People walk past a Nike store in New York.
Carlo Allegri | Reuters
Check out the companies making headlines after the bell:
Shares of Nike hit an all-time high, surging more than 5.5% during extended trade, following strong first-quarter earnings. CEO Mark Parker credited the earnings beat to product innovation and stronger e-commerce business.
The footwear giant posted earnings of 86 cents per share and revenue of $10.66 billion, far exceeding the 70 cents per share increase on revenue of $10.44 billion Wall Street had expected, according to Refinitiv consensus estimates.
Broadcom shares dipped 3.5% after the company announced a new offering of $3 billion Series A mandatory preferred stock to the public, to be converted intro common stock in late September of 2022. Each share of preferred stock is expected to have a liquidation preference of $1,000, and the net proceeds from the offering will be spent of repayment of “outstanding borrowings,” the chip-maker detailed in a press release. Bank of America Merrill Lynch Citigroup, J.P. Morgan and Morgan Stanley will serve as underwriters and joint-book running managers for the offering.
HD Supply Holdings spiked 5% after the industrial distributor filed to separate its facilities maintenance and construction & industrial businesses into two separate publicly traded companies, expected to be completed by the middle of fiscal year 2020. The distribution will be tax-free to HD Supply shareholders, and each company will have its own independent board of directors that will include some of the current members of HD Supply’s Board, the company explained in a press release.
Shares of Kinder Morgan rose 1.4% after the bell following an announcement that its Gulf Coast Express Pipeline Project will be in full service on Sept. 25, ahead of schedule. The pipeline will provide approximately 2 billion cubic feet of incremental natural gas capacity per day and help lower natural gas flaring, the energy infrastructure company said in a press release. Other equity holders in the pipeline include Altus Midstream, DCP Midstream, and an affiliate of Targa Resources.
Shares of SYNNEX soared more than 9% following the IT supply chain company’s strong third-quarter earnings. The company reported an increase of $3.30 per share ex-items and revenue of $6.20 billion. Analysts had forecast earnings of $2.86 per share on revenue of $5.69 billion, according to Refinitiv consensus estimates.
Cintas shares climbed more than 4% after the company improved its full-year guidance. The business services company reported better-than-expected earnings of $2.32 on $1.81 billion in revenue for its first quarter, compared to the $2.15 per share increase and revenue of $1.79 billion analysts had expected, according to Refinitiv.
Written by Admin
Facing both turbulent financial markets and raging inflation, the Federal Reserve on Wednesday indicated it ...
U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate ...