U.S. stocks traded lower this morning, with the Dow Jones index falling more than 400 points on Tuesday.
Following the market opening Tuesday, the Dow traded down 1.08% to 39,140.90 while the NASDAQ fell 1.49% to 16,152.79. The S&P 500 also fell, dropping, 0.99% to 5,191.80.
Shares of VirTra, Inc. (NASDAQ: VTSI) rose sharply in today’s pre-market trading after the company reported better-than-expected fourth-quarter results.
The company's spending habits, particularly on Aquila's private jet, have raised concerns. In 2023, Canoo spent $1.7 million to reimburse Aquila Family Ventures, the CEO's entity, for the use of the aircraft. This amount is double the company's total revenue for the year.
The company reported quarterly adjusted losses of $1.73 per share which beat the analyst consensus estimate of losses of $1.77 by 2.26%. Quarterly sales clocked in at $367,000 which missed the analyst consensus estimate of $703,800 by 47.85%. Canoo produced 22 vehicles in 2023 and 17 of those were completed in the fourth quarter.
Companies Reporting Before The Bell
• Mach Natural Resources (NYSE:MNR) is projected to report quarterly earnings at $0.92 per share on revenue of $213.43 million.
Shares of Westport Fuel Systems Inc. (NASDAQ: WPRT) fell sharply during Tuesday’s session after posting a wider-than-expected fourth-quarter loss.
Westport Fuel Systems posted a quarter loss of 81 cents per share, compared to market expectations for a loss of 51 cents per share.