Stocks making the biggest moves after hours: Micron, Peloton, Jefferies and more

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Some of the stocks that saw significant changes in their prices after the market closed on Wednesday, September 27, 2023, were Micron Technology, Peloton Interactive, Jefferies Financial and others. Here are some of the highlights from their earnings reports and announcements.

Micron Technology slides on weak guidance

Micron Technology, one of the leading chip makers, saw its shares drop 4% in extended trading after it offered weaker-than-expected earnings guidance for the current quarter. Micron said to expect a loss of $1.07 per share, while analysts polled by LSEG, formerly known as Refinitiv, expected 95 cents. The company cited supply chain disruptions, geopolitical tensions and lower demand for its products as the main reasons for its outlook.

However, Micron also reported a narrower-than-expected loss for the fiscal fourth quarter, as well as revenue that came in ahead of expectations. The company posted a loss of 24 cents per share, excluding items, on revenue of $8.27 billion, while analysts expected a loss of 33 cents per share on revenue of $8.16 billion. Micron also said its current-quarter revenue guidance of $8.5 billion to $9.5 billion was higher than analysts’ estimate of $8.4 billion.

Peloton Interactive jumps on partnership with Lululemon

Peloton Interactive, the maker of popular stationary bikes and fitness classes, jumped 13% after the bell on news of a five-year partnership with Lululemon, the athletic apparel company. The two companies said they will collaborate to develop exclusive content for Lululemon’s digital platform, which will feature Peloton instructors and Lululemon ambassadors. The partnership will also include co-branded products and events.

Stocks making the biggest moves after hours

Peloton also reported its fiscal first-quarter results, which beat analysts’ expectations on both the top and bottom lines. The company reported earnings of 20 cents per share, excluding items, on revenue of $1.33 billion, while analysts expected earnings of 12 cents per share on revenue of $1.23 billion. Peloton also raised its full-year revenue guidance to $5.4 billion, up from $4.8 billion previously.

Jefferies Financial retreats on merchant banking loss

Jefferies Financial, the investment banking and financial services firm, retreated 3% after reporting its fiscal third-quarter earnings, which were affected by a pretax loss in its legacy merchant banking portfolio. The company said it incurred a loss of $267 million related to its investment in Spectrum Brands, a consumer products company, which was partially offset by gains from other investments.

Excluding the merchant banking loss, Jefferies reported earnings of 22 cents per share on revenue of $1.18 billion, down from the year-ago period. The company said its core businesses performed well, with record net revenues from its equities and fixed income divisions, as well as strong results from its investment banking and asset management segments.

Other movers

  • H.B. Fuller, the chemical company, slipped about 1% following a weak financial report for the third quarter. The company reported $1.06 in earnings per share, excluding items, on $900.6 million in revenue, while analysts forecast $1.14 in earnings per share on $954 million in revenue.
  • Duckhorn Portfolio, the luxury wine producer, lost 2.8% after giving full-year guidance that was worse than analysts anticipated. The company said full-year earnings should come in between 67 cents and 69 cents per share, excluding items. The consensus estimate of analysts was 70 cents per share. The company also reported better-than-expected earnings and revenue for its fiscal fourth quarter.

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