After-hours buzz: Bank of America, LinkedIn & more
Check out which companies are making headlines after the bell Tuesday:
Bank of America agreed to sell its remaining stake in China Construction Bank, representing approximately 2 billion shares, or 1 percent of all CCB shares outstanding. The transaction is expected to generate a pretax gain of approximately $750 million in the third quarter of 2013.
LinkedIn shares fell in after-hours trading after the company said it planned to sell $1 billion of stock in a follow-on offering. The social networking firm said it will use the proceeds to increase its financial flexibility and may use some of the funds for acquisitions.
Hain Celestial said that Carl Icahn and other shareholders will sell an aggregate of 3,650,000 shares of stock. As a result, Icahn's stake will be about 7.5 percent. Hain stock fell in late trading.
Meanwhile, Glenview Capital raised its stake in J.C. Penney to 9.1 percent from 3.8 percent, according to a filing with the SEC.
News Corp. said it sold its Dow Jones Local Media Group, which operates eight daily and 15 weekly newspapers, to an affiliate of Fortress Investment Group. Financial terms of the deal were not disclosed.
Turning to earnings, H&R Block reported an adjusted first-quarter loss of 40 cents per share on revenue of $127 million as expenses rose. Analysts were anticipating a loss of 37 cents per share on revenue of $98.4 million. The stock tumbled in late trading.
Guidewire Software, which provides business software to the property and casualty insurance industry, posted adjusted earnings of 25 cents per share for its fiscal fourth quarter, beating forecasts for 14 cents per share. Revenue came in at $96.9 million, up 43 percent from a year earlier. The stock surged in late trading.