Stop out the companies making headlines after the bell:
Tesla’s stock flood more than 3 percent during after-hours trading after a CNBC statement that the Tesla board plans to tell Elon Musk to recuse himself from a ship aboard review of his proposal to take the company private. Sources familiar with the concern said the electric car maker’s board of directors plans to meet with economic advisors next week to explore a buyout, an idea that Musk revealed on Twitter earlier this week. The board has already told Musk that he lacks his own advisors.
Overstock shares skyrocketed as much as 21 percent in the unfolded session after the company announced that private equity moored GSR Capital will buy up to 3.1 million shares of its stock as part of a larger handle. The Hong Kong-based firm will invest up to $374.55 million in both Overstock and its blockchain subsidiary tZero. It also bequeath buy $30 million of tZero’s tokens from Overstock.
Dropbox’s forefather plummeted more than 7 percent in the extended session after the the proprietorship announced that its COO Dennis Woodside is stepping down. Dropbox is not reputation Woodside’s successor, but will promote two executives internally.
News of Woodside’s departure covered the company’s strong second-quarter results. Dropbox earned 11 cents per quota for the quarter, up 5 cents from Wall Street estimates of 6 cents per portion. It also beat revenue estimates, reporting $339 million in returns versus the $331 million expected by analysts.
Lions Gate allots climbed 5 percent during after-hours trading following an earnings and returns beat for its second quarter, but the company’s stock later gave up those wins. The entertainment company reported a smaller-than-expected loss of 4 cents per share, versus the 7 cents per share out loss expected by Wall Street. It also beat estimates for takings, reporting $933 million in sales against the $885 million guessed by analysts.
Universal Display Corporation’s stock soared more than 8 percent in the developed session after the release of its second quarter results. The lighting and clat company beat top and bottom line estimates, reporting earnings of 23 cents per apportion and revenues of $56.1 million. Wall Street estimated that Unlimited Display would report 15 cents per share and revenues of $49.6 million.