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After-hours buzz: Rackspace, Gap, Depomed & more

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

Take a look at some of Monday's after-hours buzz:

Rackspace plunged more than 12 percent in after-hours trade after reporting earnings in-line with estimates and revenue that missed expectations. The cloud computing firm also gave weak guidance for the second quarter.

Gap declined more than 1 percent in extended-hours trade after reporting net sales for April declined nearly 10 percent from the same period last year. Comparable sales for April were down 12 percent, versus a gain of 9 percent last year, with Gap Global and Banana Republic the hardest hit. For the first quarter of fiscal year 2014, Gap's net sales fell 3 percent. The apparel retailer cited negative effects from foreign exchange.

SunEdison edged higher after briefly falling more than 1.5 percent in extended-hours trade after announcing it is considering restructuring alternatives, including a master limited partnership. The firm also announced it intends to offer $750 million convertible senior notes.

Depomed fell more than 7.5 percent in after-hours trade after reporting a loss of $11.6 million in the first quarter. The neurology pharmaceutical firm reported a profit in the same period last year.

NewLink Genetics plunged more than 16.5 percent in after-hours trade after saying it will continue trials for a pancreatic cancer drug. Some investors may have hoped for an early conclusion of the tests. Last week, the firm reported net income of $11.2 million in the first quarter, after posting a loss in the year-ago period.

Ocean Rig gained more than 7.5 percent in after-hours trade after reporting unaudited results for the first quarter that showed an increase in net income of $41.1 million. The contractor of offshore deepwater drilling services reported a net loss of $1.5 million in the year-ago period.

Impax Laboratories fell more than 7 percent in extended-hours trade on quarterly earnings that showed the negative impact of delays the acquisition of Tower Holdings and the launch of a bipolar disorder drug.