Morning Buzz: SolarCity (SCTY), Best Buy (BBY), Netflix (NFLX), Apple Inc. (AAPL), Alliance Fiber Optic Products (AFOP)

Shares of SolarCity Corporation (SCTY) are up 8.73% to $47.70 in early trade after it was reported that Elon Musk, the company’s Chairman and its biggest shareholder, bought 123,510 additional shares worth $5 million at a price of $40.48 each. That follows a plunge in the solar equipment maker’s shares that came after hedge fund manager Jim Chanos called San Mateo, Calif.-based SolarCity a ‘subprime’ finance company on CNBC Friday.
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Best Buy (BBY) shares are gaining 16.67% to $34.15 in early trading on Tuesday morning, after the electronics retailer reported better than expected earnings results for the second quarter of fiscal 2016. Best Buy beat estimates by $0.15 with non-GAAP EPS profit of $0.49. Revenue came in at $8.53 billion for the three months ended Aug. 1, compared with $8.46 billion in the same period last year. Analysts had estimated for earnings of $0.34 per share on $8.3 billion in revenue. Meanwhile, same-store sales rose 2.7%, compared to forecasts of a 1% increase.
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Shares of Netflix Inc. (NFLX) are higher by 8.64% to $105.25 in early morning trading on Tuesday, as the stock continues to see gains following the co.’s announcement of a new partnership with SoftBank (SFTBY) to offer Netflix in Japan starting on September 2, 2015.

The partnership is part of the Netflix’s plan to be available worldwide by 2016.
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Apple Inc. (AAPL) stock has been a solid gainer in early trading, up more than 5% to $108.35 from Monday’s close of $103.12. The early gains have pulled the $620 billion market cap company out of bear market territory. The name however, is still down more than 12% from its 52-wkh of $134.54 set in April 28, 2015.
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Alliance Fiber Optic Products Inc. (AFOP) is higher by approximately 13% this morning after the company announced a $25 million stock repurchase program.

Alliance said the duration of the repurchase program is open-ended.

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