Check out the companies making headlines in extended trading.
Cisco Systems — Shares of the computer networking giant gained about 2.5% after posting fiscal fourth-quarter earnings that beat Wall Street’s expectations. The company posted adjusted earnings of $1.14 per share, while analysts had forecast $1.06 per share, according to Refinitiv. Revenue came out to $15.2 billion, exceeding expectations of $15.05 billion.
Synopsys — The stock advanced 2.3% after the electronic design automation company beat fiscal third-quarter earnings expectations. Synopsys reported adjusted earnings of $2.88 per share, which was 14 cents per share higher than analysts’ expectations, according to Refinitiv. Its revenue of $1.49 billion also came out just above expectations. The California-based company on Wednesday also announced Sassine Ghazi as its CEO and president, effective Jan. 1.
Wolfspeed — Shares plunged 13% after hours following Wolfspeed’s fiscal fourth-quarter earnings report, which missed expectations on the bottom line. The company posted an adjusted loss of 42 cents per share, while analysts called for a loss of 20 cents per share. Wolfspeed reported $236 million in revenue, however, surpassing analysts’ expectations of $223 million, according to Refinitiv.
Amcor — The packaging stock added 2.5% after the closing bell. Amcor, which hit its 52-week trading low on Wednesday, reported adjusted earnings per share of $0.193 for its fiscal fourth quarter. That exceeded the $0.18 forecast from analysts surveyed by FactSet. Amcor’s revenue failed to meet expectations, however, coming out at $3.67 billion while analysts had forecast $3.79 billion.
Hawaiian Electric Industries — Shares of Hawaiian Electric slipped nearly 2% after hours Wednesday. The action followed a report in The Wall Street Journal that said the company is in talks with firms that specialize in restructuring. The stock’s losses, now about 55% this week, continued amid Wall Street’s ongoing concerns about the company’s potential liability in the deadly Maui wildfires.
Vinfast Auto — Shares of the Vietnamese electric vehicle maker dipped about 5%. Its shares jumped more than 250% on Tuesday after Vinfast went public through a SPAC deal, but the stock gave back some of those gains Wednesday and dipped 18.7%.
Read the full article here
