Welcome to the Extreme Investor Network, where we bring you the latest updates and insights on the financial market. Today, we are covering the companies making headlines in after-hours trading:
1. Robinhood: The retail brokerage saw a 4.5% increase after announcing a $1 billion share repurchase program. This move is set to take place over a two- to three-year period starting in the third quarter of 2024.
2. Cava Group: Despite posting earnings and revenue for the first quarter that exceeded expectations, the stock dropped 5% in after-hours trading. Cava reported earnings of 12 cents per share on revenue of $259 million, outperforming analysts’ expectations.
3. Box: The cloud storage company gained 1.2% following better-than-expected earnings and revenue. Box reported adjusted earnings of 39 cents per share, surpassing analysts’ predictions.
4. Microchip Technology: Microchip shares dipped 2.8% as the company announced plans to raise $1.1 billion worth of convertible senior notes due 2030 in a private offering.
5. American Airlines: The air carrier saw a decline of more than 6% after slashing its sales outlook for the second quarter. American Airlines also revised its adjusted earnings guidance to $1 to $1.15 per share, below previous estimates.
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