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Business

Tesla, Nikola, Bed Bath, Virgin Orbit, BlackBerry and several stock market movers




Tesla (ticker: TSLA) is expected to release first-quarter delivery numbers over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric car company to have delivered 432,000 units in the first quarter, up from about 405,000 in the fourth quarter of 2022. In the first quarter of 2022, Tesla delivered about 310,000 vehicles. The Tesla share rose 4.9 percent.

Nikola ( NKLA ) fell after announcing it would sell $100 million in shares at $1.12 a share. The stock fell 11.1% to $1.24 on Friday.

Bed Bath & Beyond ( BBBY ) shares fell 22.7% after falling more than 26% on Thursday after the retailer said it expects fourth-quarter sales below analysts’ expectations. Bed Bath also said it plans to sell up to $300 million of common stock.

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Virgin Orbit Holdings ( VORB ) fell 33% to around 23 cents after the space launch startup said it would cut 85% of its workforce. The job cuts were made “in light of the company’s inability to secure meaningful financing,” according to a regulatory filing. Virgin Orbit has been trying to secure additional funding since mid-March and has halted some operations while it sought to raise additional cash.

Pacific Biosciences of California (PACB) rose 16.4% after the biotech company’s shares were upgraded to Outperform from Market Perform by analysts at TD Cowen.

BlackBerry ( BB ) rose 15.6% after the company said it expects a revenue range of $240 million to $250 million for fiscal 2024. This comes after the company posted fiscal fourth-quarter revenue that fell from a year earlier and missed analysts’ expectations. The share had fallen sharply in pre-market trading.

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( BRZE ) shares rose 11.3% after the technology company said it sees an increase in fiscal 2024 revenue from a year ago.

Rumble (RUM) rose 6.2% and Digital World Acquisition (DWAC) jumped 6.4%. Shares on the right-wing social media platforms rose after the indictment of Donald Trump, the former president of the United States.

Generac Holdings ( GNRC ) fell 3.8% after the backup power provider received a downgrade to Underperform from Neutral from analysts at BofA.

Chip maker Micron Technology

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( MU ) fell 2.9% after Chinese regulators said they were launching a review of Micron products sold in the country.

Write to Joe Woelfel at joseph.woelfel@barrons.com



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