Robinhood’s Surprising $1 Billion Move Shakes Up After-Hours Trading – See the Winners and Losers Here!

San Francisco, California – In the world of after-hours trading, several companies are making waves with their recent announcements and financial performance.

One notable company, Robinhood, saw a 4.5% increase in its stock price after revealing a $1 billion share repurchase program. The management at Robinhood plans to execute this program over a two- to three-year period, starting in the third quarter of 2024.

On the other hand, Cava Group experienced a 5% drop in after-hours trading despite surpassing earnings and revenue expectations for the first quarter. With earnings of 12 cents per share and revenue of $259 million, Cava outperformed analyst predictions of 4 cents per share and $246 million in revenue. Despite hitting a 52-week high earlier in the day, the stock saw a decline.

Cloud storage company Box also saw a positive trend, with a 1.2% increase in its stock price thanks to better-than-expected earnings and revenue. Box reported adjusted earnings of 39 cents per share, surpassing analyst predictions of 36 cents per share. Revenue for the quarter came in at $264.7 million, beating expectations of $262 million.

However, not all companies experienced positive outcomes during after-hours trading. Microchip Technology saw a 2.8% decrease in its stock price after announcing plans to raise $1.1 billion through convertible senior notes due 2030 in a private offering.

American Airlines faced a significant setback, with a more than 6% decrease in its stock price. The airline reduced its sales outlook for the second quarter and adjusted earnings estimate to $1 to $1.15 per share, down from the previous guidance of $1.15 to $1.45 per share. This updated forecast falls below the consensus expectations of $1.30 per share from FactSet. As a result, shares of Delta Air Lines and United also declined by about 2% in solidarity with American Airlines.