10 hours ago
Tesla shares are dropping as the investor’s day begins
Tesla shares fell about 3% after the bell as the electric car maker held its 2023 Investor Day.
During the event, which was hosted in Texas, CEO Elon Musk unveiled “Master Plan 3,” which focused heavily on sustainable energy, but shared few details.
Investors and analysts alike are watching the event to gain insight into how the company plans to face growing competition.
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Tesla shares are dropping as the investor’s day begins
– Samantha Sobin, Laura Kolodny
10 hours ago
Shares of Silvergate Capital fell due to the delay in the release of the 10K annual report
Shares of the cryptocurrency-focused bank fell more than 30% in overnight trading after it filed a request to delay the 10-K issue.
Silvergate Capital said in a filing on Wednesday that it has a series of pending inquiries and investigations and needs more time “to complete management’s assessment of internal controls over financial reporting.”
Given this recent series of events, the company also said in the filing that it may be “less than well capitalized.”
Shares of Silvergate Capital have been under pressure in recent months as it grapples with the fallout from the collapse of cryptocurrency exchange FTX.
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Silvergate shares fell sharply
10 hours ago
Okta, Snowflake among stocks moving after hours
Along with Salesforce, a slew of technology stocks moved into overnight trading after earnings were reported.
Snowflake shares fell more than 7% on lighter-than-expected product revenue guidance, though it posted both above and below last quarter’s earnings, according to Refinitiv.
Meanwhile, Okta stock jumped 14% with an up-and-down difference. The identity management company also shared strong revenue and EPS guidance for the current period, including a windfall profit.
Outside of technology, shares of American Eagle Outfitters jumped nearly 7% on strong quarterly results.
Read the full list of stocks that move after the bell here.
– Samantha Sobin
10 hours ago
Salesforce stock is showing strong earnings and guidance
Salesforce stock jumped more than 15% in overnight trading after reporting better-than-expected fourth-quarter results and strong guidance for next year.
The cloud software company reported adjusted earnings per share of $1.68 on revenue of $8.38 billion. Analysts surveyed by Refinitiv called for EPS of $1.36 on revenue of $7.99 billion.
Salesforce also said it is expanding its share buyback program to $20 billion.
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Salesforce shares rose thanks to strong earnings, and better-than-expected guidance
– Samantha Sobin, Jordan Novet
10 hours ago
Dow futures open higher
Stock futures opened higher on Wednesday evening.
Futures contracts linked to the Dow Jones gained 148 points, or 0.45%. S&P 500 and Nasdaq 100 futures rose 0.08% each.
– Samantha Sobin
“Beer aficionado. Gamer. Alcohol fanatic. Evil food trailblazer. Avid bacon maven.”