Day: August 5, 2020

Etsy, Western Digital, Live Nation and more

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Paul Zimmerman | Nasdaq | Getty Images

Check out the companies making headlines after the bell: 

Roku — Shares of the streaming platform fell 1% after the market closed. Roku reported second-quarter financial results after hours, posting a loss of 35 cents per share on revenues of $356 million, compared to predictions of analysts surveyed by Refinitiv for a loss of 50 cents per share on revenues of $315 million. Roku said it added 3.2 million incremental active accounts in the second quarter, reaching 43 million.

Etsy — The marketplace company’s stock whipsawed in extended trading after the company

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Fed’s Mester says ‘downside risks’ to economy on the rise

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Cleveland Federal Reserve Bank President Loretta Mester poses during an interview on the sidelines of the American Economic Association’s annual meeting in San Diego, California, January 3, 2020.

Ann Saphir | Reuters

Cleveland Federal President Loretta Mester called Wednesday for more help from Congress and said the central bank stands at the ready to provide whatever resources it can to help an economy at risk from rising coronavirus cases.

A spike in cases among hotspots across the U.S. has increased dangers to an economy that slumped nearly 33% in the second quarter on an annualized basis. 

However, Mester said in

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Nikola’s entire quarterly revenue of $36,000 was from solar installation for the executive chairman

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Nikola Motor Company

Source: Nikola Motor Company

Nikola’s entire second quarter revenue of $36,000 was related to solar installations for Executive Chairman Trevor Milton, according to a filing with the Securities and Exchange Commission.

“During the three months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.03 million and $0.04 million, respectively, for the provision of solar installation services to the Executive Chairman, which are billed on time and materials basis,” the company’s 10-Q said. “During the six months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.08 million and $0.06 million,

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J.C. Penney lenders seek higher bids for bankrupt retailer, report says

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Lenders for J.C. Penney want to bidders to raise their offers as they vie for the bankrupt retailer, according to a Bloomberg report. 

The bids under consideration aren’t close enough to the about $2.2 billion of debt the lenders hold after Penney’s filed for bankruptcy in May, according to the report. It cited people familiar with the matter, who said they couldn’t be named because the deals are private. The earlier proposals were about $1.8 billion, according to the report.

There are three separate bids being considered for the department store’s real estate and other assets, the company’s attorney

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