Market Insider

After-hours buzz: BA, WFC, PAY & more

A Boeing employee drives a lift near a GE engine for a Boeing 777 airliner at the Boeing factory in Everett, Wash.
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Check out which companies are making headlines after the bell on Monday:

Shares of Boeing were up after choppy trade, following the company's announcement it was cutting production of its 777 model. Vice President and General Manager Elizabeth Lund sent a message to all employees working on the 777 model to inform them that beginning in August, the program will produce five airplanes a month down of its current rate of seven per month. She warned that the program does expect employment to be affected next year, but affirmed that the adjustment is not significant enough to affect 2016 financial guidance.

Separately, the Boeing board raised its dividend and renewed its share repurchase authorization. The declared company's quarterly dividend will increase 30 percent to $1.42 a share. The board replaced its existing share repurchase system with a new $14 billion authorization.

Wells Fargo shares were down slightly after California ordered an investigation into allegations that the bank's retail bankers signed up customers for insurance policies from Prudential Financial without their permission. The California insurance commissioner said Monday his office would hold an inquiry. Prudential said it had suspended the distribution of a low-cost life insurance policy through the bank, pending a review of how it was sold to customers.

Verifone shares fell more than 1 percent in choppy trade Monday after the company reported earnings that beat Wall Street estimates. The electronic payment services company reported adjusted quarterly earnings of 30 cents per share on revenues of $468 million. Analysts expected earnings of 29 cents a share on revenues of $461 million. The company gave first-quarter and 2017 EPS guidance well below estimates.

Urban Outfitters shares rose 2 percent after the company updating its guidance. The company reported that so far during its fourth quarter of fiscal 2017, comparable retail segment net sales are up by low single digits. Analysts expected an increase of only 1.5 percent, according to a FactSet consensus estimate. It attributed the increase to seasonal fluctuations and its year-end holiday period.