Stock futures continued to decline on Tuesday, extending a downward trend that began on Cyber Monday.

Here are some of Tuesday's biggest stock movers:

Biggest stock gainers

Shares of PDD Holdings (NASDAQ:PDD) surged as much as 15% after outperforming market expectations in Q3. The company's sales increased by 94% year over year, while non-GAAP net income increased by 37% year over year. Ms. Jun Liu, VP of Finance at PDD Holdings, attributed this success to their 'high-quality development' strategy, emphasizing increased investment in technology and the deepening of user engagement in the third quarter. Looking ahead, she affirmed the company's commitment to decisive investment to support ongoing high-quality development initiatives.
SpringWorks Therapeutics' (NASDAQ:SWTX) stock climbed 19% after the FDA approved its drug Ogsiveo for treating adult patients with desmoid tumors requiring systemic treatment. The drug, also known as nirogacestat, is the first and only approved treatment for adults with desmoid tumors.
Carlyle Group (NASDAQ:CG) shares rose 6% and W.P. Carey (NYSE:WPC) increased 5% after the stocks were named to join the S&P MidCap 400, effective prior to the start of trading November 30. Carlyle Group will replace ICU Medical (ICUI) and W.P. Carey's will replace Worthington Industries (WOR).
Avidity Biosciences (NASDAQ:RNA) shares soared 15% after expanding its cardiovascular collaboration with Bristol Myers Squibb (BMY). The collaboration covers up to five cardiovascular targets developed using Avidity's (RNA) AOC platform technology, with potential payments of up to $2.3B. Bristol Myers will fund all R&D and commercial activities for these targets, and Avidity (RNA) will receive a $100M upfront payment, including $60M in cash and a $40M equity investment. Additional potential payments include $1.3B in R&D-related milestones, $825M in commercial milestones, and tiered royalties on net sales up to low double-digits.

Biggest stock losers

Micron Technology (NASDAQ:MU) fell 3.5% despite revising its Q1 sales outlook upward to $4.7B, pointing to improved supply, demand, and pricing. The initial estimate ranged from $4.2B to $4.6B, while the consensus stood at $4.4B. Non-GAAP gross margins are projected to achieve breakeven, a shift from the previous -4% forecast, and the adjusted earnings forecast is a $1 per share loss, plus or minus 7 cents, compared to the consensus of -$0.99.
Despite exceeding expectations in Q1 results, along with an upbeat Q2 and FY2024 outlook, Zscaler (NASDAQ:ZS) shares declined by over 7% as FY2024 calculated billings of $2.52B–$2.56B, which fell just short of the estimated midpoint.
ACELYRIN (NASDAQ:SLRN) shares dropped by 6% following the disclosure that the company's team identified dose sequencing errors in Phase 2/3 of clinical trials for its drug Izokibep in the treatment of psoriatic arthritis. These errors are associated with both its CRO and one of the vendors working with the CRO, particularly related to the Izokibep clinical program.

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