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Shares of e-commerce giant Alibaba slid 2.4% in Thursday’s premarket trading despite better-than-expected results. For the third quarter the company reported adjusted earnings of $18.19 per share, which was ahead of the $15.75 per share analysts had been calling for, according to estimates from FactSet. Revenue also topped expectations, coming in at $161.45 billion versus the consensus estimate of $159.28 billion. The China-based company said that results were boosted by strength in e-commerce and cloud computing. âStevens
Shares of data management company NetApp dropped 13.5% during Thursday’s premarket trading after the company’s third quarter earnings results fell short of Street expectations. The company earned $1.16 per share for the quarter on revenue of $1.40 billion. Analysts expected earnings of $1.18 per share and $1.46 billion in revenue, respectively, according to estimates from FactSet. Guidance was also light, and the CFO said he would be retiring by the end of the fiscal year. âStevens
Shares of travel companies were under pressure again in premarket trading following a sharp rise in reported coronavirus cases. Casino stocks with big revenue exposure to China are down big with Wynn Resorts and Las Vegas Sands sliding 2.7% and 2.3%, respectively. Airlines, which took a big hit after halting their services in China, fell again after rebounding this month. Shares of United Airlines dipped 1.7%, and American Airlines dropped 1.4% in premarket.â Li
The electric car marker’s stock dropped more than 4% in the premarket on news Tesla will offer $2 billion in common stock. Elon Musk, Tesla’s CEO, will buy up to $10 million from that offering while board member Larry Ellison will also buy up to $1 million in common stock. The proceeds from this offering, Tesla says, will be used to “to further strengthen its balance sheet, as well as for general corporate purposes.”