Stock Market Today: Live Updates

Tesla shares fell 6% in pre-market trading after a disappointing day for an investor as the company failed to disclose any concrete details about its next-generation cars.

“At Investor Day, TSLA aimed to reduce the cost of its model year by 50%,” wrote Wells Fargo analyst Colin Langan. “However, schedule and cost details were limited, and the event lacked a TSLA-like surprise. With expectations high, we expect the stock to drop.”

Langan’s report was titled “TSLA Investor Day: Got What, But Misses When and How.”

Tesla is a popular stock with retail investors and is a comprehensive measure of market risk. The loss today could weigh on the broader market.

Shares of Nio fell 1% in the primary market after JPMorgan downgraded the electric car maker to neutral from overweight.

“While management on the outcome call attributed most of the errors to a one-time item related to the removal of older models (eg ES6, ES8, EC6 before new models arrived on the new platform in the first half of ’23), our concern is that the 1Q23 margin It could head down further (JPMe composite GPM around 5%) while the magnitude of improvement from 2Q23 will be just shy of the Street outlook, given the tough competition environment,” JPMorgan said.

“Moreover, we note that our forecast for delivery for 2023 (190,000 units or 56% growth) is below management’s ambitious target (240-250,000, compared to 122 in 2022),” the bank added.

– Sarah Maine

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.

– Samantha Sobin, Laura Kolodny

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.

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

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.

– Samantha Sobin, Jordan Novet

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