Stocks that make the biggest moves after hours: Cisco, L Brands, Synopsys & more
The Cisco Systems logo is located at its headquarters in Issy-les-Moulineaux near Paris, France.
Philippe Wojazer | Reuters
Check out the companies that hit the headlines on Wednesday after the bell:
Cisco – Shares in the data center network hardware maker fell more than 6% in expanded trading after the company issued weaker-than-expected forecasts for the next quarter. Cisco announced that adjusted earnings per share will be 81 to 83 cents for the fourth quarter, while analysts were expecting adjusted earnings per share of 85 cents. However, the company’s earnings and sales for the third quarter of the fiscal year were above expectations.
L Brands – Victoria’s Secret parent company stocks fell more than 1% even after a better-than-expected quarterly report. Adjusted earnings per share were $ 1.25 compared to a refinitive forecast of $ 1.21 per share. Revenue also exceeded analyst estimates, driven by momentum across the company and the fact that more people are paying full price for their products.
Synopsys – Software stock rose 2% in extended trading after the company reported quarterly results that were above estimates. Synopsys reported adjusted earnings of $ 1.70 per share, which is above what FactSet surveyed analysts had expected of $ 1.53 per share. Revenue for the quarter was $ 1.02 billion, up from an estimate of $ 989 million.
Shoe Carnival – The shoe retailer’s shares fell more than 4% after the company announced that second-quarter sales would be below analysts’ expectations. Shoe Carnival estimated sales for the next quarter at $ 268 million to $ 278 million, missing analysts’ estimates of $ 282 million per FactSet.