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Stocks making the biggest moves after hours: Cree, Urban Outfitters

A technician inspects LEDs under a microscope at a Cree facility in Research Triangle Park in Durham, North Carolina.
Jim R. Bounds | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Shares of the lighting and LED company Cree fell as much as 7% in after-hours trading after the company's outlook fell far below expectations. The company said it expects an adjusted first-quarter loss per share between 3 cents and 7 cents on revenue between $237 million and $243 million. Analysts had forecast adjusted earnings of 15 cents a share on $251 million in revenue, according to Refinitiv consensus estimates. That news outweighed better than expected fourth-quarter earnings and revenue.

Urban Outfitters initially jumped 4% after reporting second-quarter earnings that beat analyst expectations, before reversing to trade almost 2% lower as revenue came up short. The retail company reported earnings per share of 61 cents on revenue of $962 million. Analysts had expected earnings per share of 58 cents on revenue of $980.6 million, according to Refinitiv.

CEO Richard Hayne told analysts on a conference call, "This year's second quarter will not be remembered as one of Urban's finest. We produced sales and margins below our expectations."

"This resulted in higher year-over-year markdowns and lower margins. Lower store traffic accentuated negative store comp performance and weighed on overall results," he said.

The stock has been volatile during late trading and was last seen about 1% higher.

Shares of the home construction company Toll Brothers dropped more than 1% after the company said its quarterly profit fell 24%. The company reported that its net income for the fourth quarter fell to $146.3 million, or $1.00 per share, from $193.3 million, or $1.26 a share, a year ago. Douglas Yearley, Jr., Toll Brothers' chairman and chief executive officer, cited a decline in contracts during the third quarter.