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Notable stock movements in after-hours trading: American Airlines, Robinhood, Box, and others

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In after-hours trading, several companies made headlines for various reasons. Robinhood saw a 4.5% increase after announcing a $1 billion share repurchase program, expected to be executed over a two to three-year period starting in the third quarter of 2024. Cava Group, despite posting earnings and revenue that exceeded expectations, dropped 5% in after-hours trading. The restaurant chain reported earnings of 12 cents per share on revenue of $259 million, outperforming analysts’ expectations. Box, a cloud storage company, also saw a 1.2% increase following better-than-expected earnings and revenue. Box reported adjusted earnings of 39 cents per share and revenue of $264.7 million, surpassing analysts’ predictions.

Microchip Technology, on the other hand, experienced a 2.8% dip after announcing its plans to raise $1.1 billion worth of convertible senior notes due 2030 in a private offering. American Airlines slid more than 6% after reducing its outlook for sales in the second quarter and expecting adjusted earnings of $1 to $1.15 per share, compared to previous guidance of $1.15 to $1.45 per share. This updated guidance for adjusted earnings is below FactSet’s consensus expectations of $1.30 per share. Lastly, United Airlines shares dropped 2% following an update on its financial outlook, reaffirming its second-quarter earnings outlook range of $3.75 to $4.25 per share.

Overall, it was a mixed bag for companies in after-hours trading, with some experiencing gains and others facing losses due to various announcements and updates. Despite positive earnings and revenue reports from companies like Cava Group and Box, factors like share repurchase programs, private offerings, and updated financial outlooks impacted the stock prices of companies like Robinhood, Microchip Technology, American Airlines, and United Airlines. Investors will likely be keeping a close eye on these companies in the coming days as they navigate through these changes in an ever-evolving market.

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