PREMARKET MOVES | Netflix Falls on Wells Fargo Downgrade; Xenon Sinks 25% on Study Pause

According to CNBC, several stocks posted notable premarket moves. Netflix declined more than 3% after Wells Fargo downgraded the stock to underweight, with analysts citing worrying engagement trends and weaker content expected in the second half of 2026 that they said would lead to lower margin expansion in 2027 and 2028. Xenon Pharmaceuticals sank 25% after the company said it was pausing enrollment of new patients in its clinical studies for major and bipolar depression treatments; the pause, expected to be temporary, followed the discovery of neuropsychiatric side effects. Steel Dynamics and Nucor both fell more than 1.5% after issuing third-quarter earnings guidance that came in weaker than analysts' consensus polled by FactSet; Nucor said earnings will increase in its steel mills and steel products segments while decreasing in raw materials. Macom Technology Solutions rose 3% after BMO Capital Markets upgraded the stock to outperform, with analysts noting its valuation had become attractive following a more than 35% decline from its 2026 highs even as fundamentals in its data center, industrial and defense businesses remained strong. Crypto-exposed shares rose after bitcoin climbed 2% to cross $78,000 again, with Robinhood up 2.5% and treasury company Strategy up 3%.