After-hours buzz: ILMN, VZ & more
Check out which companies are making headlines after the bell on Monday:
Shares of Illumina plummeted 25 percent in after-hours trade Monday, following the company's announcement that it was cutting guidance for its third quarter. The company said it expects estimated third-quarter revenue of about $607 million, compared to analyst estimates of $628 million. The biotech company said the shortfall was driven by a decline in sales of high throughput sequencing instruments, used to analyze large genomes.
Verizon saw its stock jump 2.3 percent after the bell. CEO Lowell McAdam took the stage at the Internet Association's Virtuous Circle Conference after the market closed Monday and addressed several Verizon issues, including the Yahoo data breach, the 2016 election and the company's development of 5G. He also addressed customer issues with the Samsung Note 7.
Yahoo also rose 1 percent after the bell, following comments from Verizon's CEO. McAdam told the conference's audience his company is 50 to 60 percent finished with the investigation of the Yahoo breach, and he still sees a real value in the asset. He also said he's "very impressed" from the time he's spent with the people there.