Stocks making the biggest moves after hours: SmileDirectClub, 2U Inc., Skyworks & more

Finance

Brendan McDermid | Reuters

Check out the companies making headlines after the bell:

Shares of 2U Inc. surged more than 15% during extended trading after the cloud-based software company reported third-quarter earnings and updated its full-year revenue and net loss outlook. 2U expects revenue between $570 million and $575 million for the year, narrower than its prior guidance range of $565.7 million to $575.7 million. The company expects adjusted net losses to range between $78.5 million and $72.5 million, compared to last quarter’s full-year guidance of $76.9 million to $70.9 million in adjusted net losses.

In its third quarter, 2U posted an adjusted net loss of 41 cents per share on revenue of $153.8 million. The company’s shares are down approximately 54% year to date.

Shares of SmileDirectClub whipsawed after the bell, falling as much as 10% after the company reported a revenue beat in its first earnings since going public. Revenue came in at $180.2 million, exceeding Wall Street’s expectation of $165.4 million, according to Refinitiv consensus estimates. The company reported a loss of 89 cents per share, which was not comparable to analyst estimates due to inconsistencies in outstanding share counts. In its full-year outlook, SDC expects revenue between $750 million and $755 million.

Skyworks shares slid 5% despite the chipmaker’s fourth-quarter earnings beat on the top and bottom line. Skyworks reported earnings of $1.52 per share excluding certain items on revenue of $827 million, exceeding the earnings of $1.50 per share and revenue of $825 million analysts forecasted, according to Refinitiv. Skyworks’ shares reached a new year-to-date high during midday trade Tuesday.

The company also gave strong first-quarter guidance, anticipating revenue between $870 million and $890 million and adjusted diluted earnings of $1.65 per share, which is at the midpoint of their revenue range.

Tilray shares slipped more than 2% after the company reported third-quarter revenue that topped expectations. The Canadian pharmaceutical and cannabis company reported revenue of $51.1 million, exceeding the $49.5 in revenue Wall Street expected, according to Refinitiv. Tilray reported a loss of 36 cents per share, which was not comparable to analyst estimates.

Shares of Canadian Solar dropped 13% after the bell following the company’s third-quarter earnings announcement. The company posted net revenue of $759.9 million, which fell short of its prior third-quarter guidance of between $780 million and $810 million. The company said that the sequential decline in net revenue over the past few quarters stems primarily from lower revenue in the sale of solar power plants. Canadian Solar’s shares are up approximately 22% year to date.

Shares of Continental Building Products rose nearly 2% after the company announced an agreement to be acquired by Saint-Gobain in a deal worth $37 per share in cash, amounting to about $1.4 billion. In its third quarter, the company reported net sales of $127.4 million, which is a 2.9% decrease from the same quarter last year. Continental’s wallboard sale volumes increased to 705 million square feet, up 4.6% compared to the same quarter a year ago, which it said was attributable to stronger demand. Continental’s shares reached a new year-to-date high during midday trade Tuesday, and its shares are up more than 40% year to date.

Energy Transfer shares sank nearly 4% after the Associated Press reported that the FBI has begun a corruption investigation into a multi-billion dollar natural gas pipeline project headed by Pennsylvania Gov. Tom Wolf’s administration. Investigators are reportedly looking into whether Wolf and his administration forced environmental protection regulators to approve construction permits for pipelines owned by Energy Transfer.

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