Several companies made headlines in after-hours trading, with Cisco Systems leading the pack. The networking company’s stock jumped 6% after reporting an earnings and revenue beat for its fiscal fourth quarter. Cisco posted adjusted earnings of 87 cents per share on revenue of $13.64 billion, surpassing analysts’ expectations. While both revenue and earnings fell from the prior year, it was Cisco’s first drop since 2020. Additionally, the company announced plans to cut 7% of its global workforce.
Ulta Beauty also saw a significant increase in share price, with shares popping about 12% after Warren Buffett’s Berkshire Hathaway revealed a new stake in the cosmetics company worth $266 million. This stake is considered relatively small for Berkshire Hathaway, but it still had a positive impact on Ulta Beauty’s stock. In contrast, cloud company Snowflake’s shares slipped 1% after Berkshire Hathaway entirely dissolved its stake in the second quarter. This move was revealed in the conglomerate’s latest regulatory filing.
Nike’s shares climbed over 5% following news that Bill Ackman’s Pershing Square had taken a new stake in the athletic apparel and sneaker company. This boost in investor confidence contributed to Nike’s after-hours performance. The optical products provider Lumentum Holdings also experienced a significant increase in share price, with shares soaring nearly 14% after reporting a fourth-quarter earnings and revenue beat. Lumentum posted earnings of 6 cents per share, excluding items, outperforming analysts’ expectations.
Overall, the companies making headlines in after-hours trading experienced a mix of positive and negative reactions from investors. Cisco Systems and Ulta Beauty saw significant jumps in their stock prices after positive news regarding earnings reports and new investor stakes. In contrast, Snowflake’s shares slipped after Berkshire Hathaway dissolved its stake, while Lumentum Holdings saw a significant increase in share price following a strong fourth-quarter performance. These movements in after-hours trading reflect the ongoing volatility and investor sentiment in the market, as companies continue to navigate economic uncertainties and changing consumer behaviors. Investors will continue to monitor these companies closely to gauge their future performance and potential investment opportunities.
