shares fell 11% to $9.74 as the company lowered its FY23 guidance.
• Medifast, Inc. MED dipped 9% to $68.66. LifeMD announced a strategic alliance with Medifast to offer transformative weight management solution.
• Unisys Corporation UIS fell 6.7% to $4.97.
• JetBlue Airways Corporation JBLU dipped 6.2% to $5.20.
• Southwest Airlines Co. LUV shares declined 6% to $28.51. Southwest Airlines sees fourth-quarter unit revenues to be down 9%-10% vs. prior view of down 9%-11%.
• Moderna, Inc. MRNA fell 5% to $74.15. Moderna recently announced changes to its operating model to bring focus to its short- and long-term business goals.
• BioNTech SE BNTX fell 4.8% to $93.90.
• XPeng Inc. XPEV fell 4.7% to $14.81. XPeng Inc. 13D(amended) filing showed Alibaba Group Holding Limited reported a 12.5% stake in the co as of Dec. 6, 2023.
• Paramount Global PARAA fell 4.5% to $19.64.

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