Check out the companies making headlines in extended trading. Autodesk — Shares popped nearly 7% after the design technology company exceeded expectations for fourth-quarter earnings. Autodesk earned $2.29 per share, excluding items, on $1.64 billion in revenue, while analysts polled by LSEG anticipated a profit of $2.14 a share and revenue of $1.63 billion. NetApp — The data stock sank about14% after revenue for the fiscal third quarter came in at $1.64 billion, missing the consensus estimate of $1.69 billion from analysts polled by LSEG. NetApp also issued weak guidance for the full year. Dell — Shares were down slightly after the tech company reported $2.68 in earnings per share, excluding items, ahead of the forecast of $2.53 per share, per LSEG. That overshadowed Dell’s $23.93 billion for the quarter, which came in under the $24.56 billion figure penciled in by Wall Street. Duolingo — The online language learning platform shed almost 3%. While the company shared revenue for the fourth quarter that surpassed analysts’ consensus expectation, it gave guidance for adjusted EBITDA in the current quarter that came in below where analysts polled by FactSet predicted. Elastic — The data analytics stock soared 18% following a better-than-expected report for the fiscal third quarter. Elastic put up 63 cents per share, excluding items, on $382 million in revenue, while analysts were looking for earnings of 47 cents per share and $369 million in revenue, per LSEG. Redfin — The real estate technology stock sank 12% after posting a wider loss per share in the fourth quarter than analysts surveyed by LSEG predicted. While the company beat on revenue for the quarter, it offered a current-quarter forecast that was weaker than anticipated. Rocket Lab — The space stock dropped 7% on the back of weak guidance. Rocket Lab told investors to expect between $117 million and $123 million in revenue for the first quarter, under the $136 million consensus estimate from analysts polled by LSEG. Monster Beverage — Shares of the energy drink company rose nearly 3% after reporting fourth-quarter adjusted earnings of 38 cents per share. Sales rose 4.7% from a year ago to $1.81 billion. Bloom Energy — The energy technology stock jumped more than 11% on the heels of an earnings beat. Bloom Energy earned 43 cents per share, excluding items, on $572 million in revenue for the fourth quarter, while Wall Street was expecting a profit of 30 cents a share and revenue at $508 million, according to LSEG. — CNBC’s Christina Cheddar Berk contributed reporting
Jonathan McKernan, U.S. President Donald Trump’s nominee to be the director of the Consumer Financial Protection Bureau, sits on the day he testifies during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 27, 2025.
Annabelle Gordon | Reuters
President Donald Trump’s pick to lead the Consumer Financial Protection Bureau on Thursday withstood grilling from Democrat senators who repeatedly asked him to confirm that he would uphold his legal obligations to run the agency.
Pressed by senators including Elizabeth Warren of Massachusetts, Jonathan McKernan, a former Federal Deposit Insurance Corporation board member, told lawmakers he would “fully and faithfully” enforce laws related to the CFPB’s mission.
“My legal career started just as the 2008 financial crisis was beginning,” McKernan said. “Watching that crisis unfold left me with an enduring conviction that we must have a financial regulatory system that works for everyday Americans. Consumer protection is critical to that end.”
Still, McKernan made it clear that he disagreed with how predecessor Rohit Chopra ran the agency. In opening remarks, he said that the CFPB “acted in a politicized manner,” exceeded its legal authority, hurt consumers by inadvertently raising prices and suffered from a “crisis of legitimacy.”
“This must be corrected if the CFPB is to reliably do what it’s supposed to do: look out for the American consumer,” said McKernan, a former corporate banking lawyer and Senate aide.
Since acting CFPB Director Russell Vought took over this month, the agency has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work. Those moves, along with an allegation from a CFPB union that Vought intends to fire more than 95% of the agency’s staff, has spurred fears that the agency faces extinction.
U.S. Sen. Elizabeth Warren (D-MA) speaks at a rally outside the Consumer Financial Protection Bureau (CFPB) on Feb. 10, 2025 in Washington, DC.
Anna Moneymaker | Getty Images
Warren pressed McKernan on if he would uphold CFPB’s statutory requirements, including having a website and toll-free line for consumer complaints, as well as maintaining advocacy offices for military veterans and senior citizens.
“Each of the offices I think you mentioned is mandated by statute,” McKernan said. “Yes, I’ll follow the law.”
Rattling off a list of public comments and steps made by the Trump administration that indicate the bureau could be shuttered entirely, Warren questioned how effective McKernan could be.
“It kind of feels like you’ve been lined up to be the No. 1 horse at the glue factory,” Warren said.
For his part, McKernan said that if confirmed by the Senate, he would “right-size” the CFPB, as well as “refocus it” and “make it accountable.”
Sen. Jack Reed, D.-R.I., followed up, adding that Vought has canceled the lease on the agency’s headquarters and dismissed cases against “predatory lenders.” Reed also mentioned reporting that both Trump and Vought, who is also head of the Office of Management and Budget, want to eliminate the bureau.
“You’re going to be placed in a very difficult position,” Reed said. “You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you’re departing Liverpool on the Titanic. Good luck.”
McKernan didn’t verbally respond to Reed’s comment, only smiling ruefully while nodding slightly.
Check out the companies making headlines in midday trading. Nvidia – Shares dropped 8.5% despite the chipmaker’s fourth-quarter earnings and revenue and current quarter revenue forecast beating analyst estimates. Nvidia’s fourth-quarter gross profit margin declined, and its latest revenue topped forecasts by the smallest amount in two years . EBay – The e-commerce platform slumped 8.2% after first-quarter revenue guidance missed Wall Street’s expectations. EBay forecast revenue in the current quarter between $2.52 billion and $2.56 billion, while analysts were estimating $2.59 billion, according to LSEG. Trailing fourth-quarter earnings and revenue beat expectations. Rolls-Royce – American depositary receipts of the British jet engine maker jumped 14.3% on the heels of better-than-expected full-year earnings and updated its mid-term guidance. The board also authorized a 1 billion pound, or $1.27 billion, share buyback and reinstated a dividend for the first time since the pandemic. Teladoc Health – Shares of the virtual health-care services provider slid 13.6% after a wider-than-expected fourth quarter loss and a weaker-than-expected first-quarter revenue outlook. Teladoc lost 28 cents per share in the latest quarter, worse than the loss of 24 cents per share analysts surveyed by LSEG had anticipated. For the current quarter, Teladoc expects revenue of $608 million to $629 million, lower than the consensus estimate of $632.9 million. Nutanix — Shares of the cloud computing company jumped 10.4% on the back of a strong quarterly report. Nutanix earned an adjusted 56 cents per share on revenue of $655 million in its fiscal second quarter, while analysts surveyed by LSEG had estimated earnings of 47 cents per share on $642 million in revenue. Snowflake – The data cloud analytics company gained 4.5% after fourth quarter results topped Street estimates. Snowflake earned an adjusted 30 cents per share on $987 million in revenue, above the 17 cents per share and $956 million in revenue that analysts surveyed by LEG had estimated. Mara Holdings – The crypto miner jumped 5.5% on better-than-expected fourth-quarter revenue of $214.4 million, while analysts polled by FactSet were expecting $187.8 million. Warner Bros. Discovery – The HBO Max and CNN parent popped 4.8% on the back of fourth-quarter earnings that beat analyst estimates. WBD posted adjusted EBITDA of $2.72 billion, above the $2.69 billion that analysts were expecting, according to FactSet. Revenue missed expectations. The company said it added 6.4 million subscribers in the quarter and forecast it will hit 150 million global subscribers by the end of 2026. Sterling Infrastructure – The construction services and infrastructure stock gained 0.8% on an upgrade to buy from neutral at D.A. Davidson. As catalysts, analyst Brent Thielman pointed to growing demand in Sterling’s e-infrastructure segment, which develops systems for data centers and e-commerce warehouses and distribution centers. C3.ai – Shares shed 9.7% even after the enterprise software company’s stronger-than-expected quarterly results. C3.ai lost 12 cents per share on $99 million in revenue. Analysts had forecast a loss of 25 cents per share and $98 million in revenue, according to LSEG. IonQ – The quantum computing stock slid 16.8% after fourth-quarter earnings and current-quarter guidance missed expectations. IonQ lost 93 cents per share, worse than the consensus forecast of a 25-cent loss from analysts polled by FactSet. IonQ said to expect between $7 million and $8 million in revenue for the current quarter, far below the $16.2 million penciled in by analysts. — CNBC’s Alex Harring, Lisa Kailai Han and Pia Singh contributed reporting.
Russell Vought, director of the Office of Management and Budget (OMB) nominee for US President Donald Trump, during a Senate Budget Committee confirmation hearing in Washington, DC, US, on Wednesday, Jan. 22, 2025.
Al Drago | Bloomberg | Getty Images
The Consumer Financial Protection Bureau‘s new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration’s director.
In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos. unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.
“The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,” the agency said in a brief filing in the Capital One case. It used similar language in the other cases.
The moves are the latest sign of the abrupt shift at the agency since acting CFPB director Russell Vought took over this month. In conjunction with Elon Musk’s Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work.
This story is developing. Please check back for updates.