For Immediate Release
Chicago, IL—November 4, 2016—Zacks.com looks back on the hottest stories of the week featured in the Stocks in the News blog, where analysts and writers discuss the latest news and events impacting stocks, the financial markets, and the greater investing world.
Here are highlights from this week’s Stocks in the News blog:
Tesla’s New Solar Roof Shingles Remind Us of Its Future in Energy
Last Friday, Tesla Motors’ (TSLA - Free Report) ultimate promise maker, CEO Elon Musk, debuted new solar roof shingles for homes at an event at Universal Studios in Los Angeles. The announcement came as a not-so-subtle reminder to investors and consumers that the electric vehicle maker is much more than just a luxury car manufacturer, but rather a leader in energy efficiency.
Merger Madness Continues with GE, Baker Hughes Oil Deal
On Monday, manufacturing giant General Electric (GE - Free Report) announced that it will be combining its oil and gas business with Baker Hughes an oilfield services provider, in a move that both companies hope will combat the continued slump in oil prices. The deal will create a newly publicly traded company, but will structure it as a partnership jointly owned by both GE’s and Baker Hughes’ shareholders.
Amazon Really Wants You to Start Your Holiday Shopping Early
On Tuesday, e-commerce king Amazon (AMZN - Free Report) launched its first round of Black Friday shopping deals as part of its new Black Friday Deals Store. The shop will run all the way through December 22. Amazon will offer new deals as often as every five minutes, with consumers enjoying tens of thousands of deals during 2016’s holiday season. The shop also features “curated holiday gift guides” so shoppers can find gifts without the stress or guesswork.
Here's Why Fitbit (FIT - Free Report) Stock is Plunging Today
On Thursday, shares of fitness tracking device maker Fitbit Inc. (FIT - Free Report) plunged, down almost 30% in late-morning trading as the effects of its third quarter fiscal 2016 results continue to lingered. The company reported a miss on the top line but beat estimates on the bottom line. What really hurt FIT stock, however, was the company’s weak holiday fourth quarter guidance. Fitbit expects revenues to remain in the range of $725 million to $750 million, much lower than the Zacks Consensus Estimate of $991.19 million. Non-GAAP earnings per share should is now expected to be in a range of 14 cents to 18 cents per share; Zacks had pegged Q4 EPS to come in at 67 cents per share.
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