After-hours buzz: FedEx, Williams-Sonoma, Guess & more
Check out the companies making headlines after the bell Wednesday:
FedEx shares rose in extended trading Wednesday after the delivery company reported earnings and revenues that beat analyst expectations, bolstered by low fuel costs and exchange rate trends during its third fiscal quarter.
Earnings were $2.51 per share, adjusted, on $12.7 billion in revenue, well above the $2.34 per share on $12.38 billion in revenue expected by Thomson Reuters consensus estimates.
Williams-Sonoma's stock slid after the high-end housewares retailer reported lower-than-expected quarterly earnings. The parent of Pottery Barn and West Elm posted earnings of $1.55 per share on revenues of $1.59 billion, lower than the $1.58 per share on $1.62 billion expected by Wall Street. The company also announced a $500 million share buyback and raised dividends by almost 6 percent.
Shares of Jabil Circuit tumbled after the bell when the firm posted third-quarter guidance that fell below Wall Street's expectations. The company said it expects earnings of just 12 to 18 cents per share in the third quarter, below the 51 cents expected for the supplier of circuit board assembly systems. Reduced demand in mobility drove the weak guidance, its CEO said.
Guess shares also fell after narrowly missing analysts' earnings expectations, falling 1 cent short of the 58 cents per share predicted in Thomson Reuters consensus estimates. Though the iconic denim retailer met sales expectations of $658 million for the fourth quarter, it said it expects a loss in the coming fiscal quarter.
Beauty brand Avon Products dipped as Wall Street continued to mull its restructuring plans. On Monday, the direct-sale brand announced it would transition its corporate headquarters to the United Kingdom, take a $60 million tax charge and cut 2,500 positions amid struggling sales.
Shares of snack food company Mondelez International edged lower after hedge fund Pershing Square Holdings announced a block sale of 20 million shares. The fund, helmed by vocal investor Bill Ackman, now owns a 5.6 percent stake in Mondelez, which owns brands like Oreo, Honey Maid and Trident.
Ackman made headlines earlier this week after losing as much as $1 billion dollars on his stake in embattled pharmaceutical company Valeant.
— CNBC's Jacob Pramuk and Alex Crippen contributed to this report.