Tesla Capitalizes on Momentum and Apple Loses Support: Morning Buzzers

Initial jobless claims for the week ended May 11 climbed 32,000 to 360,000, above expectations for a much smaller increase to 330,000. The four-week moving average increased 1,250 to 339,250. This is the highest level of weekly claims in over a month, although the data is still in line with a general, long-term down trend.

Meanwhile, the consumer price index — a proxy for inflation — edged down 0.4 percent on the month in April, slightly lower than expectations. The core rate, which excludes food and energy, climbed 0.1 percent, also slightly below expectations. Combined with yesterday’s soft produce price data, inflationary pressures look weak, leaving plenty of room for the Federal Reserve to continue monetary easing.

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U.S. futures at 8:45 a.m.: DJIA: -0.05%, S&P 500: -0.13%, NASDAQ: +0.17%.

Here’s what’s buzzing on Thursday morning:

Tesla (NASDAQ:TSLA) just won’t (can’t) stop, apparently. Shares were up as much as 11 percent in pre-market trading on Thursday after the electric-vehicle maker announced an offering of more stock and convertible senior notes aimed at raising as much as $830 million. CEO Elon Musk put his personal brand behind the offering, stating that he intends to purchase about $100 million worth of stock directly from Tesla.

Dell (NASDAQ:DELL) moved its earnings release up from next week to this Thursday after some of the quarterly data was leaked. Analysts are expecting the beleaguered company to report earnings of $0.35 per share on revenue of $13.52 billion, an 18.6 and 6.3 percent year-over-year decline, respectively.

Apple (NASDAQ:AAPL) edged down fractionally in pre-market trading as the stock loses support from some big-name hedge funds like Appaloosa, Soros Fund Management, and Tiger Management. For what it’s worth, Greenlight Capital still seems to be on board… (Read more.)

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Wal-Mart Stores (NYSE:WMT) stock was off about 1.8 percent in pre-market trading after reporting weaker-than-expected financial results. Revenue rose just 1.0 percent on the year to $114.19 billion, missing the average estimate of $116.42 billion. Adjusted earnings increased 4.6 percent on the year to $1.14 per share, missing the average estimate of $1.15 per share.

Cisco Systems (NASDAQ:CSCO) climbed as much as 13 percent in post-market trading after reporting earnings on Wednesday. Revenue climbed 5.4 percent on the year to $12.22 billion, beating the average estimate of $12.18 billion. Adjusted earnings increased 6.25 percent on the year to $0.51 per share, beating estimates for $0.49 per share.

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