Stocks making the biggest moves after hours: Steelcase, Etsy and more

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A tag hangs from a Steelcase London Ltd. desk chair in the former offices of Duff Capital Advisors LP in Greenwich, Connecticut.

Daniel Acker | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Shares of Steelcase jumped nearly 4% during extended trading after the company reported second-quarter earnings in what CEO James Keane viewed as one of their “strongest quarters in the past 20 years.” The furniture company posted earnings of 50 cents per share on revenue of $998 million, far exceeding Wall Street’s expectation of 43 cents per share on revenue of $981 million, according to Refinitiv consensus estimates.

Etsy shares jumped nearly 2% after RBC Capital upgraded the company from Sector Perform to Outperform, with a price target of $68 per share. The e-commerce company announced Thursday morning that it was issuing $650 million in convertible debt and will use approximately $124.5 million of those funds for a share buyback.

Shares of Xilinx dropped nearly 2% following an announcement that their CFO of 11 years, Lorenzo Flores, will leave the company “to pursue another executive opportunity,” the chipmaker said in a statement. Their CEO, Victor Peng, will serve as acting CFO until a successor is found.

KeyCorp’s shares briefly popped 1.66% before flattening after the bell, following an announcement that their Chairman and CEO Beth Mooney will retire next year. The Cleveland-based regional bank’s Vice Chairman Chris Gorman will succeed Mooney as chairman and CEO on May 1, 2020. Gorman was appointed president, COO, and a member of the board effective immediately.

Shares of PG&E slid more than 4% following a Wall Street Journal report that bondholders are joining hands with wildfire victims to formulate a competing plan out of bankruptcy for California’s largest utility, according to court filings. The bondholders, which include activist hedge fund Elliott Management, have valued the total amount of wildfire claims at $24 billion, including insurance claims. They must get court approval to file a formal Chapter 11 plan.

2019-09-19 21:29:00

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