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Stocks making the biggest moves after hours: Rite Aid, Herman Miller and more

Pedestrians cross a street in front of a Rite Aid store in Oakland, California.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Rite Aid plunged more than 10% following a disappointing quarterly report. The drugstore chain reported an adjusted loss of 14 cents per share on $5.37 billion in revenue. Analysts expected a loss of 8 cents per share on $5.38 billion in revenue, according to Refinitiv. The company's stock price has dropped more than 80% in the past 12 months, and it now has a market cap of less than $400 million.

KB Home rose 5% after hours following a quarterly report that beat expectations on the top and bottom lines. The homebuilding company generated earnings of 51 cents per share on $1.02 billion in revenue, topping estimates of 40 cents per share on $936 million in revenue, according to Refinitiv.

Shares of Herman Miller jumped 12% during extended trading after the furniture company beat estimates for its fiscal fourth quarter and raised its dividend. The company reported adjusted earnings of 88 cents per share on revenue of $671 million. Wall Street expected earnings of 78 cents per share on revenue of $657 million, according to Refinitiv.

The company also announced that its quarterly dividend would now be 21 cents per share, a 6% increase.

Two companies with exposure to blockchain fell after hours as Bitcoin cut some of its recent gains. Riot Blockchain dropped 9.5%, while lost 6.4%. Both companies have market caps below $500 million.

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There's something wrong with this rally in the stock market, JP Morgan says

Key Points
  • Cyclical stocks typically tied to economic growth have failed to regain the ground lost in May.
  • Only defensive groups like consumer staples and utilities have confirmed the S&P 500's new highs, J.P. Morgan's chart analyst Jason Hunter points out.
  • "Rally leadership doesn't inspire a lot of confidence yet ... In our view, that cross-market divergence can only persist for a short period of time, and the S&P 500 Index rally potential is limited under the current conditions," Hunter says.