Stock market live updates: Stocks slip from records, all eyes on Tesla, coronavirus names fall

Finance

Traders work on the floor at the New York Stock Exchange, August 5, 2019.

Brendan McDermid | Reuters

This is a live blog. Check back for updates.

8:32 am: Alibaba slides 2% despite strong results

Shares of e-commerce giant Alibaba slid 2.4% in Thursday’s premarket trading despite better-than-expected results. For the third quarter the company reported adjusted earnings of $18.19 per share, which was ahead of the $15.75 per share analysts had been calling for, according to estimates from FactSet. Revenue also topped expectations, coming in at $161.45 billion versus the consensus estimate of $159.28 billion. The China-based company said that results were boosted by strength in e-commerce and cloud computing. —Stevens

8:29 am: NetApp tanks 13% after disappointing earnings

Shares of data management company NetApp dropped 13.5% during Thursday’s premarket trading after the company’s third quarter earnings results fell short of Street expectations. The company earned $1.16 per share for the quarter on revenue of $1.40 billion. Analysts expected earnings of $1.18 per share and $1.46 billion in revenue, respectively, according to estimates from FactSet. Guidance was also light, and the CFO said he would be retiring by the end of the fiscal year. —Stevens

8:27 am: Coronavirus-related names take a beating again

Shares of travel companies were under pressure again in premarket trading following a sharp rise in reported coronavirus cases. Casino stocks with big revenue exposure to China are down big with Wynn Resorts and Las Vegas Sands sliding 2.7% and 2.3%, respectively. Airlines, which took a big hit after halting their services in China, fell again after rebounding this month. Shares of United Airlines dipped 1.7%, and American Airlines dropped 1.4% in premarket.— Li

8:18 am: Tesla shares slide on $2 billion stock offering

The electric car marker’s stock dropped more than 4% in the premarket on news Tesla will offer $2 billion in common stock. Elon Musk, Tesla’s CEO, will buy up to $10 million from that offering while board member Larry Ellison will also buy up to $1 million in common stock. The proceeds from this offering, Tesla says, will be used to “to further strengthen its balance sheet, as well as for general corporate purposes.”

8:04 am: Dow futures drop 200 points as reported coronavirus cases jump

Stock futures are under pressure after the number of reported coronavirus cases increased, stoking once again fears of an economic slowdown stemming from the virus. Dow Jones Industrial Average futures were down about 200 points, indicating a loss of around 180 points. S&P 500 and Nasdaq 100 losses also pointed to sharp losses. China said it confirmed 15,152 new cases and 254 additional deaths. That brings the country’s total death toll to 1,367 as the number of people infected jumped to nearly 60,000. To be sure, the jump in cases may be due to the way Chinese authorities are counting them. Health authorities in Hubei province said Thursday that they changed the way they tabulate case totals — “clinically diagnosed” cases now count toward the “confirmed case” count, resulting in the sudden surge among the latter. Tesla shares dropped 5% on —Imbert

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