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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
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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.

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