Zinger Key Points
- Coinbase reported fourth-quarter revenue of $629.1 million, which came in ahead of a Street estimate of $586.2 million.
- Palo Alto's second-quarter revenue increased 26% year-over-year to $1.66 billion, which beat consensus estimates of $1.65 billion.
- Walmart reported fourth-quarter year-on-year sales growth of 7.3% at $164 billion, beating the consensus of $159.8 billion.
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Major Wall Street indices closed over 2% lower on Tuesday, recording their worst trading session in 2023, as a rebound in U.S. business activity sparked fears of extended rate hikes. The S&P Global Purchasing Manufacturer's index returned to expansion for the first time in eight months in February, reported Reuters. A downbeat forecast by Home Depot Inc HD, too, added to the sell-off. Investors are now waiting for Federal Reserve’s February meeting minutes scheduled to be released on Wednesday. Meanwhile, here are the five stocks that are drawing investors’ attention.
1. Tesla Inc TSLA: Shares of Tesla closed 5.25% lower on Tuesday. The company has halted plans to manufacture entire batteries in Brandenburg, Germany, and will instead implement some production steps in the United States where tax incentives are more favorable, reported Reuters, citing the Brandenburg economy ministry.
Also Read: Everything You Need To Know About Tesla Stock
2. Amazon.com, Inc. AMZN: Shares of Amazon closed 2.7% lower on Tuesday. The U.S. Federal Trade Commission will not register a complaint aimed at stopping Amazon’s plan to purchase primary care provider One Medical, reported Reuters, citing an FTC official.
3. Coinbase Global Inc COIN: Shares of Coinbase closed 4.8% lower on Tuesday. Coinbase reported fourth-quarter revenue of $629.1 million, which came in ahead of a Street estimate of $586.2 million, according to data from Benzinga Pro. However, the company reported a loss of $2.46 per share in the fourth quarter, which missed a Street estimate of a loss of $2.39 per share.
4. Palo Alto Networks Inc PANW: Shares of the company closed 1.41% lower but gained 7.51% in extended trading. The company’s second-quarter revenue increased 26% year-over-year to $1.66 billion, which beat consensus estimates of $1.65 billion, according to Benzinga Pro.
5. Walmart Inc WMT: Shares of Walmart closed 0.61% higher. The company reported fourth-quarter year-on-year sales growth of 7.3% at $164 billion, beating the consensus of $159.8 billion.
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