Check out the companies making headlines in after-hours trading:
Robinhood — The retail brokerage added 4.5% after the company announced a $1 billion share repurchase program. Robinhood management expects to execute the program over a two- to three-year period starting in the third quarter of 2024, a press release said.
Cava Group — The stock dropped 5% in after-hours trading despite the restaurant chain posting earnings and revenue for the first quarter that significantly exceeded expectations. Cava reported earnings of 12 cents per share on revenue of $259 million, while analysts polled by LSEG anticipated earnings of 4 cents per share on $246 million in revenue. Cava shares had hit a 52-week high earlier Tuesday.
Box — The cloud storage company added 1.2% on the back of better-than-expected earnings and revenue. Box reported adjusted earnings of 39 cents per share, while analysts polled by LSEG expected earnings of 36 cents per share. Revenue came out at $264.7 million, surpassing expectations of $262 million for the quarterly period.
Microchip Technology — Microchip shares dipped 2.8% after the company announced it aims to raise $1.1 billion worth of convertible senior notes due 2030 in a private offering, subject to market conditions and other factors.
American Airlines — The air carrier slid more than 6%. American Airlines slashed its outlook for sales in the second quarter. It is also expecting adjusted earnings of $1 to $1.15 per share for the period, compared to previous guidance of $1.15 to $1.45 per share, per a regulatory filing. The updated outlook for adjusted earnings is also below FactSet’s consensus expectations for $1.30 per share.
United Airlines — Shares dropped 2% after the airline issued an update on its financial outlook. United reaffirmed its second-quarter earnings outlook range of $3.75 and $4.25 per share, according to a regulatory filing.
