Nordstrom (JWN) has been down more than 3% ahead of the bell. The luxury retail chain had a rare miss for the quarter, making 73-cents a share on $2.75-billion. Nordstrom says sales of seasonal products have been down. The chain is also lowering its outlook for revenues, though it's maintaining expectations for earnings. So far this year Nordstrom pretty much performed in line with the market, rising about 14%.
Next up is Autodesk (ADSK) which was down as much as 6% in early trading. Autodesk missed estimates when it reported earnings last night. The company says it made 42-cents a share when concensus was for 45-cents. Perhaps even more troubling to shareholders, Autodesk is now lowering its full year forecast, despite the fact that its primary rival Adobe Systems has raised its outlook. Autodesk hit its 52-week high back in March. But has been trading pretty close to the level again.
Now Dish Network (DISH) which is trying to get Japan's Softbank eliminated from their mutual contest to acquire Sprint Nextel. It's citing reports that Softbank warned several Wall Street banks not to back Dish's bid. According to those reports Softbank said it would otherwise block the banks from getting-in on an Alibaba IPO. Softbank owns 1/3 of Alibaba.
Finally, fasten your seatbelts and enjoy the ride as we take another look at Tesla (TSLA). This morning it's up another 2%. Yesterday the stock started lower, but then climbed almost 9%. Over the past week it's up more than 29%. Year-to-date shares of Tesla are up 160%.
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