Market Insider

Stocks making the biggest moves after hours: Nike, Smart Global and Biogen

Detail view of Nike shoes worn by members of the Syracuse Orange dance team during the game against the Georgetown Hoyas at the Carrier Dome on December 8, 2018 in Syracuse, New York. Syracuse defeats Georgetown 72-71.
Brett Carlsen / Getty Images

Check out the companies making headlines after the bell:

Shares of Nike briefly fell 2% before settling just under its closing price despite the footwear and athletic apparel giant's better-than-expected second-quarter earnings.

Nike earned 70 cents per share on revenue of $10.33 billion, topping the earnings of 58 cents per share and revenue of $10.09 billion Wall Street expected, according to Refinitiv. Greater China revenue also beat estimates, coming in at $1.85 billion versus the $1.80 billion expected. Gross margins fell just short, however, at 44% compared to the 44.1% investors anticipated. Nike shares reached a year to date high in midday trading at $101.27 per share.

Smart Global shares fell 3% during extended trading after the parent company of chipmaker SMART Modular Technologies reported a first-quarter earnings miss. The company earned 55 cents per share on revenue of $272 million, falling short of the 74 cent EPS and revenue of $280 million analysts expected, according to Refinitiv consensus estimates.

For the second quarter, the company expects adjusted earnings between 45 cents to 55 cents per share and revenue between $265 million to $275 million. Analysts had forecast earnings of 58 cents per share on revenue of $271 million.

"Looking forward, we continue to see improvement in our memory related businesses and expect our second quarter to be the low point in this market," said CEO Ajay Shah.

Biogen shares edged 1% higher after the biopharmaceutical company announced that it will repurchase up to $5 billion of its common stock with no expiration date. Biogen added they will retire the shares and that the latest repurchase is separate from its prior repurchase in March 2019.