Morning Buzz: Twitter (TWTR), Tesla (TSLA), Alphabet Inc. (GOOGL), Michael Kors Holdings (KORS)

Wall Street

Twitter Inc‘s (TWTR) weakness continues with shares declining 4.30% in early trade. The name, much like the broader market, has been on a downtrend since the beginning of the year. The San Francisco, Calif.-based social network, currently valued at $12.23 billion, is down 22.60% year-to-date and 52.28% year-over-year. Separately, this morning Twitter was downgraded to ‘Sell’ from ‘Hold’ at Stifel,

Shares of Tesla Motors, Inc. (TSLA) are lower by more than 3% to $191.00 in morning trading on Tuesday following an article by TheVerge saying the electric car maker expects to release a new version of its Powerwall – a rechargeable battery pack for the home intended to store solar energy – this summer.

Alphabet Inc. (GOOG), (GOOGL) shares surged 4.64% to $806.50 in early trading after the Google parent easily beat expectations, reporting an adjusted quarterly profit of $8.67 per share on revenue of $21.33 billion. Both metrics surpassed Street’s estimates for $8.10 per share and $20.77 billion, respectively.

Michael Kors Holdings Limited (KORS) shares spiked 16.69% to $47.19 in morning trading after the company reported a solid third-quarter. The luxury goods maker beat estimates by reporting earnings of $1.59 per share on revenues of $1.40 billion, up 6.3% from a year ago. Analysts were expecting EPS of $1.46 on revenues of $1.36 billion.

Looking ahead, the company guided Q4 revenues of $1.13-$1.15 billion, as compared to analysts’ expectations of $1.16 billion. The management also gave its bottom line range of $0.93-$0.97 per share, against projections of $1.00/shr.

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