The shares of StoneCo Ltd. (NASDAQ: STNE) surged in the after-hours session on Tuesday, as the Brazilian financial technology company reported earnings for its first quarter ending March.Q1 Earnings StoneCo posted a total revenue of $134 million, up 33% from the $100.2 million reported in the same quarter a year ago.The earnings per share for the quarter stood at 11 cents, slightly lower than the 12 cents EPS posted a year ago.StoneCo said total payment volume increased 42.1% year-on-year to $7 billion, giving investors a cause for optimism.View more earnings on STNEIt further noted that the TPV had increased 52% YoY by mid-March, before being impacted by the novel coronavirus (COVID-19) pandemic.The lockdowns imposed to curb the spread of the virus forced many of its clients to suspend operations, either partially or completely, according to StoneCo.Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) holds a stake in the fintech company.Price Action StoneCo shares traded 27.3% higher in the after-hours session at $34, after closing the regular session 9.2% higher at $26.70.See more from Benzinga * 'FAANG Stocks Are Strong Once Again,' Facebook, Amazon, Netflix Hit Record Highs Last Week * Goldman Sachs Plans To Expand Cash Management To Europe Despite Coronavirus Impact * Novavax Begins Phase 1 Clinical Trial Of Its Coronavirus Vaccine(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

from Yahoo Finance https://ift.tt/3canwU2

Tesla Inc. (TSLA)  is said to cut prices of its electric vehicles by as much as 6% in North America in response to the downturn in auto demand in the area amid the lockdown orders tied to the coronavirus pandemic.According to Reuters, Tesla lowered prices for the Models S, 3, and X in North America as its Fremont factory in California recently resumed production. In China, Tesla will cut the price for its Models S and X by about 4%.The vehicle maker also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).Tesla last week was given a green light to resume production at its main Fremont auto plant ending a stand-off between the electric automaker and Alameda County over safety measures.According to Tesla website’s the starting price for its Model S sedan is now $74,990, down from $79,990. Its Model X SUVs is now priced at $79,990, from $84,990, and the lowest-priced Model 3 sedan is $2,000 cheaper at $37,990.U.S. auto retail sales likely halved in April from a year earlier, according to data from J.D. Power. However, May sales are poised to be better due to pent-up demand and incentives offered by many carmakers, the analytics firm said.As the coronavirus pandemic put many people out of their jobs, while also having a dampening impact on economic growth, automakers from General Motors Co to Ford Motor Co and Fiat Chrysler Automobiles NV are offering 0% financing rates and deferred payment options for new purchases.The value of Tesla shares has more than doubled over the past two months. The stock was little changed at $818.87 as of Tuesday’s close.Last week, four-star analyst Joseph Osha at JMP Securities lowered the stock’s price target to $1,001 from $1,020, while keeping a Buy rating, saying that he doesn’t expect the Fremont production capacity to return to pre-COVID output seen this year.Osha still forecasts Tesla’s 2021 deliveries at 445K for Model 3 and 207K for Model Y, adding that it is hard to see how the automaker won’t  manage to grow 26% per year from its 2019 rate.TipRanks data shows that Wall Street analysts take a more cautious stance on the company’s stock. Overall, it has a Hold consensus based on 9 Sells, 9 Holds, and 8 Buys. Following stock’s recent rally, the Street’s $623.45 average price target implies 24% downside potential in the shares over the coming year. (See Tesla’s stock analysis on TipRanks).Related News: GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report Tesla Asks China To Build Model 3 Cars With LFP Batteries – Report Fiat Chrysler Shares Decline on Dividend Payout Withdrawal More recent articles from Smarter Analyst: * Regeneron Announces Secondary Offering Pricing At $515/Share * Jamie Dimon Likes JPMorgan at Current Levels – and Investors Pounce * ‘Holy Cow’ Exclaims Analyst On Tractor Supply’s Record Guidance; Shares Surge 9% * Amazon Is Said To Be In Talks To Buy Driverless Vehicle Startup Zoox

from Yahoo Finance https://ift.tt/3guC2t5