Let’s take a look at some of the companies that are catching our eye in after-hours trading. Robinhood — The retail brokerage rose 4.5% after announcing a $1 billion share repurchase program. Robinhood management plans to execute the program over two to three years, starting in the third quarter of 2024, according to a press release. Cava Group — Shares of restaurant chain Cava fell 5% in after-hours trading, despite first-quarter earnings and revenue that beat expectations by a wide margin. Cava reported earnings of 12 cents per share on sales of $259 million, while analysts surveyed by LSEG had expected earnings of 4 cents per share on sales of $246 million. Cava shares had hit a 52-week high on Tuesday. Box — The cloud storage company rose 1.2% on the back of better-than-expected earnings and revenue. Box reported adjusted earnings of 39 cents per share, while analysts surveyed by LSEG had expected earnings of 36 cents per share. Revenue of $264.7 million beat the $262 million expected for the quarter. Microchip Technology – Microchip shares fell 2.8% after the company said it plans to raise $1.1 billion in convertible notes due 2030 in a private offering, depending on market conditions and other factors. American Airlines – The airline fell more than 6%. American Airlines sharply lowered its second-quarter revenue outlook. It also lowered its adjusted earnings forecast to $1 to $1.15 per share, down from a previous outlook of $1.15 to $1.45 per share, according to a regulatory filing. Its latest adjusted earnings outlook is also below the FactSet consensus estimate of $1.30 per share. United Airlines – Shares fell 2% after the company issued an update to its financial outlook. — CNBC’s Darla Mercado contributed to the report.
Biggest movers in after-hours trading: AAL, HOOD, BOX
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