Tesla Inc (NASDAQ:TSLA) (Reuters)
NEW YORK, March 28 (Reuters) – Tesla Inc shares fell more than 9 percent on Wednesday following a downgrade by Moody’s Investors Service, a probe by the National Transportation Safety Board of a recent fatal crash and concerns about Model 3 production. The sell-off came after Tesla tumbled 8.2 percent on Tuesday, the lowest close in almost a year. Tesla was trading on Wednesday at $258.44, down $20.74 a share, off a low of $252.10. Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2. Moody’s said the ratings “reflect the significant shortfall in the production rate of the company’s Model 3 electric vehicle.”
Amazon.com, Inc. (NASDAQ:AMZN) (The Seattle Times)
Amazon’s stock slid sharply on Wednesday after a report that President Donald Trump has openly discussed going after the retailer using antitrust or competition law. News site Axios, citing five unnamed sources who had spoken with the president, reported that Trump has a “deep-seated antipathy” toward the Seattle company that surfaces in discussions of tax policy and antitrust issues. Amazon shares fell by as much as 7 percent early Wednesday after the report, before paring those losses. The stock recently traded down 5.2 percent at $1,418.76.
Edge Therapeutics Inc (NASDAQ:EDGE) (Benzinga)
Edge Therapeutics, Inc. dipped 90.3 percent to $1.515 after the company disclosed that its Phase 3 Newton 2 study is unlikely to achieve primary efficacy endpoint. The independent Data Monitoring Committee has recommended discontinuation of study.
Lululemon Athletica inc. (NASDAQ:LULU) (The Motley Fool)
What happened: Shares of apparel retailer lululemon athletica (NASDAQ:LULU) jumped on Wednesday after the company reported strong fourth-quarter results. Comparable sales surged, helped by a big increase in direct-to-consumer revenue. The company beat analyst estimates across the board, leading investors to push the stock up about 11% as of 12:45 p.m. EDT.
Restoration Hardware Holdings, Inc (NYSE:RH) (CNBC)
RH – The home furnishings company beat estimates by 14 cents a share, with adjusted quarterly profit of $1.69 per share. The Restoration Hardware parent did see revenue come in slightly below Street forecasts. RH did give strong guidance for the full year on both the top and bottom lines.
Euro Tech Holdings Company Ltd (NASDAQ:CLWT) (Benzinga)
Euro Tech Holdings Company Limited (NASDAQ: CLWT) shares jumped 26.9 percent to $3.30 after the company disclosed that it has signed an Equity Transfer Agreement to sell its 20 percent equity stake of Zhejiang Jiahuan Electronics Co., Ltd.
Geron Corporation (NASDAQ:GERN) (The Motley Fool)
What happened: Shareholders of small-cap biotech Geron Corporation (NASDAQ:GERN) are in for yet another wild day today. The company’s stock fell by over 18% on heavy volume right out of the gate this morning due to fears arising from a possible class action lawsuit. The potential lawsuit reportedly stems from the STAT article published yesterday by Adam Feuerstein that cast doubt on the strength of Geron’s mid-stage trial data for its anti-cancer compound, imetelstat. As of 10:45 a.m. EDT, Geron’s shares are down by a whopping 28.4%.
Square Inc (NYSE:SQ) (MarketWatch)
Square Inc. SQ, -8.11% shares are on track for their biggest percentage drop in five months, with the stock down 7.1% in midday trading as part of a broader rout in the tech sector. Shares dropped 8% in late November due to concerns over the potential risks of the company’s decision to allow Bitcoin BTCUSD, -0.95% trading within the Square Cash app. Square is among the biggest tech losers in Wednesday’s session.
Shire PLC (ADR) (NASDAQ:SHPG) (The Guardian)
Shares in the UK-listed drugmaker Shire surged after Japan’s biggest pharmaceutical company, Takeda Pharmaceutical, said it was considering making a takeover approach. Shire’s shares jumped as much as 33% to £38.79 on the news, and later traded 17% higher at £36, valuing the company at £32.8bn. Takeda’s market value is about £29bn, around the same as Shire’s at Tuesday night’s closing price. Shire, founded in Basingstoke, Hampshire, in 1986, is best known for its ADHD drug Adderall but its focus in recent years has been on rare diseases. The company is based in Dublin for tax purposes but run from Boston. It has scaled back its presence in the UK and most of its operations are in the US.
RSP Permian Inc (NYSE:RSPP) (CNBC)
RSP Permian – The oil and natural gas company will be acquired by rival Concho Resources in an $8 billion all-stock deal. The combined company will run the largest drilling program in the Permian Basin.