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Shares of the meal kit service slid more than 7% in Wednesday’s premarket trading after the company reported disappointing fourth quarter earnings and said that it was considering “strategic alternatives.” For the quarter Blue Apron lost $1.66 per share, which was larger than the $1.60 loss analysts polled by FactSet had been expecting. Revenue also missed estimates. As the company struggles â shares have shed more than 80% in the last year â the company said it was exploring options. “These alternatives could include, among other things, a strategic business combination, a capital raise through the public or private markets, a transaction that results in private ownership or sale of the company or its assets, or some combination of these,” a press release said. -Stevens
Shares of Garmin gained more than 8% ahead of the market’s open following the company’s fourth quarter earnings results, which topped analyst expectations on the top and bottom line. The fitness device maker posted earnings of $1.29 per share, compared to the consensus of $1.05, according to estimates from FactSet. Revenue came in at $1.10 billion, ahead of the $1.01 billion expected. The company also gave upbeat guidance, and raised its dividend. -Stevens
The producer price index jumped by 0.5% in January, the biggest one-month advance since October 2018, as costs in health care and hotel accommodation services climbed, the Labor Department said. Wednesday’s print easily beat a Reuters estimate of a 0.1% gain. Producer prices also gained 2.1% in the 12 months through January. âImbert
Shares of Tesla are up nearly 7% in premarket trading on Wednesday after Piper Sandler hiked its price target on the electric car maker to $928 per share, the highest target on Wall Street, according to FactSet. The firm said Tesla’s push into new areas of clean energy will drive the stock higher. Tesla’s move higher on Wednesday adds to its 100% rally in 2020 alone. â Fitzgerald