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After-hours buzz: LULU, CPO, CVE & more

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Check out the companies making headlines after the bell:

Lululemon shares tanked 18 percent in extended trading Wednesday after the company gave weak guidance for the current quarter. The apparel company projects earnings in the range of 25-27 cents per share versus a 39 cent per share expectation by analysts, according to Thomson Reuters consensus estimates. The company also reported a slight miss for earnings per share in the fourth-quarter, coming it $1 versus an expectation of $1.01. Revenue came it at $790 million versus $784 million projected by Wall Street, according to Thomson Reuters consensus estimates.

Shares of ConocoPhillips jumped 6 percent after the company said it is selling $13.3 billion worth of assets to Cenovus Energy. ConocoPhillips said the payment will be made in a mixture of cash and stock. The energy company said the sale will allow the company to reduce its debt to $20 billion and double its share repurchase authorization.

Cenovus Energy shares dropped 8 percent after the oil company separately announced it is offering shares of common stock in a $3 billion bought deal arrangement. The underwriters for the offering include RBC Capital Markets and J.P. Morgan. Cenovus plans to offer 187.5 million common shares at a price of $16 per share.

Shares of Cabela's dropped 2 percent after reports that Synovus Financial will buy the outdoor good retailer's financial unit, World's Foremost Bank. A source familiar with the matter told Reuters, Synovus will keep the unit's deposits and later sell Cabela's credit card portfolio to Capital One. Capital One previously attempted to buy World's Foremost Bank but struggled to get the correct approvals.