Tesla Motors Inc. (NASDAQ: TSLA) surprised investors this week as it came out with an offer to acquire SolarCity Corp. (NASDAQ: SCTY). TSLA has offered to acquire SCTY for $2.8 billion in all stock deal. Interestingly, Elon Musk, Tesla’s CEO, is also the Chairman and largest shareholder of SolarCity. TSLA’s offer sparked a rally in SCTY shares. But investors pushed TSLA shares down sharply as they questioned the rationale of the acquisition.
Canada-based smartphone maker BlackBerry Ltd. (NASDAQ: BBRY) reported its financial results for the first quarter of its fiscal 2017 this week. BBRY reported record software and services revenue for the first quarter of fiscal 2017. The company’s non-GAAP total revenue for the quarter totaled $424 million. Non-GAAP gross margin came in at 53%.
Adobe Systems Incorporated (NASDAQ: ADBE) also reported quarterly results this week. For the second quarter of its fiscal 2016, ADBE reported record quarterly revenue of $1.40 billion, up 20% on a year-over-year basis. Diluted earnings per share for the quarter were $0.48 on a GAAP basis and $0.71 on a non-GAAP basis. The company’s cash flow from operations totaled $489 million.