Market Insider

After-hours buzz: Alibaba, Under Armour, Staples & more

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines after the bell Tuesday:

Alibaba shares stumbled after Japan's SoftBank said it will sell at least $7.9 billion in shares. SoftBank previously owned about 32 percent of the e-commerce giant's shares, and the transaction will bring its stake down to about 28 percent. Yahoo, which owns a stake in Alibaba, also edged lower after the report.

Shares of Under Armour dipped briefly in extended trading after the athletic apparel brand adjusted its shareholder guidance to reflect the shuttering of retailer Sports Authority. Under Armour expects to recognize an impairment charge of about $23 million during the second quarter of 2016 related to Sports Authority's liquidation. As a result, Under Armour recast its revenue and profit expectations.

Jack Ma, founder of Alibaba Group Holding Ltd.
SoftBank selling at least $7.9B in Alibaba shares to raise capital

Staples shares inched higher after the company's CEO said he would step down in June. Ron Sargent will step down in June as part of a mutual agreement, the office supply retailer said, as the company searches for a new permanent CEO. Shira Goodman, Staples' president of North America operations, will become interim CEO, the company said.

Staples' shares are down 20 percent so far this quarter, fresh off a failed merger with rival Office Depot, after the deal was blocked by the FTC.

Shares of Ascena Retail dropped as the company reported a bigger-than-expected fall in same-store sales. Ascena, which owns brands like Ann Taylor, LOFT, Lane Bryant, Dressbarn and Justice, reported a 4 percent decline in same-store sales, worse than the 0.7 percent decline expected by a Thomson Reuters consensus estimate.

Ron Sargent, former CEO of Staples
Staples CEO Ron Sargent stepping down

Ascena posted mixed quarterly results, earning 15 cents per share, excluding items, on revenues of $1.67 billion, versus the 13 cents per share on $1.73 billion expected by a Thomson Reuters consensus estimate.

"After the disruption of a warm holiday season, we've had to contend with an unseasonably cold spring and resulting elevated traffic headwinds," CEO David Jaffe said. "While I think we have managed the business well, particularly with respect to inventory levels, we were not able to fully mitigate these challenges."

Workday's stock sank though the enterprise technology company reported better-than-expected earnings. Workday, which offers cloud-based software for human resource and financial management, posted earnings of 5 cents per share, excluding items, on revenue of $345 million. Wall Street was expecting a loss of 2 cents per share on revenue of $339 million, according to a Thomson Reuters consensus estimate.

Boyd Gaming shares bounced after it agreed to sell to MGM resorts interest in an Atlantic City casino. Boyd will sell 50 percent equity interest in Marina District Development Holding Company, the parent company of Borgata Hotel Casino & Spa, the company said. The deal is valued at $900 million, with 50 percent share of any future property tax settlement benefits received by Borgata, and will result in net cash proceeds of $600 million after deducting debt, Boyd said, in a statement.

— CNBC's Jacob Pramuk, Kate Rooney, Alex Crippen and Steven Kopack contributed to this report.