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Home US News US Business

Chegg, Hertz, L Brands and more

Loud Silence Staff by Loud Silence Staff
May 4, 2020
in US Business
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Chegg, Hertz, L Brands and more
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Dan Rosensweig, CEO, Chegg

Scott Mlyn | CNBC

Check out the companies making headlines after the bell.

Shake Shack — The burger chain’s stock whipsawed in extended trading after the company provided its first-quarter earnings. Shake Shack said it had earnings of 2 cents per share excluding some items on revenue of $143.2 million, while analysts did not expect any earnings and estimated revenue at $145.1 million, according to Refinitiv. The company reported a 12.8% year-to-date decrease in same-store sales and said in a statement that it expects to incur additional costs and investments in supplies necessary to keep its employees and customers safe amid the coronavirus pandemic. 

Hertz Global — The car rental company’s stock plunged 23% in extended trading after The Wall Street Journal reported that Hertz secured an additional advisor to help with bankruptcy proceedings. 

L Brands — The Victoria’s Secret parent company’s stock spiraled 13% in extended trading after the company announced that it had terminated its deal with private equity firm Sycamore partners and gave a new strategy for moving forward. The strategy includes allowing Victoria’s Secret to operate as a separate, standalone company.

AIG — Shares of the insurance company whipsawed in extended trading after AIG reported its financial results for the first quarter. AIG said it had earnings of 11 cents per share excluding some items on revenue of $14.44 billion, while analysts polled by Refinitiv anticipated earnings of 72 cents per share on revenue of $11.45 billion.

Chegg — The textbook rental and education company’s shares soared 16% in extended trading after the company released its first-quarter earnings. Chegg said it had earnings of 22 cents per share excluding some items and revenue of $131.6 million, while analysts expected earnings of 15 cents per share on revenue of $122.7 million, according to Refinitiv. The company also offered strong second-quarter guidance and said it expects revenue of $135 million to $137 million, while Refinitiv analysts estimated revenue of $124 million. Chegg CEO Dan Rosensweig said in a statement that the company saw “a substantial increase in new subscribers” as more students were required to learn from home amid the coronavirus pandemic.

Texas Roadhouse — The steak restaurant chain’s stock tumbled 5% in extended trading after the company released its first-quarter earnings. Texas Roadhouse reported earnings of 23 cents per share on revenue of $653 million, while analysts expected earnings of 58 cents per share on revenue of $709 million, according to Refinitiv. Comparable restaurant sales fell 47% in April and the company went through approximately $30 million in cash that month, according to a company statement. 

Wyndham Hotels & Resorts — The hotel developer’s stock was up 2% in extended trading after the company reported its first-quarter earnings. The company said it had earnings of 50 cents per share excluding some items on revenue of $410 million, while analysts estimated earnings of 36 cents per share on revenue of $387.2 million, according to Refinitiv. 

Skyworks Solutions — Shares of the semiconductor company whipsawed in extended trading after Skyworks gave its second-quarter financial results. The company said it had earnings of $1.34 per share excluding some items on revenue of $766 million. Analysts polled by Refinitiv expected earnings of $1.33 per share on revenue of $758 million. The company also gave weak third-quarter guidance and said it expects between $670 million and $710 million in revenue, while analysts estimated revenue of $727 million, according to Refinitiv. “Given the supply chain and demand disruptions associated with Covid-19, visibility is limited for the June quarter, resulting in a wider revenue range compared to prior quarters,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks, in a statement. 

Walgreens — The pharmacy chain’s stock was up 2% in extended trading after Reuters reported that drug distributor AmerisourceBergen approached Walgreen’s concerning a $6 billion deal for its pharmaceutical wholesaling division.

SAP — The software company’s stock fell 2% during extended trading after news from German regulatory release that said SAP found some of its products did not meet company standards.

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This content first appear on cnbc

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Tags: American International Group IncAmerisourceBergenbusiness newsChegg IncCRB GLOBAL INDEXEarningsHertz GlobalInvestment strategyL Brands IncMarket InsiderMarketsRestaurant Brands International IncSAP AGShake Shack IncSkyworks Solutions IncTexas Roadhouse IncWalgreens Boots Alliance IncWall StreetWyndham Hotels & Resorts Inc
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