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Shares of Salesforce.com Inc. climbed in Wednesday’s extended session after the cloud software company posted quarterly results ahead of Wall Street’s estimates. Salesforce reported its first-quarter earnings rose to $38.8 million, or 6 cents a share, from $4.1 million, or a penny a share, a year earlier. On an adjusted basis, the company earned 24 cents a share. Revenue grew to $1.78 billion from $1.41 billion. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $1.89 billion. Salesforce projected second-quarter adjusted earnings per share of 24 cents to 25 cents and $1 to $1.02 for 2017. It also forecast second-quarter revenue in a range of $2.005 billion to $2.015 billion. Salesforce jumped more than 5% after hours.

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From:: Stock Market News

Shares of Salesforce.com Inc. climbed in Wednesday’s extended session after the cloud software company posted quarterly results ahead of Wall Street’s estimates. Salesforce reported its first-quarter earnings rose to $38.8 million, or 6 cents a share, from $4.1 million, or a penny a share, a year earlier. On an adjusted basis, the company earned 24 cents a share. Revenue grew to $1.78 billion from $1.41 billion. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $1.89 billion. Salesforce projected second-quarter adjusted earnings per share of 24 cents to 25 cents and $1 to $1.02 for 2017. It also forecast second-quarter revenue in a range of $2.005 billion to $2.015 billion. Salesforce jumped more than 5% after hours.

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From:: Stock Market News

Tesla Motors Inc. has filed to sell about $2 billion of common stock to grease its way to the Model 3, the $35,000 mass-market electric car it hopes to sell by late next year. The Silicon Valley electric-car maker said it will offer about $1.4 billion of shares, with the remaining shares to be sold by Chief Executive Elon Musk to cover tax obligations associated with his exercising of more than 5.5 million stock options, the company said in a press release. Net proceeds from the offering will “accelerate the ramp of Model 3,” the company said. Musk’s stock options, granted in 2009, are due to expire in December and, since Tesla shares have risen “considerably” in the intervening years, Musk will owe a “significant amount of taxes.” Musk will also be donating 1.2 million shares to charity. The company didn’t specify the charity recipients. Tesla shares fell 3.6% late Wednesday after ending the regular trading day up 3.2%. Morgan Stanley and Goldman Sachs are the offer’s joint bookrunners. Goldman Sachs earlier Wednesday upgraded Tesla stock to buy.

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Oil futures reversed course late Wednesday to settle narrowly lower as minutes from the U.S. Federal Reserve showed that an interest-rate hike was possible in June. The news supported the U.S. dollar and pressured dollar-denominated prices for oil. June WTI crude fell 12 cents, or 0.3%, to settle at $48.19 a barrel on the New York Mercantile Exchange. Prices had traded higher for most of the session as bigger-than-expected declines in oil-product stocks implied a higher demand outlook for crude.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks fell under pressure Wednesday after the Federal Reserve released minutes of its April meeting showing the central bank is ready to lift interest rates in June if the economy show improvement. The Dow Jones Industrial Average , which had been up as high as 106 points, slipped into negative territory and was last down 36 points at 17,494. The S&P 500 Index , which had traded up as many as 13 points, fell 4 point to 2,043. The Nasdaq Composite Index , following a rise of up to 47 points, was up 8 points, or 0.2%, at 4,723.

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From:: Stock Market News

Short-term Treasury yields spiked to their highest level in over two months Wednesday after the minutes from the Federal Reserve’s April meeting showed most Fed policy makers were ready to lift interest rates in June if the economy improved. Short-term yields are most sensitive to changes in the fed-funds rate and tend to spike when rate-hike expectations increase. Treasury yields rise when prices fall and vice versa. After the release, the two-year Treasury yield gained 5.3 basis points to 0.876%, its highest level since March 15, according to Tradeweb. One basis point is equal to one-hundredth of a percentage point. The yield on the 10-year U.S. Treasury note, the Treasury market’s benchmark, gained 6.9 basis points to 1.826%, its highest level since May 2. And the yield on the 30-year bond,known as the long bond, gained 5.6 basis points to 2.642%, its highest level since May 3.

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A 6.8 magnitude earthquake has struck near the coast of Ecuador, 18 miles west southwest of Rosa Zarate, the United States Geological Service reported Wednesday. The quake has not triggered a tsunami warning, according to the Pacific Tsunami Warning Center.

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From:: Stock Market News