Stocks making the biggest moves after hours: Gap, Tesla, Marriott and more

Stock Market

Check out the companies making headlines after the bell:

Shares of Gap surged more than 20 percent after market close on Thursday based on news that the clothing company will split into two publicly traded companies, with Old Navy on its own. The other entity, not yet named, will include Gap, Athleta, Intermix, Banana Republic, and Hill City. The Old Navy company brings in about $8 billion in annual sales, while the new company will make roughly $9 billion in annual sales.

The news overshadowed Gap’s mixed fourth-quarter earnings. The company reported earnings per share of 72 cents, versus 62 cents expected. Revenue was $4.62 billion, lower than the $4.69 billion forecast by analysts.

Nordstrom shares jumped more as much 6 percent after hours Thursday based on relatively strong full-year guidance despite a fourth-quarter revenue miss. The department store company earned $4.48 billion in revenue, missing estimates of $4.61 billion surveyed by Refinitiv. Earnings per share were $1.48. Same store sales increased 0.1 percent.

The company forecasts 2019 revenues to increase between 1 and 2 percent, below Wall Street’s estimate of an increase of 2.7 percent. Nordstrom expects 2019 earnings per share between $3.65 and $3.90, in line with estimates of $3.67.

Marriott shares fell as much as 3 percent in extended trading Thursday after posting mixed fourth-quarter earnings. The hotel company reported earnings per share of $1.44 on revenues of $5.29 billion. Analysts expected earnings per share of $1.39 on revenues of $5.48 billion, according to Refinitiv consensus estimates. The stock has since lost most of its gains.

Shares of Dell rose more than 3 percent and then dipped negative in extended trading Thursday following the release of the computer company’s fourth-quarter earnings. Dell posted revenues of $24 billion.

Shares of VMware jumped more than 3 percent after hours Thursday based on fourth-quarter earnings. Beating on the top and bottom lines, the computer software company earned $2.59 billion in revenue, compared to the $2.50 billion expected on the Street. Earnings per share came in at $1.98.

Shares of Tesla dropped more than 3 percent after being halted for volatility prior to news that the electric automaker launched its standard Model 3, starting at $35,000. Elon Musk’s company also announced it is shifting all sales online and does not expect to be profitable in the first quarter.

Nutanix shares cratered more than 24 percent after market close based on dismal 2019 guidance. The computer software company estimates full year revenues between $290 and $300 million, well below the $348 million expected by analysts. They also see a full-year loss of 60 cents per share, compared to the forecast loss of 28 cents.

The full-year forecast overshadowed the company’s second-quarter earnings beat. Nutanix reported a second-quarter loss of 23 cents per share on revenues of $335 million. Analysts has expected a loss per share of 25 cents on revenues of $331 million.

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