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After-hours buzz: Chesapeake, P&G, Vanda, Steelcase & more

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

Scott Mlyn | CNBC

Chesapeake Energy - Shares rose more than 2 percent after the company announced that it had closed a deal to sell its Southern Marcellus and Utica Shale unit.

Steelcase - The stock tumbled after the office furniture maker handed in disappointing third-quarter results. Shares were last down about 6 percent in after-hours trading.

Vanda Pharmaceuticals - The stock surged some 20 percent after the company agreed to settle arbitration with Novartis. The deal allows Vanda to regain U.S. and Canadian rights to the anti-psychotic drug Fanapt.

Novartis also said it would purchase $25 million worth of Vanda common stock. Novartis shares were flat after the announcement.

Procter & Gamble - The consumer goods company agreed to sell its Camay and Zest soap brands to Unilever for an undisclosed amount, according to Reuters. Shares of both firms were modestly lower in extended trading.

SeaChange - Shares edged higher after the small-cap telecom firm said it planned to acquire Timeline Labs, a social media analytic provider.

Continental Resources - The oil and natural gas producer said it would decrease its capital budget to $4.6 billion, versus earlier projections of $5.2 billion, as U.S. prices continue to tumble. It also plans to cut the number of drilling rigs it operates to 31 from 50 by the end of next year. Shares were flat in extended trading, after closing the regular session down nearly 2 percent.

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