Thursday’s Pre-Market Insights: QLTY, BABA, YHOO, TSLA
Quality Distribution Inc (NASDAQ:QLTY) soared more than 61% in pre-market trading to $15.82 a share following news that the company will be acquired by Apax Partners for $16 per share in cash, or about $800 million total.
Alibaba Group Holding Ltd (NYSE: BABA) is up 10% after reporting quarterly earnings that beat estimates. Alibaba beat on both revenue and earnings per share, posting a 45% increase in revenue. Furthermore, Alibaba’s CEO will be stepping down to be replaced by the current COO.
Yahoo! Inc. (NASDAQ:YHOO) increased nearly 7.5% to $44.75 after CEO Marissa Mayer provided an update that the Alibaba spin-off is going well thanks to its tax-advantaged status. Furthermore, Mayer voiced her confidence in Yahoo’s transition to different advertising formats and noted that Yahoo’s strategic partnership with Microsoft was designed to improve Microsoft’s products.
Tesla Motors Inc (NASDAQ:TSLA) shares are down 4% in pre-market trading following the release of quarterly earnings. The report posted widened losses despite higher sales. The report did not offer much insight into Tesla’s new battery initiatives.