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

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.