Wendy’s, Zillow, Arris and Etsy

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Check out the companies making headlines after the bell:

Wendy’s stock fell 6 percent in the extended session after the company reported a decline in North America sales, when analysts had projected growth. Same-store sales for the third quarter fell 0.2 percent, while analysts polled by StreetAccount had expected a 1.7 percent increase.

Still, Wendy’s reported earnings that beat estimates for the third quarter. The fast food giant reported earnings of 17 cents per share, compared to the 15 cents per share estimated by analysts polled by Refinitiv. Wendy’s also announced a $120 million increase to an existing stock buyback program.

Zillow shares plunged as much as 19 percent in after-hours trading after issuing a weak fourth-quarter revenue outlook. The company said it expects revenue between $340 million and $357 million. Wall Street had projected fourth-quarter revenue of $368 million, according to a Refinitiv consensus estimate.

The company also reported third-quarter revenue slightly below expectations. The online real estate marketplace posted third-quarter revenue of $343 million, below Refinitiv’s consensus estimate of $344 million.

Zillow also named Amazon’s Allen Parker as its new CFO.

Arris International skyrocketed 16 percent in after-hours trading after CNBC reported that CommScope is nearing a deal to acquire the company for about $5.6 billion. The all-cash deal would value Arris at more than $31 a share. Arris closed at $24.97 per share on Tuesday.

CommScope manufactures telecom gear, while Arris makes cable set-top boxes. Shares of CommScope fell 4 percent after the report.

Etsy shares soared nearly 13 percent in late trading after the company raised its full-year revenue outlook and announced a $200 million stock buyback. For 2018, Etsy said it now expects revenue between $596 million and $600 million. It previously forecast full-year revenue between $587 million and $596 million.

The online marketplace also reported $150 million in revenue for the quarter, in line with estimates, and earnings of 15 cents per share.

2018-11-06 22:09:00

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