Stocks making the biggest moves after hours: CVS Health, Nutanix, Palo Alto Networks & more

A customer walks towards the entrance of a CVS Health Corp. store in downtown Los Angeles, California, U.S., on Friday, Oct. 27, 2017.

Christopher Lee | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

CVS Health shares popped more than 2% before settling around its closing price of $76.58 following a Wall Street Journal report that activist investor Starboard Value took a stake in the pharmacy and healthcare giant. The stake is reportedly small, and its recent talks with CVS management have been friendly, the Journal reported, citing people familiar with the matter. As of its most recent 13-F filing with the SEC, Starboard did not disclose a stake in CVS.

Cloud computing company Nutanix saw its shares surge more than 18% during extended trading after it posted stronger-than-expected earnings in its first quarter. The company posted a loss of 71 cents per share on revenue of $315 million, while analysts expects a loss of 75 cents per share and revenue of $306 million. Nutanix also matched Wall Street loss forecasts at 70 cents per share for the second quarter. Its shares are down more than 30% year to date.

Shares of Hewlett Packard Enterprise dipped 4% after the company reported mixed fourth-quarter earnings. HPE posted earnings of 49 cents per share, exceeding the EPS of 46 cents Wall Street expected, according to Refinitiv consensus estimates. Revenue fell short, however, coming in at $7.22 billion versus the $7.40 billion expected.

Shares of Palo Alto Networks tanked more than 8% despite the company’s first-quarter earnings beat on the top and bottom line. The cyber-security company reported earnings of $1.05 per share excluding certain items on revenue of $772 million, exceeding the earnings of $1.03 per share and revenue of $768 million expected by analysts polled by Refinitiv.

Palo Alto’s earnings outlook for the second quarter fell short of analyst forecasts. The company expects earnings between $1.11 and $1.13 per share, while analysts expected $1.30 per share in the quarter. Palo Alto’s revenue outlook is in line with expectations, ranging between $838 million and $848 million, while analysts anticipate revenue of $845 million.

Shares of PVH, formerly known as the Phillips-Van Heusen Corporation, jumped more than 4% before settling just under its closing price after the clothing company’s third-quarter earnings topped expectations. The company earned $3.10 per share excluding certain items on revenue of $2.59 billion, while analysts projected earnings of $3.00 per share and revenue of $2.54 billion, according to Refinitiv.

PVH also topped earnings forecasts, raising its outlook for the year to between $9.43 and $9.45 per share from its previous range of $9.30 to $9.40 per share. Analysts expect full-year earnings of $9.39 per share.

“We believe the current holiday season will be very competitive and highly promotional, and expect that the macroeconomic and geopolitical volatility we are experiencing globally will remain a headwind,” said CEO Emanuel Chirico in a press release.

Shares of AIG briefly climbed more than 3% following news that The Carlyle Group and T&D Holdings will acquire a 76.6% stake in AIG’s reinsurance company Fortitude Re for roughly $1.8 billion. After the deal closes, Carlyle and its fund investors will own a total stake of 71.5%, T&D will own 25% and AIG will have 3.5%, the companies announced in a press release. In November of 2018, Carlyle took a 19.9% stake in Fortitude Re.

Ambarella shares spiked nearly 8% after the bell following the chipmaker’s third-quarter earnings beat and strong fourth-quarter revenue outlook. The company reported earnings of 32 cents per share excluding certain items on revenue of $67.9 million, topping the earnings of 21 cents per share and revenue of $65 million analysts forecast, according to Refinitiv consensus estimates.

Ambarella expects fourth-quarter revenue to range between $55.0 million and $59.0 million.

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