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Tesla posts loss; Cisco earns beat

Wednesday, February 11, 2015 - 01:39

Tesla earnings disappointed; Cisco's results came in better-than-forecasts; Stocks were relatively flat, keeping a close eye on Greek debt developments. Bobbi Rebell reports.

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Electric car maker Tesla reported a loss - a profit was expected. Revenues also fell short. But Tesla said its model X will begin shopping in six months, and the company remains optmistic about its prospects in China, despite initial challenges. Cisco results coming in ahead of forecasts, revenues up seven percent for the quarter at the network equipment maker on higher demand for hardware. Whole Foods turnaround efforts showing some traction, earnings beating forecasts. Stocks closed relatively flat, waiting on a decision regarding Greece's debt, but futures rose in after hours trading on word that the European Union and Greece have come to an agreement in principal that Greece will stay in the EU bailout program, reported by CNBC. Time Warner profit beat estimates, helped by higher subscription fees and growth of HBO businesses, but the stock slumped because revenues fell short of forecasts. PepsiCo's shares rose after a better-than-expected quarterly profit and an announcement of a $12 billion share buy back. Rite Aid also on the up and up. It's buying pharmacy benefit manager EnvisionRx for about $2 billion. But Pier 1 Imports plunged. The company cut its 2015 profit forecast on weak January and February sales. And Wal-Mart is investing about $270 million to expand in Canada, lower than what it had budgeted for last year. About a month ago, rival Target gave up on the U.S. northern neighbour altogether. Across the pond, markets closed in the red zone, with investors worried about Greece's debt crisis.

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Tesla posts loss; Cisco earns beat

Wednesday, February 11, 2015 - 01:39