After-Hours Buzz: Lions Gate, American Eagle, Morgan Stanley & More

Check out which companies are making headlines after the bell Thursday:

Lions Gate Entertainment - The entertainment company posted earnings of 51 cents a share, excluding one-time items, on revenue of $786 million, topping expectations for 44 cents a share on sales of $753 million. Shares rallied in extended-hours trading.

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Palo Alto Networks - The network security company posted earnings of 6 cents a share on sales of $101 million. Analysts expected the company to post earnings of 5 cents a share on sales of $103 million. In addition, the company said its cash flow from operations was $15.2 million, well below Street Account's estimate for $26.3 million and the company's second quarter actual cash flow of $34.5 million. Also, the company handed in current-quarter guidance that was slightly below forecasts. Shares tumbled in extended-hours trading.

American Eagle - The apparel retailer increased its dividend by 14 percent to 12.5 cents a share. Shares were largely unchanged in extended-hours trading.

Morgan Stanley - Deutsche Bank upgraded the financial giant to "buy" from "hold." Shares rose in extended-hours trading.

Splunk - The software company posted a loss of 6 cents a share, in line with projections, while revenue topped estimates by $3 million at $54 million. Meanwhile, the company handed in second-quarter revenue guidance that came in line with expectations. Shares slumped in extended-hours trading.

Krispy Kreme Doughnuts - The doughnut company reported earnings of 20 cents a share, excluding one-time items, on revenue of $121 million, beating forecasts for 17 cents a share on sales of $116 million. In addition, the company handed in full-year earnings guidance that exceeded current estimates. Shares rallied in extended-hours trading.

Guess - The clothing retailer posted earnings of 14 cents a share, easily beating expectations for 8 cents a share, while revenue was in line at $549 million. Shares soared in extended-hours trading.

Omnivision Technologies - The digital imaging products developer posted earnings of 56 cents a share, excluding one-time items, on sales of $336 million, exceeding Wall Street estimates for 21 cents a share on sales of $319 million. The company also handed in current-quarter earnings and sales outlook that were well above expectations. Shares shot higher after being temporarily halted in extended-hours trading.

Wells Fargo initiated coverage of CVS Caremark with an "outperform" rating. The brokerage started coverage of Catamaran and Express Scripts with a "market perform" recommendation. Shares of all three companies were mostly flat in extended-hours trading.

Jazz Pharmaceuticals - Stifel Nicolaus initiated coverage of the specialty pharmaceutical company with a "buy" rating and price target of $80 a share. Shares edged higher in extended-hours trading.

Valeant Pharmaceuticals - BMO Capital initiated coverage of the pharmaceutical company with an "outperform" rating and a price target of $107.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

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