Facebook shares drop on at least $16 billion deal for WhatApp
Reuters
SAN FRANCISCO (MarketWatch) — Shares of Tesla Motors Inc. surged in the extended session Wednesday after the electric-car maker reported quarterly results that topped Wall Street estimates, while shares of Facebook Inc. slumped on a multi-billion deal to buy messaging service WhatsApp Inc.
Tesla TSLA +12.58% shares jumped 12% to $216.55 on very heavy volume after the company reported adjusted fourth-quarter earnings of 33 cents a share on revenue of $761.3 million. Analysts surveyed by FactSet were looking for earnings of 23 cents a share on revenue of $683.9 million.
Shares, which are up 400% over the past 12 months, closed down 4.9% in the regular session Wednesday before the report. Read what Tesla executives said about the quarter.
Facebook FB -2.69% shares fell 2.9% to $66.09 on very heavy volume after the social-networking site announced it would buy WhatsApp for $16 billionin cash and stock, with an added $3 billion in restricted stock units over the next four years.
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