Stocks making the biggest moves after hours: Slack, Chegg, Moderna and more

Finance

People pass by the New York Stock Exchange.

Brendan McDermid | Reuters

Check out the companies making headlines after the bell:

Chegg – The American education technology company’s stock dropped more than 4% in extended trading despite reporting financial results that beat on the top and bottom line. The company reported a fourth-quarter profit of 35 cents a share, while analysts expected earnings of 29 cents per share, according to Refinitiv. Revenue also beat forecasts as sales rose 31% year-over-year, the company said in a press release. Chegg also reported strong first quarter and fiscal year guidance.

Slack – The instant messaging app’s stock dropped 8% in extended trading after the company filed an 8-K Monday downplaying a news report that sent its stock surging more than 15%. Business Insider reported that Slack scored its “biggest customer deal ever,” saying IBM had recently decided to deploy its technology to all of its 350,000 employees. The Slack 8-K clarified that IBM had been the platform’s largest customer for several years.

Sprint — Shares of the telecommunications company skyrocketed more than 50% in extended trading after news broke that a U.S. judge is set to rule in favor of a Sprint and T-Mobile merger. Shares of T-Mobile climbed more than 6% on the news.

Moderna – Shares of the biotechnology company fell more than 6% in extended trading after the company announced a proposed $500 million public offering of common stock. Moderna expects to use the money to fund clinical development and drug discovery in existing and new therapeutic areas, according to the release. Moderna also announced several updates to vaccine development.

XPO Logistics – Shares of the logistics provider rose more than 2% in extended trading after the company reported fourth-quarter results that beat earnings but missed on revenue. The company reported earnings of $1.12 per share excluding some items on revenue of $4.14 billion while analysts expected earnings of $1.02 per share on revenue of $4.23 billion, according to Refinitiv. XPO also announced David Wyshner, Wyndham Hotel’s former CFO, as its own finance chief, the company said Monday.

II-VI Incorporated – Shares of the optical products company dropped about 2% in extended trading after the company reported weak third-quarter revenue guidance, which included a minimum revenue reduction of $50 million due to the coronavirus outbreak. The company estimated revenue of $550 million to $600 million while analysts expected $616 million for the third quarter. The company matched second-quarter earnings estimates of 36 cents per share while revenue beat consensus estimates, according to Refinitiv.

CNBC’s Lauren Feiner and Frank Holland contributed to this article.

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