Market Insider

Stocks making the biggest moves after hours: Microsoft, Skechers, Chewy and more

A Microsoft store in New York.
Scott Mlyn | CNBC

Check out the companies making headlines after the bell:

Microsoft ticked up 1% in after-hours trading after the company's fourth-quarter earnings beat estimates. The technology company reported adjusted earnings per share of $1.37 on revenues of $33.72 billion. Analysts had expected earnings per share of $1.21 on revenues of $32.77 billion, according to Refinitiv. Microsoft's Intelligent Cloud business segment produced $11.39 billion in revenue in the quarter — analysts had been expecting the business segment to generate $11.02 billion, according to FactSet.

Skechers climbed 10% after the shoemaker's second-quarter earnings surpassed Wall Street's expectations. Skechers reported earnings per share of 49 cents on revenues of $1.26 billion. Analysts polled by Refinitiv had expected earnings per share of 34 cents on revenues of $1.22 billion. The company's COO David Weinberg said Skechers experienced growth in every region, with the most in India, the Middle East, China and Mexico.

Shares of Chewy ticked up about 1% after the pet food and supplies company released its first earnings report since its IPO. Chewy said it made $1.1 billion in sales in its first quarter, recording a net loss of $29.6 million, which is in line with the guidance it set forth in its prospectus for its IPO earlier this year.

Shares of Gannett climbed 9% after the Wall Street Journal reported the USA Today owner is in advanced talks to merge with GateHouse Media.

Crowdstrike rose 8% following the release of its first earnings since its IPO. The cybersecurity company reported a loss per share of 47 cents in line with the 47 cents estimated, and revenues of $96.1 million versus $95.6 million estimated, according to Refinitiv.

ETrade ticked down after the financial services company's second-quarter revenue missed estimates. The company reported revenue earnings of $685 million versus the $751 million estimated by analysts surveyed by Refinitiv.

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Key Points
  • The Fed is expected to cut interest rates at the end of the month even though some U.S. economic reports look better than expected and the U.S. consumer is showing signs of strength.
  • Fed Chair Jerome Powell has stressed that the Fed is watching the impact of trade wars, the weakening global economy and low inflation, when it considers policy moves.
  • Market expectations for a half-percentage-point cut rose to nearly 70% in the fed funds futures market late Thursday, after dovish comments from both New York Fed President John Williams and Vice Chair Richard Clarida spurred speculation the Fed would be more aggressive cutting rates this month.