After-hours buzz: Tesla, HP, Adobe & more

Check out the companies making headlines after the bell Tuesday:

Tesla shares tumbled, while SolarCity shares spiked, after car maker Tesla bidded about $2.8 billion to buy the solar energy firm. Tesla offered of $26.50 per share to $28.50 per share for SolarCity, whose controlling shareholder, Elon Musk, is also CEO of Tesla.

"It improves the efficiency of the setup," Musk said in a call with the press, focusing on lowering both the cost of sales and cost of implementation."Instead of having, say, three different trips to a house to put in a car charger and solar power and a battery pack, you can actually integrate that into a single business."

Companies like First Solar and NextEra Energy also moved higher on the news.

NYSE New York Stock Exchange traders markets
Getty Images

Shares of HP bounced after the bell after the company updated its outlook for the third fiscal quarter. HP now expects adjusted earnings of 43 cents to 46 cents per share it said in a statement. The hardware spin off of what was formerly Hewlett Packard recently announced a divestiture and investments in its printing business as it continues to mount a separation from Hewlett Packard Enterprise.

Creative cloud and software maker Adobe posted better-than-expected quarterly earnings Tuesday, but shares dipped as guidance fell short of Wall Street's estimates. Adobe posted earnings of 71 cents per share, excluding items, on revenues of $1.4 billion in the second fiscal quarter, narrowly beating the 68 cents per share on sales of $1.4 billion expected by a Thomson Reuters consensus estimate.

But the company said it expects third quarter revenue of $1.42 billion to $1.47 billion, barely hitting the $1.47 billion average prediction from FactSet. Still, the company is "on track" to meet or exceed its targets for the fiscal year, chief financial officer Mark Garrett said in a statement.

KB Home's stock popped after it exceeded Wall Street's earnings expectations. The personalized homebuilder posted earnings of 17 cents per share on revenues of $811 million, above the 14 cents per share on $747 million expected by a Thomson Reuters consensus estimate.

"We are encouraged by the continued improvement in housing market conditions across the country and by the recent increase in participation from first-time homebuyers, historically our primary customer segment," CEO Jeffrey Mezger said in a statement.