On this episode of Stock Movers:

- Warner Bros. Discovery (WBD) shares slid after a report from the New York Post that Paramount Skydance could walk away from its $30-per-share cash bid and instead litigate against the company’s board for how it handled the process.

- Sable Offshore (SOC) shares fell as much as 17% after the Environmental Defense Center and Center for Biological Diversity filed an emergency motion to halt the restart of a contested California oil pipeline.

- Target (TGT) shares rose on Friday after the Financial Times reported that an activist investor built up a stake in the big-box retailer, citing people it didn’t identify. Toms Capital Investment Management has made a significant investment in Target, the FT said, without disclosing further details. Target shares jumped as much as 6.7% on Friday. The stock is headed for an annual decline of about 25% following a difficult year in which the company lost market share and sales slumped.