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Stocks making the biggest moves after hours: Cisco, AIG, Yelp and more
Check out the companies making headlines after the bell:
Cisco Systems shares jumped more than 4 percent after hours Wednesday after posting better-than-expected second-quarter earnings. The technology company beat on the top and bottom lines. They reported earnings of 73 cents on revenue of $12.45 billion. Wall Street estimated earnings of 72 cents on revenue of $12.41 billion. The company issued third-quarter earnings per share guidance between 76 and 78 cents. Wall Street estimated 77 cents per share. They also estimated revenue growth will be between 4 and 6 percent, while analysts estimated 3 percent. The company increased its stock buyback plan by $15 billion.
Shares of AIG sank more than 3 percent and later traded flat after the insurance company posted a surprise loss. AIG posted a loss of 63 cents per share, compared to the 42-cent profit forecast by analysts. The company’s CEO Brian Duperreault said the “results were negatively impacted by performance in both equity and credit markets.” Revenue beat at $12.56 billion, compared to the $12.12 billion forecast by analysts. The company also announced a $2 billion stock buyback plan.
Yelp shares surged as much as 10 percent after hours after revenue topping estimates. The company posted fourth-quarter revenue of $244 million, compared to the $241 million estimated by analysts. Earnings per share were 37 cents, crushing estimates of 10 cents. The company also announced they are increasing their buyback program by $250 million.
Shares of NetApp sank 7 percent after market close On Wednesday following mixed third-quarter earnings and issuing weak fourth-quarter revenue guidance. Earnings per share were $1.20, beating estimates by 5 cents. Revenue missed at $1.56 billion, compared to the estimated $1.60 billion.
MGM Resorts shares moved 4 percent higher after market close Wednesday following a fourth-quarter earnings beat. The hospitality company posted earnings of 14 cents per share, topping estimates of 13 cents. Revenue came in at $3.05 billion, topping estimates of $2.98 billion.
Shares of CenturyLink fell as much as 10 percent after hours Wednesday after slashing its dividend more than 50 percent to $1 from $2.17. The communications services company earned 37 cents per share, compared to the 32 cents estimated. Fourth-quarter revenues were right in line with estimates at $5.78 billion.