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Stocks making the biggest moves after hours: Arista Networks, Chegg, MGM Resorts, Stryker and more

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A monitor displays Arista Networks Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Aug. 24, 2018.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in after-hours trading.

Arista Networks — The cloud networking company slid 7% despite beating analysts’ expectations for the first quarter. Arista saw $1.43 in adjusted earnings per share in the quarter on $1.35 billion in revenue, while analysts polled by Refinitiv expected $1.34 per share on $1.31 billion. The company also gave second-quarter revenue guidance that was better than Wall Street expected.

Chegg – Shares of the educational tech company dropped more than 36% in after-hours trading after the company issued a weak outlook for second-quarter revenue. Separately, the company beat analysts’ expectations for adjusted earnings per share and revenue in the first quarter, according to Refinitiv.

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Everest Re Group — Shares dropped 4.7% after the insurance company missed analyst expectations for its first quarter. The company said it saw $11.31 in after-tax operating income per share for the quarter, which is lower than the $12.53 per share consensus estimate of analysts polled by FactSet. The company recorded $3.29 billion in revenue, also below the analyst forecast of $3.37 billion.

Stryker — The medical technologies stock fell more than 4%. The company warned that if foreign exchange rates stay near their current levels, it expects full-year sales and per-share earnings will be “modestly unfavorably impacted.” Separately, the company posted beats on the top and bottom lines in the first quarter, according to Refinitiv.

NXP Semiconductors — Shares gained 3.9% after the company beat Wall Street expectations in the first quarter. The company posted $3.19 in adjusted earnings per share on $3.12 billion in revenue. Analysts polled by Refinitiv anticipated earnings of $3.02 per share and $3 billion in revenue.

Diamondback Energy — The oil and gas company lost 1.7% after its earnings for the first quarter came in lower than Wall Street expected. Diamondback reported $4.10 in earnings per share, less than the $4.33 consensus estimate of analysts polled by FactSet. But the company was able to eke out a narrow beat on revenue, posting $1.93 billion against the Street’s estimates of $1.92 billion.

MGM Resorts — The resort-and-casino company shed 0.2% on the back of strong first-quarter earnings. The company posted 44 cents in adjusted earnings per share, smashing the consensus estimate of 10 cents per share, according to Refinitiv. Revenue was also above expectations, with MGM recording $3.87 billion while analysts forecasted $3.59 billion.

— CNBC’s Darla Mercado and Scott Schnipper contributed reporting

Source: CNBC

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