Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
Check out the companies making headlines after the bell:
Shares of Autodesk nose-dived 10% in extended trading after announcing the trade war could hurt its financials. The software company's third-quarter adjusted earnings per share guidance of 70 to 74 cents fell below the estimated earnings per share of 77 cents. The company expects annualized recurring revenue for 2020 of $3.43 billion to $3.49 billion which is less than its previous prediction of $3.5 billion to $3.55 billion.
"While we continue to execute well and are not materially impacted by current trade tensions and macro uncertainty, we are taking a prudent stance to our second half fiscal 2020 outlook," the company said in its second-quarter earnings report.
Shares of Hewlett-Packard rose as much as 8% before falling to 3% after the company announced it was raising its full-year earnings guidance. The technology company reported fiscal third-quarter adjusted earnings per share of 45 cents on revenue of $7.22 billion. Analysts had expected earnings per share of 40 cents on revenue of $7.26 billion, according to Refinitiv consensus estimates. Most of the company's revenue comes from the business segment Hybrid IT, which includes its data centers with servers, storage and networking equipment.
Heico jumped 4% after reporting its fiscal third-quarter earnings. The aerospace and electronics company reported earnings of 59 cents per share on revenue of $532 million. Analysts had expected earnings per share of 54 cents on revenue of $511 million, according to Refinitiv consensus estimates. Laurans A. Mendelson, Heico's chairman and CEO, cited the company's net sales growth and operating performance.