Stocks Drop, But Tesla, Whole Foods Set Happy Tone – Investor’s Business Daily

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Stocks finished lower Wednesday, but good quarterly results from Whole Foods Market (WFM) and Tesla Motors (TSLA) after the close may help set a positive tone for Thursday’s open.

The Nasdaq fell 0.8%, while the S&P 500 and the Dow Jones industrial average each dropped 0.6%. Volume was lighter on both exchanges, according to preliminary data.

Whole Foods reported earnings per share of 44 cents, three pennies better than a year earlier and more than analysts expected. Revenue came in a $3.7 billion vs. estimates of $3.74 billion.  Investors after hours focused on the earnings beat, bidding the stock higher.

They did the same with Tesla, which reported a first-quarter loss of 57 cents a share. The Street expected a 58-cent loss. The company promised to deliver 20,000 cars in the second quarter. Tesla shares dropped 4% in the regular session after the announcement that two executives were leaving the company while investor Jim Chanos highlighted his case against the company.

Former leader FleetCor (FLT) lost ground after hours. It scored an earnings beat with EPS of $1.53, three cents above estimates, but it missed on revenue and gave in-line guidance.

Thursday before the open, the Labor Department is forecast to report jobless claims of 262,000 for the week ended April 30 vs. 257,000 the prior week.

Companies reporting earnings Thursday include GoPro (GPRO), Regeneron (REGN), Square (SQ), Cerner (CERN) and Motorola Solutions (MSI).