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.
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.
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.
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.
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.