After-hours buzz: Ackman's Pershing Square sells JC Penney shares to Citi for $12.60/share

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

Bill Ackman's Pershing Square sold its J.C. Penney shares to Citigroup for $12.60 a share, according to a regulatory filing. J.C. Penney shares were slightly higher in late trading

Guess shares surged in after-hours trading after the company posted adjusted second-quarter earnings of 52 cents per share on sales of $639 million. Analysts were looking for earnings of 36 cents per share on sales of $622.9 million. Guess said it expects fiscal year earnings of $1.78 to $1.92 a share on sales of $2.56 billion to $2.59 billion.

Specialty grocery store operator Fresh Market posted second-quarter earnings of 32 cents per share, matching Street forecasts. Same-store sales rose 3.4 percent in the quarter and revenue rose 13.3 percent to $354.8 million. The company expects full-year earnings between $1.50 and $1.55 per share, below analysts' current estimate of $1.59 a share. The stock fell in late trading.

Shanda Games, an online game developer in China, posted second-quarter earnings excluding items of 24 cents per American depositary share on revenue of $175.6 million. Results beat expectations. The company expects a 3 percent to 4 percent sequential increase in revenue in the third quarter. Shanda Games shares climbed in after-hours trading.

Casella Waste Systems broke even on a per-share basis in its fiscal first quarter with sales coming in at $128.6 million. The Street was looking for a loss of 7 cents per share on sales of $121.7 million. For the full-year, the company sees revenue of $470 million to $480 million.

In other news, shares of semiconductor company Altera rose in after-hours trading after the company's board increased its share-repurchase authorization to 13 percent of the shares outstanding.

Urban Outfitters, meanwhile, said its board has authorized the repurchase of 10 million common shares. The stock rose in extend hours trading.

—By CNBC's Justin Menza. Follow him on Twitter @JustinMenza.

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