Tesla (NASDAQ:TSLA) is posting gains in early pre-market trade Wednesday, gaining momentum in the wake of reports the company is in talks with Panasonic about investing nearly $1 billion in a battery factory in the U.S. Panasonic said it was considering various options to strengthen its ties with Tesla, according to multiple media reports citing the Japanese newspaper Nikkei.
In Other Pre-Market News
Offshore drilling company Pacific Drilling SA (NYSE:PACD) reported last night Q4 adjusted diluted EPS of $0.12, up from $0.08 a year earlier. Analysts surveyed by Capital IQ called for adjusted diluted EPS of $0.09. Revenue increased to $200.5 million from $191.9 million in Q4 2012, topping the Capital IQ consensus of $199 million. Also, the company’s board of directors will recommend for approval at the upcoming Annual General Meeting of Shareholders distributions to shareholders of up to $152 million in the aggregate to be paid beginning Q1 2015. The timing, amount and form of the distributions will be subject to the discretion of the board.
Shipping company Diamond S Shipping Group, Inc. (NYSE:DSG) will launch an underwritten initial public offering of 14 million common shares, to be priced between $14 and $16 each. The underwriters have been granted a 30-day option to buy additional 2.1 million shares at the IPO price. The company will list its common shares on the New York Stock Exchange under the ticker symbol “DSG.” Net proceeds will be used for the acquisition of 10 newbuild product tankers, for other acquisition expenses, and for general corporate purposes.
Plug Power (NASDAQ:PLUG) is up 9% in early pre-bell trade after confirming the company has received a multi-site GenKey purchase order from Walmart Stores (NYSE:WMT) to roll out its hydrogen fuel cell solution to power electric lift truck fleets at six North America distribution centers. The first of six sites will be deployed by the second quarter of 2014. Further purchase order terms for the multi-site order initially announced on February 10, 2014 include: Total of 1,738 GenDrive fuel cell units, to be deployed over two years GenFuel infrastructure construction and hydrogen fuel supply Six-year GenCare service contract for each site.