Elon Musk Asks Tesla Employees To Return To Office Or Else Quit

Tesla Inc. (TSLA) CEO Elon Musk has asked employees of the luxury electric car maker to stop working from home and to return to office or else quit.

Like almost any other major companies, Tesla had allowed its employees to work remotely after the COVID-19 pandemic hit in 2020.

However, the company’s new policy was revealed in leaked emails Musk sent to Tesla’s executive staff Tuesday, which was first reported by electric vehicle news site Electrek.

“Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers,” the mail reads.

Musk added that the “office” must be the employee’s primary workplace where the other workers they regularly interact with are based, “not a remote branch office unrelated to the job duties.”

The CEO added that there might be some exceptions, but he will review and approve those himself.

When a Twitter handle asked Elon about “any additional comment to people who think coming into work is an antiquated concept?” Musk replied: “They should pretend to work somewhere else.”

Oil Futures Climb Higher On Demand Hopes

Crude oil futures settled higher on Wednesday, lifted by the European Union’s decision to impose a phased ban on Russian oil, and hopes about increased energy demand from China following easing of coronavirus restrictions in Shanghai.

West Texas Intermediate Crude oil futures for August were up $0.59 at $115.26 a barrel.

Brent crude futures were up $1.02 or 0.88% at $116.62 a barrel a little while ago.

Oil prices also found support from reports citing a couple of OPEC sources that the group members did not discuss the idea of suspending Russia from the current oil supply deal. The Wall Street Journal had reported on Tuesday a move to suspend Russia from oil supply deal was under consideration.

The Organization of the Petroleum Exporting Countries and their allies led by Russia, collectively known as OPEC+, is scheduled to meet on Thursday to set policy.

On the data front, the China Caixin/Markit manufacturing PMI rose to 48.1 in May from a 26-month low of 46.0 the previous month.

American Superconductor Corporation Q4 Loss Increases, misses estimates

American Superconductor Corporation (AMSC) released Loss for fourth quarter that decreased from the same period last year but missed the Street estimates.

The company’s earnings totaled -$5.03 million, or -$0.18 per share. This compares with -$7.62 million, or -$0.29 per share, in last year’s fourth quarter.

Excluding items, American Superconductor Corporation reported adjusted earnings of -$4.65 million or -$0.17 per share for the period.

Analysts on average had expected the company to earn -$0.16 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 33.8% to $28.31 million from $21.16 million last year.

American Superconductor Corporation earnings at a glance (GAAP) :

-Earnings (Q4): -$5.03 Mln. vs. -$7.62 Mln. last year.
-EPS (Q4): -$0.18 vs. -$0.29 last year.
-Analyst Estimates: -$0.16
-Revenue (Q4): $28.31 Mln vs. $21.16 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.25
Next quarter revenue guidance: $23 – $26 Mln

VEEVA SYSTEMS INC Q1 Profit Decreases, but beats estimates

VEEVA SYSTEMS INC (VEEV) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at $100.1 million, or $0.62 per share. This compares with $115.6 million, or $0.71 per share, in last year’s first quarter.

Excluding items, VEEVA SYSTEMS INC reported adjusted earnings of $159.8 million or $0.99 per share for the period.

Analysts on average had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 16.5% to $505.1 million from $433.6 million last year.

VEEVA SYSTEMS INC earnings at a glance (GAAP) :

-Earnings (Q1): $100.1 Mln. vs. $115.6 Mln. last year.
-EPS (Q1): $0.62 vs. $0.71 last year.
-Analyst Estimates: $0.92
-Revenue (Q1): $505.1 Mln vs. $433.6 Mln last year.

-Guidance:
Next quarter EPS guidance: $1.00-$1.01
Next quarter revenue guidance: $529-$531 mln
Full year EPS guidance: About $4.16
Full year revenue guidance: $2.165-2.175 bln

Hewlett Packard Enterprise Lowers FY22 Outlook; Shares Down 7%

While reporting its results for the second quarter on Wednesday, Hewlett Packard Enterprise (HPE) lowered its earnings outlook for the full year 2022. Shares of the company slipped 7% in extended session.

For the full year 2022, Hewlett Packard now expects earnings of $1.17 to $1.31 and adjusted earnings of $1.96 to $2.10 per share. Previously, the company expected earnings of $1.36 to $1.50 per share and adjusted earnings of $2.03 to $2.17 per share.

Analysts polled by Thomson Reuters currently estimate earnings of $2.09 per share for the full year 2022.

The company also reiterates fiscal 2022 revenue growth of 3%-4% adjusted for currency. Analysts currently estimates revenue growth of 2.90%.

European Economics Preview: Italy Business Confidence Data Due

Business and consumer confidence survey results from Italy are due on Thursday, headlining a light day for the European economic news.

At 3.00 am ET, Turkey economic confidence survey data is due. In the meantime, unemployment data is due from Hungary.

At 4.00 am ET, Italy’s Istat publishes business and consumer sentiment survey results. The business confidence index is seen at 109.0 in May versus 110.0 in April. The consumer sentiment index is expected to rise to 100.5 from 100.0 in the previous month.

Also, Italy’s industrial turnover data is due for March.

At 7.00 am ET, Turkey’s central bank announces its monetary policy decision. The bank is expected to hold its one-week repo rate at 14.00 percent.