Market Insider

After-hours buzz: SanDisk, Qualcomm, AmEx & more

Check out the companies making headlines after the bell Wednesday:

Traders work on the floor at the New York Stock Exchange.
Getty Images

SanDisk, the developer of flash storage cards, reported adjusted second-quarter earnings of 66 cents a share, double the average analysts' estimate, while revenue came in at $1.24 billion, topping forecasts for $1.20 billion. The company's shares shot up 12 percent after being halted. It credited the launch of several new product offerings during the quarter.

Cirrus Logic, a maker of analog circuits, beat fiscal first-quarter forecasts on the top and bottom lines, sending the stock up more than 13 percent in extended trading. The company also said it expects revenue of between $290 million and $310 million during the second quarter. That tops Wall Street's forecasts revenue forecasts of $274 million.

Telecom company Qualcomm will eliminate about 15 percent of its workforce as a part of a strategic realignment plan that's expected to save the company about $1.4 billion in spending a year. The company also beat third-quarter earnings estimates, but revenue trailed forecasts. Shares fell more than 2 percent after hours.

Cigna shares rallied as much as 13 percent on a report that that health service provider was close to reaching a deal with Anthem. Citing sources, Dow Jones said insurance provider Anthem would acquire Cigna for about $187 a share and a deal could be reached as early as Thursday. Anthem shares rose modestly.

American Express shares fell about 2 percent after the credit-card provider reported second-quarter earnings of $1.42 a share, beating projections by 10 cents, on revenue of $8.28 billion, which missed estimates of $8.46 billion.

Shares of equipment rental firm United Rental tumbled in extended trading after it missed revenue expectations and cut its full-year revenue outlook, partly due to weakness in oil and gas activity. The company did, however, beat earnings forecasts of $1.78 a share with adjusted profits of $1.95 a share.

Chipmaker Texas Instruments met second-quarter profit estimates, but reported lower than expected sales. The company also forecast third-quarter EPS and revenue that missed Street projections. Shares rose about 1 percent in after hours trading.