Stocks making the biggest moves after hours: Costco, Smart Global, Avaya and more

Finance

Customers push shopping carts while exiting a Costco Wholesale Corp. store in Richmond, California.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Shares of Costco dipped 1% during extended trade after the company reported sales that missed analyst expectations for the fourth quarter. The wholesaler reported $47.50 billion in revenue, just shy of Wall Street’s expectation of $47.57 billion, based on a survey of analysts by Refinitiv.

Net income grew to $1.09 million, or $2.47 a share, compared to the $1.04 million, or $2.36 per share a year prior.

Sales at Costco stores open more than a year also grew 5.1%. In the U.S., same-store sales grew 6.2% compared to 1.9% growth internationally.

Smart Global Holdings shares tanked nearly 17% after the memory chip-maker posted a fourth-quarter miss on revenue. Net sales came in at $278.4 million compared to the $285 million analysts expected, according to Refinitiv. Quarter four net sales are down 26% year over year.

Their COO and CFO Jack Pacheco attributed the earnings miss due to “weakness in [their] supply chain services business.”

Avaya shares surged 18% after the company announced a $500 million share repurchase plan, $250 million debt pay-down, and strategic cloud computing partnership with RingCentral. RingCentral will now be the exclusive provider of UCaaS solutions to Avaya, contributing $500 million to its partnership with Avaya along with $125 million in preferred stock convertible at $16 per share.

RingCentral‘s shares, meanwhile, rose 9%. Avaya’s stock reached a new year-to-date low earlier Thursday.

Etsy shares rose 1.2% after the bell following Nomura Instinet’s initiation of the e-commerce company with a Buy rating at a $70 price target. New programs like free shipping should boost Etsy’s margins and market-cap, Nomura Instinet said.

CNBC’s Jasmine Kim contributed to this report.

Articles You May Like

Processed food stocks fall as investors brace for increased scrutiny under Trump, RFK Jr.
Target shares plunge 20% after discounter cuts forecast, posts biggest earnings miss in two years
Young adults are holding off on moving out of their parents’ house — here’s what’s behind the trend
Could Trump reinstate the student debt that Biden forgave? Here’s what experts say
Fintech unicorns are watching Klarna’s debut for signs of when IPO window will reopen

Leave a Reply

Your email address will not be published. Required fields are marked *