Stocks making the biggest moves after hours: Bed Bath & Beyond, JC Penney, United Airlines and more
Bed Bath & Beyond — The home goods retailer’s stock soared 12% in extended trading after the company posted a double beat on earnings and revenue in the fourth quarter. Bed Bath & Beyond reported earnings of 38 cents per share excluding some items on revenue of $3.11 billion, while analysts polled by Refinitiv expected earnings of 20 cents per share on revenue of $3.07 billion. The company also announced that its first quarter and full-year 2020 results will be negatively impacted by the coronavirus and declined to provide guidance for fiscal 2020 because of uncertainty resulting from the pandemic.
J.C. Penney — Shares of the clothing retailer rose 2% after the closing bell. The company said Wednesday that it skipped a $12 million interest payment as its business struggles amid the coronavirus pandemic. J.C. Penney is entering into a 30-day grace period “in order to evaluate certain strategic alternatives, Latest American Finance News none of which have been implemented at this time,” according to an SEC filing. The company suffered from debt issues prior to closing all of its stores because of Covid-19.
American Airlines — The airline’s stock tumbled 3% after the market closed. Airlines have been hit hard by the coronavirus pandemic and company CEO Doug Parker told CNBC Wednesday that “it certainly feels like we’re at the bottom.” He said revenues have been down 90% on a year-over-year basis and have been so for a few weeks. American Airlines and some of its competitors reached an agreement with the U.S. Treasury Department Tuesday over receiving portions of $25 billion in payroll grants meant to provide some economic relief to the airline industry amid the pandemic.
Costco — Shares of the big-box retailer climbed about 1% in extended trading after the company announced an increase in its quarterly cash dividend. The company’s board approved a quarterly increase from 65 cents per share to 70 cents per share.
United Airlines — The airline’s stock dropped 1% in extended trading after the company said it expects to receive around $5 billion from the federal government through the coronavirus aid bill. Approximately $3.5 billion will be a direct grant and approximately $1.5 billion will be a low-interest-rate loan, according to a company statement. Press Release Distribution Service The aid is meant to soften the blow the coronavirus delivered to the airline industry. “This financial support is critical to our people, who are ensuring air service to communities throughout the country and supporting the shipment of much-needed medical supplies and travel of health care professionals around the globe,” said United Airlines spokesperson Frank Benenati.
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