Proactive Investors - Run By Investors For Investors

LATE MOVERS: Tesla shares advance as Musk tweet hints ‘some Tesla news’ is coming

Also on the move are Best Buy, Lowe’s, Palo Alto Networks and Mylan
The Tesla logo
The SEC has asked a judge to hold Tesla's Elon Musk in contempt

Tesla Inc (NASDAQ:TSLA) rallied after CEO Elon Musk said in a tweet  “some Tesla news” and then mentioned “California” and “Thursday 2pm,” which could mean 5 pm Eastern time. Earlier this week, it emerged that the Securities and Exchange Commission had asked a judge to hold Musk in contempt for violating a settlement requiring him to obtain company approval before communicating with investors.

The stock climbed 5.7% to $314.74 in Nasdaq trading.

Best Buy Co Inc (NYSE:BBY) was the biggest winner among S&P 500 companies as the consumer electronics group posted a surprise earnings beat for 4Q. Earnings for the three months ended in January came in at $2.69 per share, up nearly 41% from the same period last year and well ahead of the Wall Street forecast of $2.56 per share. For the current full year ending 2020, Best Buy said it sees enterprise revenue of $42.9 billion to $43.9 billion, which is ahead of Wall Street forecasts.

Shares climbed 14% to stand at $68.82.

Lowe's Companies Inc (NYSE:LOW) shares nudged higher as the home improvement chain announced a mixed earnings report for the fourth quarter. For the period ended February 1, the chain earned excluding one-time items $0.80 per share, which was a penny ahead of analysts' forecasts. While revenue rose to $15.65 billion from $15.49 billion a year earlier, it fell short of analysts' expectations for $15.74 billion.

The stock added 2.5% to $107.62.

Palo Alto Networks Inc (NYSE:PANW) shares jumped as the cybersecurity firm based in California posted better-than-expected earnings for the second quarter of its 2019 fiscal year. Earnings per share was $1.51, excluding certain items, compared with the average estimate of $1.22. Revenue for the three months came in at $711.2 million, compared with the $682 million expected by analysts.

Shares rose 8.2% to $254.88.

Mylan NV (NASDAQ:MYL) was the biggest loser among S&P 500 companies as the specialty pharmaceuticals firm reported disappointing earnings. The group reported a smaller profit than expected during its fourth quarter and said earnings in 2019 would be substantially lower than analysts' projections. Adjusted earnings were $1.30 a share, down from $1.43 a share in the same period last year. Analysts on average expected earnings of $1.35 a share on revenue of $3.06 billion.

The stock tanked 15% to $26.01.

Updates share prices

Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use