The social media company reported $443 million in revenue for the three months ended Sept. 30, up 58% from the same period in the prior year and well above Wall Street analysts' projected quarterly revenue of $383.5 million.
It was another ugly day for Wall Street and the second sharp selloff of the week. Worries about rising coronavirus infections, a retightening of pandemic restrictions in Europe, as well as uncertainty about the election and future stimulus to boost the economy have investors in a vice.
It was the worst performance since June for both indexes.
First Solar did not address the US political outlook in its conference call with analysts Tuesday, but CEO Mark Widmar did (perhaps tellingly) note that a so-called Green Deal in Europe has benefited the company.
"The Green Deal, which could make solar the number one source of electricity in Europe by 2025 is an example of how political leaders are bundling post-pandemic economic recovery with decarbonization commitments," he said.
Ouch.
Things are really not getting better. Uncertainty is the name of the game and that won't change anytime soon.
The market looks a mess today but at least the selloff isn't gathering much more steam at midday.
Uncertainty about the election outcome next week, further government stimulus and rising Covid-19 infections are weighing on the market. It's already the second selloff of the week, and it might not be the last.
"We will continue to see volatility for at least the next few weeks and maybe longer than that," Tengler said.
But this might also be an opportunity for buyers, although Tengler advises her clients not to "invest your politics."
The outlook for US stocks, however, is good, she said. At the end of the day there is little attractive alternative to the US equity market, and the lagged effects of government stimulus will also continue to feed through, she said.
The election is coming closer, but first comes Halloween. This year, society might need that escape more than ever.
Retailer Spirit Halloween is seeing the benefits of this. The retailer has opened more stores than every before -- some 1,400 -- to keep up with demand.
But of course the pandemic has changed things. "We're getting better real estate, more prominent real estate," the company's CEO Steven Silverstein said. But at the same time, the company has had to close its in-store fitting rooms.
The election is only six days out. Investors are nervous.
"I think we are witnessing a real change on what investors are looking for," said Tina Fordham, head of global political strategy at Avenhurst.
One of the biggest drivers of the US stock market has been government stimulus to get the economy back on track.
"Investors are looking for stimulus, and they're more likely to get that if there's a so-called 'blue wave'," Fordam said.
A rapid rise in Covid-19 infections across Europe is leading governments to bring back restrictions.
In France, local media, including the newspaper Le Monde, report that a new lockdown will be announced by the president in an address to the nation at 8 pm local (3 pm ET) today. CNN affiliate BFMTV reports that the new measures may last four weeks and come into force as early as Thursday evening.
Meanwhile, Germany's Robert Koch Institute Wednesday reported a record-high 14,964 new daily coronavirus infections in 24 hours. German media outlets report more severe restrictions on public life starting Monday, including the closures of restaurants and a maximum 10 people for private gatherings between two households.
The company said it is “cooperating fully” and does not currently believe the investigation will have a “material adverse effect on our financial condition, results of operations or liquidity.”
Neither the company nor the DOJ responded immediately to a request for comment.
The stock decline also followed a mixed earnings report Tuesday — Raytheon beat analysts' earnings projections but missed on sales. The company reported 34% year-over-year sales declines in both its Collins Aerospace and Pratt & Whitney divisions.