After-hours buzz: IBM, Fortinet, Lam Research & more
Check out the companies making headlines after the bell Monday:
IBM - The chip maker beat first-quarter earnings expectations, but revenue trailed as the company hardware business declined 23 percent from a year ago, while software sales fell 8 percent. Total revenue tumbled 12 percent from a year ago, marking IBM's 12th straight quarter of year-over-year declines. The stock rose about 2 percent before turning lower.
Lam Research - The semiconductor service provider rallied about 8 percent after it beat fiscal third-quarter projections on the top and bottom lines. The company also issued strong fourth-quarter guidance.
Fortinet - Shares rose more than 7 percent after the network security provider reported better than expected first-quarter results. The company said it added more than 8,000 new customers during the quarter.
Sanmina - The electrical equipment maker reported fiscal second-quarter profit and sales that missed Street projections. Sanmina also handed in weak revenue guidance. Shares plunged about 11 percent in after-hours trading.
Brookfield Asset Management - The firm announced a $1 billion equity offering and effected a 6 percent quarterly dividend increase. Shares fell about 4 percent in extended trading.
Hormel Foods - Shares inched lower after the packaged goods provider said it would face "significant challenges" in its turkey supply chain due to recent bird flu outbreaks in Minnesota and Wisconsin. The company said the incident will push its full-year earnings toward the low end of its previously announced guidance.