On Holdings New Partner; Netflix Analyst Downgrade | Stock Movers

On this episode of Stock Movers:

– On Holding (ONON) is higher after it signed Kylian Mbappé as a partner in developing football products and representing the brand. The move marks On mounting a bold challenge to Nike and Adidas’ dominance of the sport.
– Xenon Pharmaceuticals (XENE) is in a steep decline after it voluntarily halted a trial enrollment of azetukalner, which treats depression and bipolar, after studies showed adverse events.
– Netflix (NFLX) shares are lower after Wells Fargo downgraded the stock to underweight, citing concerns about user engagement. Analyst Steven Cahall wrote that Netflix “has lacked big original series and it’s showing” and that “breakout hits” are necessary for the stock to work again. (Source: Bloomberg)