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LATE MOVERS: Tesla in spotlight as SEC asks for Musk to be held in contempt for violating deal

Other notables for the day include AutoZone, Caterpillar, Etsy, Home Depot, Tenet Healthcare and JM Smucker
A photo of Elon Musk
The SEC reported an ‘inaccurate’ February 19 tweet from Musk regarding production

Tesla Inc (NASDAQ:TSLA) swung between gains and losses as it emerged that the Securities and Exchange Commission had asked a judge to hold CEO Elon Musk in contempt for violating a settlement requiring him to obtain company approval before communicating with investors. The SEC cited an "inaccurate" tweet on February 19 about production, Bloomberg reported.

Shares slipped 0.3% to $297.86 after edging higher.

AutoZone Inc (NYSE:AZO) gained after the auto parts supplier reported better-than-expected second-quarter results. For the 12 weeks ended February 9, the Memphis, Tennessee, company posted diluted earnings per share of $11.49 on net sales of $2.5 billion. The average estimate of economists was for earnings per share of $9.96 on revenue of $2.45 billion.

The stock advanced 5.2% to $935  in New York trading.

Etsy Inc (NASDAQ:ETSY) surged as the online craft group announced strong sales during the holiday season. The company’s fourth-quarter revenue came in at about $200 million, up 47% from a year earlier. Earnings per share was $0.32, while Wall Street analysts had expected $0.21. 

Shares increased 16% to $68.65.

Home Depot Inc (NYSE:HD) slid as the DIY retailer reported earnings and sales for the fourth quarter that missed analysts' expectations and issued a weaker-than-expected outlook for 2019. While revenue for the three months added nearly 11% from a year earlier to $26.49 billion, it fell short of the $26.57 billion average estimate of analysts.

The shares shed 0.9% to $186.30.

Caterpillar Inc (NYSE:CAT) lost ground as the machinery behemoth received a downgrade from Swiss bank UBS. The bank cut the rating to Sell from Buy and slashed its 12-month price target to $125 from $154 a share.

The stock fell in New York 0.2% to $137.98.

Tenet Healthcare Corp (NYSE:THC) saw shares rocket after the Dallas-based health services group posted fourth-quarter numbers that showed a net loss but beat analysts' estimates on an adjusted basis.

The stock zoomed up 11% to $26.94 in New York.

JM  Smucker Co (NYSE:SJM) surged as the foods company reported third-quarter earnings and sales that beat expectations. Excluding non-recurring items, adjusted earnings per share came in at $2.26, above the consensus of $2.01. Sales rose 6% to $2.01 billion, against estimates of $1.99 billion

The shares added 5% to $106.09.

Contact Dennis Fitzgerald at [email protected]


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