Welcome to Extreme Investor Network, where we provide you with the latest insights and news in the world of finance. Today, we are diving into the companies making headlines in extended trading.
1. Chubb: The property and casualty insurer experienced a nearly 6% gain after Berkshire Hathaway disclosed that it has acquired nearly 26 million shares of the Zurich-based company, amounting to a stake worth $6.7 billion. This move catapulted Chubb to become Berkshire’s ninth-largest holding by the end of March.
2. AST SpaceMobile: Shares of AST SpaceMobile surged by 33% following the announcement of a commercial agreement with AT&T to deliver its space-based broadband network directly to everyday cell phones. In addition, AST SpaceMobile reported a narrower-than-expected loss of 16 cents per share for the first quarter, compared to a loss of 23 cents per share in the year-ago period.
3. Cisco Systems: The IT giant saw its shares jump nearly 5% after reporting fiscal third-quarter adjusted earnings of 88 cents per share on revenues of $12.70 billion. These results exceeded analysts’ estimates and showcased the company’s strong performance.
4. B. Riley Financial: The Los Angeles-based middle-market investment bank experienced a 2% decline after posting a loss of $1.71 per share in the first quarter, a stark contrast to the net income of 51 cents in the previous year. Despite receiving a Nasdaq delinquency notice in March, B. Riley Financial maintained its quarterly dividend at 50 cents per share.
5. Hawkins: The Minnesota-based chemical maker faced a 6% drop in its stock price after reporting a 2% decrease in fiscal fourth-quarter sales compared to the previous year. Management expressed cautious optimism about the industrial segment, citing economic and competitive pressures that may impact demand in the next 12 months.
6. Palo Alto Networks: The cybersecurity company witnessed a 1% increase in its stock price after announcing its acquisition of cloud security software assets from IBM. This strategic move is part of a broader partnership that will provide Palo Alto Networks with access to more consultants and a larger customer base.
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