4 After-Hours Movers: Earnings, FDA Trials & Guide-Downs

U.S. stocks traded higher Wednesday, after the OPEC agreed to limit its oil output to 32.5 million barrels per day (bpd), down from a current production of 33.24 million bpd, pushing energy stocks up.

After the market closed, Pier 1 Imports Inc PIR, reported its Q2 results. While a net loss of ($0.05) was in line with expectations, revenue of $405.82 million, down 6.7 percent year over year, missed the Street’s consensus by $1.14 million as same store sales fell by 4.3 percent. Shares traded down about 0.5 percent in Wednesday’s after-hours session.

Progress Software Corporation PRGS lost more than 10 percent after the bell rang. Q3 EPS of $0.44 and revenue of $102.4 million missed the Street’s consensus by $0.01 and $2.32 million, respectively. Management guided for Q4 non-GAAP EPS of $0.55-$0.58, and revenue of $122 million to $125 million, below the $122.65 consensus.

Vertex Pharmaceuticals Incorporated VRTX lost about 2 percent after the company lowered its 2016 revenue guidance to $950–$990 million, from $1–$1.1 billion. The FDA’s approval of the company’s ORKAMBI for use in children from suffering cystic fibrosis (CF), who have two copies of the F508del mutation, wasn't enough to counter the disappointing guide.

ITI Inc ITCI traded down more than 68.5 percent after its lead product candidate, ITI-007, failed a late-stage study in schizophrenia. Apparently, the drug couldn't beat the placebo, nor could it equal the performance of the active control risperidone.