People walk past an AT&T store in New York on October 23, 2016.
Kena Betancur | AFP |Getty Images
Check out the companies making headlines after the bell:
AT&T shares climbed more than 2% in extended trading following a Wall Street Journal report that the company is exploring a spinoff of DirectTV unit as its own company or a combination with Dish, which also saw its share price rise 3.75% after the bell. Activist hedge fund Elliott Management took a $3.2 billion stake of AT&T earlier this month, saying the telecom giant could be worth as much as $60 per share if it trimmed unneeded assets.
Microsoft shares rose more than 1% after the company announced a quarterly dividend increase of 5 cents to bring it up to 51 cents per share and a new stock buyback worth up to $40 billion. The tech giant has regularly bought back its shares and has seen its market-cap almost quadruple under CEO Satya Nadella’s tenure.
Shares of Herman Miller jumped more than 7% following a strong earnings and sales guidance, expecting second-quarter revenue between $685 million and $705 million, with an increase of 85 cents to 89 cents per share.
“We continue to navigate the global tariff picture effectively,” said CFO Jeff Stutz.
For its first quarter, the furniture company earnings increased 84 cents per share on revenue of $671 million. Wall Street had expected a 78 cent increase and $662 million in revenue, according to Refinitiv consensus estimates.
Shares of United States Steel, meanwhile, dropped more than 8% during extended trading after the company gave weak third-quarter guidance, expecting an adjusted EBITDA of $115 million. The company expected an adjusted diluted loss per share at 35 cents compared to the 7 cent loss per share forecast of analysts polled by Refinitiv.
Costco shares briefly dipped more than 1% after Bernstein downgraded the wholesaler to Underperform from Market Perform, setting a price target of $230. Bernstein cited “membership exhaustion” as a potential problem for the company.