On Holdings New Partner; Netflix Analyst Downgrade | Stock Movers

Summary

On this Stock Movers episode, On Holding rose premarket after signing Kylian Mbappé to develop football products, a move framed as a challenge to Nike and Adidas and a blow to Nike, which also faces S&P 100 index removal. Xenon Pharmaceuticals tumbled on a voluntary enrollment pause in azetukalner depression and bipolar studies after adverse events, while Wells Fargo's rare underweight downgrade on engagement concerns pressured Netflix. Hosts also noted On's coming investor day and discussed whether Netflix needs a breakout hit.

• On Holding signed Kylian Mbappé to develop football products and represent the brand, sending shares higher premarket.
• The Mbappé deal was described as a blow to Nike and a challenge to Nike and Adidas' football dominance.
• Nike also faces removal from the S&P 100 index on Monday, adding pressure to the stock.
• Xenon Pharmaceuticals fell sharply after voluntarily pausing enrollment in azetukalner studies for major depressive disorder and bipolar depression following adverse events.
• Xenon's filing for its lead drug candidate had put it near its first commercial product, and Wall Street is split on the setback.
• Wells Fargo downgraded Netflix to underweight on user engagement concerns, cutting its price target to $57, the lowest on the Street.
• Hosts said Netflix needs a breakout hit and discussed their own viewing of older Netflix shows and Apple TV+ content.
• On Holding has a Tuesday investor day where financial targets are expected.