After-Hours Buzz: Cisco, Apple, Tesla & More
Check out which companies are making headlines after the bell Wednesday:
Cisco - The networking equipment manufacturer reported earnings of 51 cents a share, excluding one-time items, on revenue of $12.22 billion, edging past expectations for 49 cents a share on sales of $12.18 billion. Meanwhile, the company handed in current-quarter earnings guidance that matched Wall Street expectations and said it expects revenue growth of between 4 and 7 percent versus estimates for 7 percent. Shares soared in extended-hours trading.
(Read More: Dow, S&P End at Fresh Highs; AAPL Drops 3%)
Apple - Susquehanna initiated coverage of the iPhone maker with a "neutral" rating and a $480 price target. The company slumped more than 3 percent in the regular session.
Jack in the Box - The fast food chain posted earnings of 29 cents a share on sales of $356 million, missing expectations for 31 cents a share on revenue of $359 million. In addition, the company said it expects to see full-year earnings of between $1.55 a share and $1.65 a share, mostly in line with expectations for $1.61 a share. Shares slipped in extended-hours trading.
Skechers - The shoe company reported earnings of 13 cents a share, missing expectations by a nickel a share, on revenue of $452 million, topping estimates for $444 million. Meanwhile, the company said it expects third quarter growth to be "significantly stronger" than the current quarter. Shares rose in extended-hours trading.
Tesla Motors - The electric car maker confirmed its offering of 2.7 million shares and $450 million in convertible notes. CEO Elon Musk intends to purchase $100 million of common stock in offering. Shares rallied in extended-hours trading.
Warren Buffett's Berkshire Hathaway dissolved its stakes in ADM and General Dynamics, while raising its positions in Wells Fargo and IBM. In addition, the company took new stake in Chicago Bridge & Iron.
David Einhorn's Greenlight Capital dissolved its position in Yahoo and Google and cut its stakes in Seagate and Microsoft, according to the latest 13F filing. Meanwhile, the hedge fund raised its position in Apple and took new stakes in Oil States International.
Third Point took new stakes in Anadarko Petroleum, Hess and Apple, while dissolving its position in Morgan Stanley and Capital One. In addition, the hedge fund reduced its stakes in Murphy Oil, Yahoo and AIG.