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After hours buzz: CREE, STX, AGN & more

Traders work on the floor of the New York Stock Exchange on January 5, 2017, in New York City.
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Traders work on the floor of the New York Stock Exchange on January 5, 2017, in New York City.

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

Shares of Cree spiked nearly 5 percent in after-hours trading following the release of the LED light producer's second quarter earnings report. Cree reported earnings of 20 cents per share on revenue of $347 million, versus Wall Street expectations for 10 cents per share on sales of $325 million according to a Thomson Reuters consensus estimate.

Seagate shares soared more than 14 percent during extended trading after the data technology company posted third quarter earnings that blew through analyst projections. Seagate reported earnings of $1.38 per share on revenue of $2.89 billion while analysts projected earnings of $1.08 per share on revenue of $2.82 billion according to Thomson Reuters consensus estimates.

Shares of Allergan dropped 2 percent in after-hours trading. Allergan is one of two drug companies (Endo being the other) that the Federal Trade Commission re-filed complaints Monday over generic drug delays.

Bob Evans shares spiked more than 16 percent during extended hours after the restaurant company announced that it would sell its restaurants to private equity firm Golden Gate Capital for $565 million and change its focus to grocery sales. Bob Evans also said it has agreed to purchase Pinelands Farm Potato Company for $115 million.

Shares of Concho rose nearly 3 percent in after-hours trading following an announcement that that Plains All American Pipeline will acquire a Permian Basin crude oil gathering system from the natural gas and oil company for $1.2 billion. CEO Tim Leach says the sale "provide further optionality to redeploy capital into our drilling program, fund future acquisitions and reduce long-term debt."