Market Overview

FedEx, Guess And Vitae Posting Big Moves After Hours

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Shares of FedEx Corporation (NYSE: FDX) were trading up more than 5 percent in Wednesday’s after-hours session, following the announcement of the company’s third quarter fiscal 2016 results. The company reported earnings of $ 2.51 per share, above the Street’s consensus of $2.33 per share. Revenue of $12.654 billion also came in ahead of expectations for $12.264 billion.

Guess?, Inc. (NYSE: GES) was trading down about 10 percent. After the bell rang, the company posted earnings of $0.57 per share, missing the Street’s consensus by $0.01. Revenue of $ 658.26 million, however, beat expectations for $654.72 million.

On top of the earnings miss, another element driving the stock down was the guidance that the management team provided for the current quarter and year. The company expects a net loss of $(0.17) to $(0.20) per share for the current quarter; analysts were modeling earnings of $0.03 per share. For the full year, management guided for earnings of $0.65 per share to $0.85 per share, considerably below the Street’s forecasts for $1.05 per share. Guess said FX headwinds were the main culprits of such weak projections.

The largest mover in the after-hours session was Vitae Pharmaceuticals Inc (NASDAQ: VTAE), up about 43 percent since the market closed. The surge was driven by news about the company’s experimental psoriasis drug. Top-line results from its Phase 2a proof-of-concept clinical trial of VTP-43742 in psoriatic patients showed a reduction in the skin condition of the treated patients.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Posted-In: Earnings News Guidance After-Hours Center Movers

 

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