Tesla, Office Depot tumble while Constellation Brands rises

NEW YORK — Stocks that moved substantially or traded heavily on Thursday:Tesla Inc., down $24.03 to $267.78The electric car maker’s assembly lines slowed and deliveries fell during its first quarter.Resources Connection Inc., down $2.64 to $14.71The consulting company’s fiscal third-quarter profit and revenue fell short of Wall Street forecasts.Constellation Brands Inc., up $11.76 to $191.45The wine, liquor and beer company beat Wall Street’s fourth quarter forecasts and will sell about 30 of its cheaper wine brands.PG&E Corp., up 39 cents to $18.86The troubled utility company is shuffling its board of directors and named William Johnson its new CEO.Office Depot Inc., down 89 cents to $2.88The office supplies retailer warned investors that its first-quarter revenue will fall short of forecasts.Red Robin Gourmet Burgers Inc., down 74 cents to $27.48The CEO of the casual restaurant chain stepped down and a key sales measure fell more sharply than expected during the first quarter.RPM International Inc., up $1.20 to $60.63The specialty chemicals company reported a jump in third-quarter sales that pushed its profit beyond Wall Street forecasts.At Home Group Inc., up $1.51 to $20.50The home decorations retailer could be considering a potential sale of the company, according to media reports.The Associated Press read more

2 Federal Reserve officials highlight deep divisions

WASHINGTON — Two Federal Reserve officials who dissented from this week’s quarter-point rate cut are highlighting the deep divisions at the central bank.Eric Rosengren, head of the Fed’s Boston regional bank and one of two officials who opposed the rate cut, says that the additional stimulus was not needed. He says it runs the risk of inflating the price of risky assets and encouraging households and business to take on too much debt.James Bullard, head of the St. Louis Fed branch, dissented in favour of a bigger half-point cut. He argues that a larger reduction would have provided needed insurance against a sharper slowdown.In a CNBC interview, Vice Chairman Richard Clarida, who supported the latest quarter-point rate cut, says healthy debate is a strength of the Fed system.Martin Crutsinger, The Associated Press read more