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Stocks making the biggest moves after hours: Shake Shack, Marriott, Take-Two

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Check out the companies making headlines after the bell:

Shares of Shake Shack climbed as much as 6.35% in after-hours trading after the restaurant chain beat Wall Street's estimates for its second-quarter earnings and raised its guidance for the year. The company reported adjusted earnings per share of 27 cents on revenue of $152.7 million, beating the earnings per share of 23 cents on revenue of $149.8 million analysts polled by Refinitiv had been expecting. Shake Shack raised its 2019 guidance to between $585 million and $590 million, versus the estimated $591 million. Shake Shack noted "digital channels, including delivery, were a key contributor to these results." The company also announced this morning that it is teaming up with GrubHub for nationwide delivery.

Marriott International fell 2.1% after the hotel chain's second-quarter revenue missed estimates. The company reported adjusted earnings per share of $1.56 on revenue of $5.31 billion. Analysts had expected earnings per share of $1.56 on revenue of $5.50 billion, according to Refinitiv.

Take-Two Interactive Software climbed 7.4% after the video game company raised its full-year revenue forecast on the success of its games NBA 2K, Grand Theft Auto V and Red Dead Redemption 2. The company raised its full-year forecast to between $2.60 billion and $2.70 billion in adjusted revenue, topping its prior forecast $2.50 billion to $2.60 billion. This is in line with the $2.65 billion estimated by analysts polled by Refinitiv. Take-Two reported first-quarter revenue of $422 million versus the $357 million estimated.

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Key Points
  • President Trump's latest volley in the trade war brought what strategists say is the strongest response yet from China -- a weakening of its currency to a key threshold markets once thought was a red line.
  • Risk markets sold off and investors rushed into safety plays, like Treasurys, out of concern that the latest escalation means a trade deal cannot be reached and risks of a global recession are now higher than they were.
  • Investors are watching the currency market closely for more moves by the Chinese, but as far as the trade war goes, the next moves will be up to Trump which labeled China a "currency manipulator" after U.S. markets closed.