Market Insider

After-hours buzz: HTZ, WFC, VRX & more

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Check out which companies are making headlines after the bell on Tuesday:

Shares of Hertz Global Holdings fell more than 4 percent in extended trade after the company said John Tague will step down from his post as president and CEO of the company. Kathryn Marinello will become the new president and CEO of the company, effective Jan. 3. Carl Icahn, chairman of Icahn Enterprises, the company's largest shareholder, praised the move, commending Marinello's experience.

"I am excited about Hertz and its prospects with Kathy at the helm," he said. "Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive."

Wells Fargo shares fell nearly 1 percent in extended trade Tuesday after U.S. regulators announced new restrictions against the bank. The embattled bank failed its "living wills" initial assessment in April, a mandatory annual report required to regulators to ensure no bank's failure can create systemic collapses elsewhere. As a result, the bank may not establish international bank entities or acquire non-bank subsidiaries, the FDIC said.

Shares of Valeant Pharmaceuticals fell in choppy trade after the bell, following a sell-off of more than 3.4 million of its shares by Pershing Square Capital Management. The company said it sold the shares to generate a tax loss for its investors. The Pershing Square and Pershing Square II accounts sold 3,359,178 shares and 117,512 shares, respectively. The company's two offshore funds, PS International and PSH, did not sell any share of Valeant. The sell-off cut Pershing's stake in the company to 7.8 percent from 9 percent, the equivalent of an 11-percent reduction in its stake.

General Motors shares were up slightly after the company filed a petition asking the Supreme Court to overturn a lower court ruling from earlier this year that would allow consumers to sue the auto manufacturer for faulty ignition switches. The lower court ruled that GM's failure to notify consumers about the safety defect violated their legal rights. The Supreme Court is not expected to decide whether it will hear the case until next year.