After-Hours Buzz: Sonic, Navistar, Michael Kors & More
Check out which companies are making headlines after the bell Monday:
Sonic - The fast-food restaurant chain posted earnings of 26 cents a share, in line with expectations, on sales of $147 million, slightly missing estimates for $148 million. Shares declined in extended-hours trading.
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Navistar - The automotive company announced that its CFO Andrew Cederoth will leave at the end of the month as part of a planned transition to a new CFO. Current senior vice president and treasurer James Moran will temporarily oversee the company's financial operations until a new successor is named. Shares dipped in extended-hours trading.
Deutsche Bank initiated coverage of retailers Michael Kors, Nike, Ralph Lauren and VF Corp with a "buy" rating, while started coverage of Lululemon and Under Armour with a "hold" recommendation. Shares were mostly unchanged in extended-hours trading.
Magellan Health Services - Jefferies initiated coverage of the managed health care company with a "hold" rating and a price target of $56. Shares were unchanged in extended-hours trading.
Clovis Oncology, Merrimack Pharmaceuticals - Mizuho Securities initiated coverage of both companies with a "buy" rating and price targets of $90 a share and $12 a share, respectively. Shares of both companies edged higher in extended-hours trading.